Mumbai, India-based Pep Technologies Pvt Ltd. raised USD 31 million (INR 240 crore) in Series C funding on March 29, 2022. Pep Technologies owns and operates the direct-to-consumer (D2C) personal care brand mCaffeine. Paragon Partners, India, led the Series C round of funding.
Besides, Singularity Growth Opportunities Fund, Sharrp Ventures and existing investors Amicus Capital Partners and RPSG Capital Ventures invested in Pep Technologies.
Purpose of Funding for Pep Technologies
With the latest financing round, the company plans to expand across 12 countries.
The startup also plans to acquire smaller brands in the beauty vertical across Indian and global markets. It wants to follow a house-of-brands approach.
Pep Technologies, the parent company of the mCaffeine brand, stands at a valuation of nearly USD 131.4 million (INR 1000 crore) as part of its recent funding.
Previously it raised USD 5.54 million (INR 42 crore) in a Series B round of funding from Amicus Capital, RPSG Ventures, Telama Investments, and Aman Gupta — Co-founder of consumer electronics brand boAt, in September 2020.
Since its inception, mCaffeine has raised a total of USD 40 million.
What the founder has to say
“The last five years are testament to mCaffeine’s growth and customer affinity — to think of it. We have sold coffee equivalent to two crore mid-size cups of Starbucks in just five years. 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 (both online and offline) across geographies,” said Tarun Sharma, CEO and Co-founder of mCaffeine.
He further added, “We plan to acquire small brands from the beauty industry across national and international markets.”
What the investor has to say
“This is Paragon’s first investment in the personal care sector and is in line with our investment strategy of partnering with high-calibre entrepreneurs with compelling business models and assisting them to scale up operations and expand into new markets,” said Sumeet Nindrajog, Co-founder and Senior Partner at Paragon Partners.
About mCaffeine
Tarun Sharma and Vikas Lachhwani founded mCaffeine in 2016.
The brand boasts a portfolio of 55 caffeine-infused products, including soaps, shampoos, scrubs, oils, and others. The brand claims to have a presence across 18,000 pin codes and a customer base of over 2.5 million across various geographies.
mCaffeine operates in the highly competitive space of beauty and personal care D2C brands. Since the pandemic, the beauty and personal care segment has seen a surge in investors’ interest.
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 in Series C funding on March 29, 2022. Pep Technologies owns and operates the direct-to-consumer (D2C) personal care brand mCaffeine.){kind=link}