Ecommerce-based personal care startup, MCaffeine has secured $300K (INR 2 Cr) in angel investment from Harminder Sahni, Kaushal Aggarwal, Krishna Mehra, Pranay Jivrajka, and Navjot Singh Saini.
The raised funds will be deployed towards marketing, development of its R&D and analytics department, and increasing its supply chain.
Launched in 2015 by Vikas Lachhwani and Tarun Sharma, the startup deals in personal care products like shampoo, face-wash, shower-gels etc, infused with caffeine and ginseng, among other products. MCaffeine’s range of personal care products is positioned in the premium category with a unique proposition – energised personal care comprising of hair and skin care products.
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Talking about the investment, Vikas Lachhwani, co-founder, MCaffeine said, “We are in FMCG space but with a striking differentiation. This is a crowded space but we are well positioned to penetrate the market and capture the mind space of the young and millennials in India.”
The company plans to further expand its product portfolio to 40 SKUs in an year. It also aims to attain $2 Mn in revenue by the end of the next financial year.
In August 2016, Bombay Shaving Co., a New Delhi-based men’s grooming startup raised $600K in an angel funding round from 25+ investors. Earlier in September 2016, actor Suniel Shetty-backed men’s grooming brand Beardo raised $500K Seed funding from seed investment and innovation platform Venture Catalysts.