mCaffeine Raises INR 240 Crore In Series C Funding
mCaffeine has now become the highest valued D2C single ingredient beauty brand in the world
India's largest caffeine infused personal care brand, mCaffeine, announced on Tuesday that it has raised INR 240 crore in Series C funding round. The company, which is owned by Mumbai-based Pep Technologies Pvt. Ltd, saw investments from Singularity Growth Opportunities Fund, Sharrp Ventures and existing investors Amicus Capital Partners and RPSG Capital Ventures. The startup's current valuation post the fresh round of funding stands at INR 1,000 crore, making mCaffeine the highest valued D2C single ingredient beauty brand in the world.
mCaffeine is a D2C brand which focuses on caffeinated personal care products. The brand was launched in 2016 and was co-founded by Tarun Sharma, Vikas Lachhwani, Vaishali Gupta, Mohit Jain and Saurabh Singhal. The brand is focused on the millennial lifestyle with mass premium offerings.
Commenting on the investment, Tarun Sharma, CEO and co-founder, mCaffeine said, "We are deeply excited by this fundraise, as it will enable us to scale up our R&D capabilities while we strengthen our brand awareness nationally, and fortify our marketing and distribution efforts across geographies.
Sumeet Nindrajog, co-founder and senior partner, Paragon Partners, said, "We have been tracking the Indian beauty and personal care industry for the last 24 months and found that mCaffeine clearly stands out from its peers in terms of new product development capabilities, product efficacy, Revenue density / SKU, customer retention, brand recall." He further adds, "This is Paragon's first investment in the personal care sector and is in line with our investment strategy of partnering with high-caliber entrepreneurs with compelling business models and assisting them to scale up operations and expand into new markets."