India-based lifestyle and wellness e-commerce platform Mamaearth raises US$ 50 million in a venture funding round led by Belgian investor Sofina Ventures, making the startup stand at a total valuation of US$730 million.
Existing partner Sequoia Capital also partook in the investment round along with early investors Stellaris Venture Partners, Fireside Ventures, Sharp Ventures and Titan Capital, the startup announced on July 26, 2021.
Founded in 2016 by Varun Alagh and his wife Ghazal Alagh, Mamaearth offers 80+ toxin-free natural products, including bamboo-based baby wipes, lotions, face masks and hair care products.
The D2C brand intends to provide more reliable and genuine care solutions to problems varying from morning sickness to baby colic in future. It develops products through world-class research and strives to solve every small problem faced by consumers. Each product supporting the brand goes for repetitive testing procedures, including clinical dermatology testing in Europe, to guarantee high-quality, global standard products. The company launched Derma Co in 2020.
Mamaearth will utilise the latest funds acquired from Sofina Ventures for acquisitions and is expected to establish more beauty and personal care brands whilst expanding its growth through more profound offline expansion.
What the CEO has to say
“With a vision to become a house of brands, the company is currently focussing on creating brands with millennial propositions with an internet-first approach. This round will help amplify the process and strengthen the D2C and offline expansion of Mamaearth and further accelerate the growth of The Derma Co, which is already showing early signs of success since its launch in 2020,” said co-founder and CEO of Mamaearth, Varun Alagh.
He added, “We will also be exploring inorganic growth opportunities in the beauty and personal care segment. We want to thank Sofina Ventures and Sequoia Capital India for reaffirming their faith in us along with our existing investors, Fireside Ventures and Stellaris Venture Partners, for their undaunted support and trust in our journey so far.”
What the Investors have to say
Investment Manager, Sofina Ventures, Yana Kachurina, remarked, “The Mamaearth team is constantly pushing the boundaries in the personal care space through their disruptive innovations, rapid execution pace and focus on delighting customers. Varun and Ghazal are visionary, ambitious and world-class entrepreneurs, and we are proud to back them as their long-term partners.”
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