Mumbai, India – based Plum Goodness raised USD 35 million (INR 270 crore) in Series C funding on March 23, 2022. Plum is a direct-to-consumer (D2C) beauty brand that supplies 100% vegan and toxic-free products. A91 Partners led the Series C round for the firm. Besides, existing investors, Unilever Ventures and Faering Capital, participated in the round for investment. Meanwhile, Spark Capital was the advisor for the financial transaction.
The latest funding brought Plum’s valuation to USD 250 million (INR 1900 crore). Since its inception, the vegan beauty brand has raised USD 50 million (INR 380 Crore) via institutional investors.
Purpose of Funding for Plum
The beauty brand intends to use the recent funding for strengthening its omnichannel presence. They also seek to explore opportunities beyond skincare.
Moreover, Plum wants to expand across various geographies. The latest fundraising will aid in investing across marketing and technological functions.
Currently, Plum owns three exclusive outlets in Mumbai and Chennai. However, they plan to scale it to 12-15 outlets in the coming 2-3 months.
What the founder has to say
Shankar Prasad, founder and CEO of Plum, commented on the offline presence of the startup. He said, “Despite the aggressive expansion we’ve seen over the last two years, online still accounts for around 10% of the overall beauty market in the country. Therefore, as brands look to scale, you will definitely find them going into the larger 90% of the offline segment.”
He further added, “As the beauty category advances and consumer preferences evolve, there is room and space for many more brands to have a shot as opposed to just large national brands. And that’s exactly what you’re seeing play out.”
“The latest investment will help us accelerate on our exciting growth path, not only in our core skincare category but also in adjacent large categories like hair care, makeup, body care and specialist care for men. In doing so, we want to bring alive our brand ethos of ‘being good’ in as many different and delightful ways as possible,” he explained.
What the investor has to say
“Plum’s relentless focus on product and brand in a noisy space of new-age consumer brands positions it uniquely to build an enduring business, and A91 is privileged to be a partner in this journey,” said Abhay Pandey General Partner at A91 Partners.
Meanwhile, Abhay Pandel will join the board of Plum.
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