Juicy Chemistry targets Rs 100 Cr revenue, overseas expansion with recent $6.3M fundraise
Direct-to-consumer (D2C) companies have been thriving owing to the digital revolution that the country has been witnessing since the past year. In the beauty and personal care segment,, an organic personal care products company, is preparing to enter the Rs 100 crore club in the next 16-18 months.
“The consumer offtake has definitely increased; the interest has increased because the consumers predominantly got used to shopping online,” says Pritesh Asher, Co-founder, Juicy Chemistry, on the brand recently seeing an increase in customer orders.
Due to the pandemic, people had to embrace online shopping for all their needs which proved to be beneficial for most D2C startups in terms of brand awareness. The beauty and personal care market in India is fast-growing, with a combination of both traditional and new brands entering the space. As for the organic personal care product market, a consumer base has been established as today’s consumer is more environmentally conscious.
In Juicy Chemistry’s growth chart, the past six months have shown an increase in average orders. The company records 30,000 orders in a month and is expected to target 50,000 orders in the coming months. According to Asher, the peak shopping season in October 2021 will help them reach targets and cross over to at least 70,000 orders by December.
The Coimbatore-based company recently raised $6.3 million in Series A funding led by Belgium-based firm Verlinvest. These funds will be dedicated to the overseas expansion plans and even introduce more product categories.
“We are currently into hair care and face care, and we are going to be expanding in that section,” explains Asher.
The brand will be diversifying into organic dyes and hair care products as part of product expansion. In the overseas market, they have a presence in Australia, France, South Africa, and Nepal, and are working on launching in the UAE. They will be considering Amazon US for growth in the US. As for India, there are plans to increase geographical reach by branching out to Tier-II cities.
The digital revolution for ecommerce due to the pandemic has been tremendous and has the potential to sustain post-pandemic as well. For Juicy Chemistry, the growth plan is inclusive of both online and physical stores. India is still a touch-and-feel market, says Asher while talking about the popularity of personal care products in physical stores.
In a report released by Avendus Capital earlier this year, the beauty and personal care industry is set to reach the $30 billion mark in India by 2025. The natural and organic products segment within this industry will account for five to 10 percent in this category.