[Funding alert] Homegrown skincare brand I am Love raises Rs 35 Cr in seed round
Mumbai-based nutraceutical skincare brand I am Love on Thursday said it raised Rs 35 crore in a seed round from California-based angel investor Xentel Investments.
Founded in 2020 amidst the COVID-19 pandemic, its founder Shilpa Rathi aims to take the venture to the global market.
"We have always encouraged the idea of rebuilding from within instead of promoting concealment. After experiencing the trauma of acne and oily skin for my whole adult life, I concluded that no matter whatever you apply to your skin, it cannot give you long term relief, so my team and I started to execute this mission of awareness and providing solutions to other sufferers,” Shilpa said, explaining the motive behind the brand
The D2C brand claims to combine modern science and Ayurveda to manufacture a range of products, including immunity booster mix, oil and acne control mix, scar treatment and pigment control mix, and protein powder mix, among others.
Valued at Rs 129.76 billion in 2020, the Indian skincare products market is expected to reach Rs 191.09 billion by 2025, growing at a CAGR of 8.22 percent, according to Researchandmarkets.
Venture capitalists like Sequoia India recently invested Rs 110 crore in Series A funding in homegrown skincare brand Minimalist, with participation from Unilever Ventures and several international investors.
“Consumers today are looking beyond marketing claims and are seeking efficacy based skincare products. Our growth so far proves that a radical change in the skincare industry is underway,” Minimalist Co-founder Mohit Yadav said.
Pune-based beauty brand MyGlamm, too, successfully sealed a couple of funding deals as part of its Series C round. This week, it received Rs 355 crore in fresh funding from Accel Partners and existing investors.