The Series C round was led by A91 Partners, with participation from existing backers Unilever Ventures and Faering Capital.
This new capital injection gives Plum a valuation of $250 million, said Shankar Prasad, founder and chief executive of parent company Pureplay Skin Sciences.
Founded in 2013, the vegan and cruelty-free brand has raised over $50 million from investors and offers a range of products spanning skincare, haircare, personal care and makeup.
Around 40% of the company’s revenue comes from physical sales at 1,000 stores across 250 Indian cities and towns, a quarter of sales come from Plum’s own e-commerce and the rest from other online platforms.
Plum will use this new funding to grow its omnichannel presence and expand into new product categories and geographies.
The economic period reported in January that India had seen more than 500 new brands go direct to consumers between 2019 and 2021, according to data from Tracxn, a market intelligence firm which claimed companies had raised 493 million in 2021, more than double the amount raised in the previous two years.
“As the beauty category progresses and consumer preferences evolve, there are many more brands that have room and space to try their luck, as opposed to just the big national brands. And that’s exactly what you see playing out,” Prasad said. The economic period.
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