[Funding alert] Female hygiene device PeeBuddy’s parent raises bridge investment from IAN
Delhi-based startup First Step Digital, which builds women’s hygiene and intimate care products like PeeBuddy and Sirona, has raised an undisclosed follow-on investment from Indian Angel Network (IAN).
Existing lead investors Vikas Kuthiala & Ishan Singh participated in the latest funding round along with other strategic & HNI investors.
In its last funding round in March 2017, the startup had raised Rs 2.96 crore in Pre-Series A from Indian Angel Network. It is also planning to raise upto $5 million in Series A by the end of the year.
First Step Digital plans to use the latest funds to sustain the ongoing marketing and distribution expansion initiatives.
Commenting on the investment, Founder Deep Bajaj said,
“The latest capital infusion will help us further bolster our position in this space and allow our products to reach a wider population across India.”
Founded in 2015 by Deep Bajaj & Mohit Bajaj, the startup's products are available across its own ecommerce website and online marketplaces like Amazon, Flipkart & Nykaa. It has also expanded its offline presence in Delhi-NCR across stores such as 24x7 convenience stores, Le Marche, Modern Bazaar, Krishna Marche 37, Guardian, etc., and now planning its foray into multiple cities across India.
Speaking on the funding, investor Vikas Kuthiala said,
“We are fully aligned to Deep’s vision to build a robust, full stack consumer products company in the highly lucrative feminine hygiene space.”
The company has also introduced several other products in India include female urination devices, herbal pain relief patches, oxo-degradable disposable bags, anti-chafing creams, and biodegradable pregnancy kits.
Investor Ishan Singh added,
“Deep and his team have done an excellent job of building a global brand, catering to the needs of today’s women. Their journey has inspired many "me too" products – which just help to grow the larger ecosystem.”
IAN recently participated in a Rs 15 crore funding round of a Bengaluru-based education financing startup startup, Propelld, along with Stellaris Venture Partners and India Quotient.
As per a report published by Persistence Market Research (PMR), the global feminine hygiene products market, forecasted to be worth $38706.7 million by 2026 end. Asia-Pacific is the most lucrative region for the feminine hygiene products market, the report says, and projected to grow with a CAGR of 7.6% over the forecast period.