D2C brand HairOriginals raises $5M in Series A funding
The company said that it will allocate the funds to expand its 'try-at-home' service to 40 cities, open 25-30 company-owned experience centers, and boost research and development for innovative products.
HairOriginals, a hair extensions brand, has raised $5 million in a Series A round, bringing its total funding to $7.2 million. The round was co-led by 12 Flags Consumer Holdings, Anicut Growth Fund, and Peyush Bansal.
The funds will support the expansion of its ‘try-at-home’ service to 40 cities, the opening of 25-30 company-owned experience centres, and the enhancement of R&D for innovative products, the company said in a statament.
Anicut Capital's Dhruv Kapoor stated that India leads the global export of human hair, exporting over 85% of raw hair, while China dominates the value-added market through hair extensions and wigs.
"HairOriginals is capturing value in India by building an omni-channel brand of premium hair extension products through supply chain and manufacturing focus. We resonate with Jitendra's singular focus of building a high quality hair extensions brand from India for the World and are excited to partner with him on this journey," he added.
Founded by IIT graduates Jitendra Sharma and Piyush Wadhwani, HairOriginals specialises in premium, ethically-sourced, 100% natural hair extensions. The brand has grown 3X year-on-year and aims for significant expansion in the next 24 months.
It has partnered with over 1,400 salons, featured on Shark Tank India, and opened experience centres in India and North America.
With new stores at Hyderabad and Coimbatore airports in collaboration with Naturals salon chain, and partnerships with Kurves salon chain in North America, HairOriginals is focused on global growth.
“India is the largest and the only ethical source of human hair in the world. Our Vision is to leverage sourcing advantage and to own complete value chain by manufacturing top quality finished products from India to the World. By doing this, we will ensure complete global disruption in this category by offering highest quality products at best price points globally,” said Jitendra Sharma, Founder, HairOriginals.
The company plans to launch 4-5 new products each month and aims for global leadership.
Edited by Megha Reddy