Luxury Hair Extension Brand Hair Originals Raises $1.25 Million In Pre-Series A Funding
The fund raised will be used to scale the business operations by 4 times, achieve 100 crore ARR by the end of 2024, expand to 25 cities PAN India with experience centres in 5 major cities, and to introduce D2C services in the US market
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Hair Originals, India's first AI based luxury hair extensions and wig brand offering 100 per cent natural Indian human hair, raised $1.25 million from Anicut Capital, Kesh Kala Family Office, JITO Angel Network (JAN), Lets Venture, Dexter Angels, Pankaj Chaddah, Ex Co-founder Zomato and Ahana Gautam, Founder, Open Secret. Dexter Capital acted as the exclusive advisor for Hair Originals. The fund raised will be used to scale the business operations by 4 times, achieve 100 crore ARR by the end of 2024, expand to 25 cities PAN India with experience centres in 5 major cities, and to introduce D2C services in the US market.
"We are excited to have raised such encouraging funding at this juncture of our journey. We have been registering around 4 times growth YoY in the last 3 years with profitability and also aim to utilise the funds to utilise AR/VR and AI capabilities and provide an immersive experience to all the customers. The popularity of their hair extensions has now leapt all bounds. With the continuous support from our investors, we anticipate achieving 100 crore ARR by the end of 2024 with a sizable percentage coming from the US D2C markets too," said Jitendra Sharma, founder and CEO, Hair Originals.
Hair Originals currently exports its products to over 22 countries, including top luxury salons across the US, Europe and Africa. The company aims to create a brand value that can generate over 70% of its revenue from D2C Channels through aggressive content and influencer-led marketing and enhancing the manufacturing capacity, claimed by the company in a statement.
"We are proud to add this unique and ethical hair solutions provider to our portfolio. We expect Hair Originals to not just tap the national market but cater to the growing demand for hair extensions globally. We are especially drawn to the company's ethical procurement philosophy and hope for a long and fruitful association," said Pooja Mehta, chief investment officer, JITO Angel Network.
Founded in 2019 as India's first D2C brand for 100% natural human hair extensions and Wigs, Hair Originals intends to accelerate hiring and venture into emerging technology such as AI-driven magic mirror and automation in backend manufacturing.