Skincare brand Plum receives Rs 110 Cr in Series B funding
By MYBRANDBOOK
The skincare products brand Plum owned by Pureplay Skin Sciences has bagged Rs 110 Cr in Series B funding led by Faering Capital, Trifecta Capital as well as existing investor Unilever Ventures.
The funds received by the company will be used in research, sourcing, new product launches, technology and expansion of distribution footprint.
Plum, established in the year 2014 by Shankar Prasad, claims that it is a 100% vegan beauty brand and offers skincare, cosmetics, body, and bath products.
With over 80 SKUs in its portfolio comprising skincare, hair care, body care, and eye makeup, the brand has experienced a 2.5x growth year-on-year, expecting to be at an annual revenue run rate of INR 200 Cr by March 2021, the company said in a statement.
Shankar Prasad, CEO & Founder of Plum’s CEO and founder Shankar Prasad said, “We are delighted to welcome Faering Capital given their track record in working with entrepreneurs and their expertise in Consumer Brands. The funds raised from Faering Capital, Unilever Ventures and Trifecta Capital will help us deliver a more engaging brand experience for our customers (fondly called Plumsters) and further expand our product range and market presence.”
The brand is available in over 220 cities at six thousand retail outlets and also on 15 online marketplaces which still account for over two-third of Plum’s topline.
In 2018, the company had raised an undisclosed amount in Series A funding from Unilever Ventures, the venture capital and private equity arm of consumer giant Unilever.
“ Widespread and rapid digital adoption across India is fueling the growth of sharply focused online brands and Plum is at the forefront of this trend due to the brand’s innovative product portfolio and consumer loyalty. Faering Capital is proud to lead the Series B investment and partner with the company for their next stage of growth”, said Sameer Shroff, co Founder and Managing Director at Faering Capital, who will join the board of the company.
Singapore to remove One-Time Passwords from Bank Accounts
According to the Monetary Authority of Singapore, clients who utilise secur...
Is 375 million Airtel subscribers database breached?
When a hacker claims to have accessed and put up for sale a customer databa...
The government of India intends to construct a single portal f
A single portal will be launched by the Indian government to list all of it...
OpenAI offers GPT-4o, a faster model available to all users at
GPT-4o, a faster and more sophisticated AI model, is made available to all...
Icons Of India : MUKESH D. AMBANI
Mukesh Dhirubhai Ambani is an Indian businessman and the chairman and ...
Icons Of India : Kumar Mangalam Birla
Aditya Birla Group chairman Kumar Mangalam Birla recently made a comeb...
Icons Of India : GAUTAM ADANI CHAIRMAN ADANI GROUP
Gautam Adani is the Founder and Chairman of the Adani Group, which ran...
IFFCO - Indian Farmers Fertiliser Cooperative
IFFCO operates as a cooperative society owned and controlled by its fa...
EESL - Energy Efficiency Services Limited
EESL is uniquely positioned in India’s energy sector to address ener...
HPCL - Hindustan Petroleum Corporation Ltd.
HPCL is an integrated oil and gas company involved in refining, market...
Indian Tech Talent Excelling The Tech World - Aneel Bhusri, CEO, Workday
Aneel Bhusri, Co-Founder and Executive Chair at Workday, has been a le...
Indian Tech Talent Excelling The Tech World - JAYASHREE ULLAL, President and CEO - Arista Network
Jayshree V. Ullal is a British-American billionaire businesswoman, ser...
Indian Tech Talent Excelling The Tech World - Soni Jiandani, Co-Founder- Pensando Systems
Soni Jiandani, Co-Founder of Pensando Systems, is a tech visionary ren...