Plum Raises $35 Million In Series C Round Led By A91 Partners
Funds will be utilized to further strengthen its omni-channel presence, to build new categories in addition to its core skin care category, enhance R&D capabilities, and onboard high-quality talent with a focus on investments in marketing and technology.
Cruelty-free and toxin-free beauty brand, Plum, on Wednesday announced to have raised $35 million in a Series C round led by A91 Partners. The round also witnessed participation from existing investors Unilever Ventures and Faering Capital. Pursuant to the transaction, Abhay Pandey from A91 Partners will join the board of Plum. Funds will be utilized to further strengthen its omni-channel presence, to build new categories in addition to its core skin care category, enhance R&D capabilities, and onboard high-quality talent with a focus on investments in marketing and technology.
"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.
The market size of India's beauty, cosmetic and grooming market will reach $20 billion by 2025 from the current $ 6.5 billion on the back of rise in disposable income of middle class and growing aspirations of people to live good life and look good, according to a report by Assocham.
"Plum's relentless focus on product and brand in a noisy space of new age consumer brands positions it uniquely to build an enduring business and A91 is privileged to be a partner in this journey," said Abhay Pandey, General Partner, A91 Partners.
Since its first funding round in late 2018, Plum has grown 15 times, driven by a strong leadership & investor team focused on building value for - People, the Planet, and Profit-sharing participants. Plum has raised over $50 million from consumer-focused institutional investors, which portends its future growth as the category leader in the new-age D2C beauty space. The brand has wide acceptance across channels and categories - skin, hair, body, men's care, and makeup, reinforcing its potential for dominance in a rapidly growing market for clean beauty products. Plum's goal is to double the current average run rate of INR 225-plus crore on a net revenue basis.