Vegan skincare brand Plum has raised $35 million in a Series C round led by A91 Partners. Existing investors including Unilever Ventures and Faering Capital also participated in the round.
The skincare player will use the funds to accelerate product development and marketing activities. So far, Plum has raised $50 million since inception in 2013.
Abhay Pandey, general partner at A91 Partners will be joining Plum’s board. The Mumbai-based venture capital firm earlier invested in jewellery brand Giva, Mumbai-based NinetyOne Cycles, and mens wear player Damensch, among others.
“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,” said Shankar Prasad, founder and chief executive officer (CEO), Plum.
Shankar started Pureplay Skin Sciences in 2013, starting with the vegan skincare brand Plum. Since then, the former product development manager at Hindustan Unilever (HUL), India’s biggest FMCG company, has introduced Plum Body Lovin, a body care range, men’s brand Phy and also expanded the brand’s makeup offering towards the end of 2021.
Shankar Prasad, founder, PurePlay Skin Sciences
The company also saw an upswing in orders during the pandemic wave between 2020 and 2021. As most people were jumping online for entertainment, connecting and shopping, many digital-first brands — including Mamaearth and Sugar Cosmetics– saw their sales and valuations soar.
In FY20, Pureplay earned Rs 53 crore in total revenue — up from Rs 22 crore in the previous year, according to documents filed with the Registrar of Companies (RoC). The company also made a profit (before tax) of Rs 1.72 crore in FY20.
“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, A91 Partners, in a release shared by the firm.
Plum competes with Sequoia Capital India-backed Mamaearth, and Sugar Cosmetics, which is backed by Elevation Capital, among a slew of other digital-first vegan brands and legacy players.