Thane, India-based online beauty products startup Plum has raised US$ 14.9M in a Series B funding round held in November 2020, led by Faering Capital. Other participants in the funding round include Unilever Ventures and Trifecta Capital.
Proceeds from the funding round will be used by the startup to provide a more engaging brand experience for its customers and further expand its product suite and market presence.
Plum was founded in 2015 by Shankar Prasad, who has a bachelor’s degree in chemical engineering from the Indian Institute of Technology, Bombay; an MBA from the Indian School of Business, Hyderabad and has worked 8 years at Hindustan Unilever Ltd (HUL) followed by stints at McKinsey and Everstone Capital. The beauty startup offers skincare, haircare, body care, eye makeup products and claims to be India’s first 100% vegan beauty brand. Plum also claims to have recorded a 2.5x growth over the past 1 year.
It serves over 250K customers every month and expects to hit an annual revenue run rate of US$ 27.1M by March 2021. Its products are available in over 6,000 retail outlets and 220 cities in India.
Additionally, Plum sells its beauty products on its own website as well as 15 other online marketplaces.
About Faering Capital
Faering Capital is a leading Indian private equity firm with significant experience and a proven track record. The firm was founded in 2009 by Aditya Parekh and Sameer Shroff and currently manages US$ 350M of capital across two funds.
About Unilever Ventures
Unilever Ventures is the venture capital and private equity arm of Unilever. It invests in young, promising companies, accelerating growth by providing access to Unilever’s global ecosystem, assets and expertise. It seeks to partner with entrepreneurs working in the personal care and digital sector. Startups associated with Unilever Ventures get the advantage of accessing an unrivaled global reach in the market. On any given day, 2 billion people use Unilever products to look good, feel good and get more out of life. It offers more than 400 brands focused on health and wellbeing.
Unilever Ventures works closely with The Unilever Foundry to provide technology innovators with access to paid pilot projects, mentorship and growth financing.
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