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D2C brand Plum gets $35 mn in Series C round from A91 Partners and others

D2C brand Plum gets $35 mn in Series C round from A91 Partners and others

By Aishwarya Anand  Mar 23, 2022 2:48 PM IST (Updated)

Vegan beauty brand Plum which has raised USD 35 million in Series C round from A91 Partners and others will use the fresh capital to strengthen its omnichannel presence, build new categories in addition to its core skincare category, enhance R&D capabilities, and onboard high-quality talent with a focus on investments in marketing and technology.

D2C clean beauty brand Plum has raised USD 35 million (Rs 270 crore) in a Series C round led by late stage-focused venture capital fund A91 Partners.

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The round also saw participation from existing investors Unilever Ventures and Faering Capital. Till date, the cruelty and toxin-free beauty brand has raised USD 50 million from consumer-focused institutional investors. Post the transaction, Abhay Pandey from A91 Partners will join the board of Plum.
The startup will use the fresh capital to strengthen its omnichannel presence, build new categories in addition to its core skincare category, enhance R&D capabilities, and onboard high-quality talent with a focus on investments in marketing and technology.
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At a current ARR of over Rs 225 crore on a net revenue basis, Plum is aiming to double the number over the next 12 months, it said in a statement.
“The latest investment will help us accelerate on our exciting growth path, not only in our core skincare category, but also in adjacent large categories like hair care, makeup, body care and specialist care for men. In doing so, we want to bring alive our brand ethos of ‘being good’ in as many different and delightful ways as possible,” said Shankar Prasad, CEO and Founder, Plum.
Since its inception in 2013, Plum claims to have grown 15x. With over 160 SKUs, ranging across skincare, haircare, personal care, and makeup, Plum has steadily built its customer base on both online and offline platforms. Its offline presence spans 250 towns and cities in India, through nearly 1,000 assisted outlets such as Shoppers Stop, and over 10,000 unassisted outlets. It is also on online marketplaces such as Amazon, Flipkart, Nykaa and Purplle.
Over the last year, D2C brands have nearly tripled the capital raised from investors, which is over USD 2 billion across 105 deals, as per data from Venture Intelligence. D2C brands could be looking at a USD 100-billion addressable consumer opportunity in India by 2025, Avendus Capital said in a report last year. Meanwhile, according to Statista, India’s beauty and personal care market, estimated at USD 25.9 billion in 2020, is projected to reach USD 32.7 billion by 2023, growing at a CAGR of 8.1 percent.
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