Nirmalaya Raises $800,000 In Seed Funding Nirmalaya targets to reach the revenue milestone of $3.50 million in the next 16 to 18 months period
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Nirmalaya, the NCR-based natural fragrance brand, has raised $800,000 in a Seed funding round, led by Artha Venture Fund along with key investors including The DotIn Network, Shiprocket , Huddle Accelerator, Flawless Company Family office and other marquee angels.
"At Nirmalaya, we want to disrupt the way traditional fragrances get consumed. Our first step will be to expand our presence to the US and Middle East Asia regions by introducing unique and chemical-free fragrance products, including reed diffusers, and car and room fresheners, in these markets by March'23. This geographic and product expansion will be at the core of our strategy, helping make Nirmalaya a mainstream brand known for its pure, carbon-free, and long-lasting fragrances. Ultimately, we want the leadership position in the Indian and global incense market, and export our products to over 40 countries within the next 18 months," said Bharat Bansal, co-founder and CEO, Nirmalaya.
Nirmalaya has witnessed an average M-o-M growth rate of 25 per cent and enjoys a 30 per cent repeat customer rate, one of the highest metrics amongst any firm operating in the natural fragrance market today. Nirmalaya targets to reach the revenue milestone of $3.50 million in the next 16 to 18 months period, claimed by the company in a statement.
"We are fascinated by the solid business prospects of the circular economy. Therefore, even at a nascent stage, we are excited by the strong affinity of consumers to the Nirmalaya brand. Moreover, the founder's drive and enthusiasm towards building a flourishing, socially conscious, inclusive business is a unique brand identity that appeals to the millennial consumer in India and overseas," Anirudh A Damani, Artha Venture Fund.
Founded 2020 by Bharat Bansal, Surbhi Bansal, and Rajeev Bansal, Nirmalaya is a D2C brand that offers natural incense and soulful fragrance products. They manufacture and distribute a range of chemical-free, low-carbon, and eco-friendly incense and perfumes after processing floral waste collected from over 300 temples in the NCR region. They train and empower over 100 female employees from low-income households by employing them in segregating and processing flower waste with highly scalable semi-automatic machines.