Beauty Brands

Indian Cruelty-Free Magnificence Model Plum Raises $35 Million in New Funding

This new injection of capital provides Plum a valuation of $250 million, founder and chief govt of guardian firm Pureplay Pores and skin Sciences, Shankar Prasad, mentioned.

Based in 2013, the vegan and cruelty-free model has raised greater than $50 million from traders and gives a variety of merchandise spanning skincare, haircare, private care and make-up.

Round 40 p.c of firm income comes by way of brick and mortar gross sales in 1,000 shops unfold throughout 250 Indian cities and cities, 1 / 4 of gross sales come from Plum’s personal e-commerce and the steadiness from different on-line platforms.

Plum will use the brand new funding to develop its omnichannel presence and broaden into new product classes and geographic areas..

The Financial Occasions reported in January that India had seen over 500 new direct-to-consumer manufacturers debut between 2019 and 2021, in line with information sourced from Tracxn, a market intelligence firm that claimed the businesses raised $493 million in 2021, greater than double the quantity raised within the two earlier years.

“As the wonder class advances and client preferences evolve there’s room and house for a lot of extra manufacturers to have a shot versus simply massive nationwide manufacturers. And that’s precisely what you’re seeing play out,” Prasad advised The Financial Occasions.

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