[Funding alert] Vegan skincare startup Plum raises Rs 110Cr led by Faering Capital
Pureplay Skin Sciences India — the parent company of vegan skincare brands Plum and Phy — on Thursday said it raised Rs 110 crore in Series B funding round led by Faering Capital. Trifecta Capital, as well as existing investor Unilever Ventures, also participated in the round, which will be used for brand building, technology, and expansion of distribution footprint, the startup said in a statement.
Founded in 2014 by Shankar Prasad, the startup owns two brands — vegan beauty brand 'Plum,' and men's grooming brand 'Phy.'
Speaking on the investment, Shankar Prasad, Founder and CEO, Pureplay Skin Sciences India, said, "The funds raised from Faering Capital, Unilever Ventures, and Trifecta Capital will help us deliver a more engaging brand experience for our customers and further expand our product range and market presence."
Faering Capital Co-founder and MD Sameer Shroff said he was proud to partner with the startup for its next stage of growth.
“We are delighted to see the progress achieved by Plum since we first invested in the startup two years ago. Shankar and Plum’s team have scaled the business, built a strong brand, expanding the product range, hiring talent, and setting up the foundations for the next phase of growth. We remain committed to our partnership in building Plum as one of the valuable beauty brands in the country,” said Pawan Chaturvedi, Investment Director - Asia at Unilever Ventures.
"Shankar and his team have built a highly capital-efficient business, and we are very excited to continue our support for them with both credit and equity," Trifecta Capital Managing Partner Nilesh Kothari said.
Started as a bootstrapped venture, Pureplay, in 2018, secured a Series A funding from Unilever Ventures.
With over 60 products in Plum and 12 in Phy, its products range from skincare, cosmetics, body and bath essentials, etc. It claims to offer 100 percent vegan, cruelty-free, safe, and sustainable beauty and grooming products.
Edited by Suman Singh