TradeCred-backed personal care brand has appointed investment banking firm JM Financial as its banker to assist with expansion and fundraising initiatives.
Mumbai-based JM Financial has advised several new-age firms through their public listing journeys, including Mamaearth parent Honasa Consumer, drone technology firm Ideaforge, and Falguni Nayar-led Nykaa.
Gurugram-based Clensta recently raised Rs 75 crore in pre-Series B funding from alternative debt financing firm TradeCred, with participation from the UAE Royal Family and Actor Parineeti Chopra among other investors. TradeCred has backed a host of startups across sectors including Mensa Brands and Furlenco.
The company recently onboarded Ashish Mishra—former Mamaearth and VLCC executive—to lead business operations at Clensta.
Founded in 2016 by Puneet Gupta, started with its proprietary product waterless bathing solution. Since its launch, Clensta has so far raised Rs 105 crore with participation from IAN and IAN Fund, IPV, VCats, Hem Securities, IIT Delhi, and US-AID.
It currently offers a range of sustainable and affordable wellness, hair care, skincare, eye care, lip care, fragrance, and body care products—all researched and developed at IIT-Delhi. The brand currently owns five technologies and several patents under its name.
“Our tie-up with JM Financials is part of a series of strategic decisions taken by us following Clensta’s association with actor Parineeti Chopra as an investor and hiring Ashish Mishra (ex-Mamaearth, VLCC)) as our co-founder and CBO. We hope to deepen and broaden our omni-channel distribution to include the retail, online, international and alternate markets while securing large-ticket deals in the institutional and export segments,” Puneet Gupta, Founder of Clensta, said.
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The firm now aims to widen its omnichannel reach while expanding to international markets organically, it said in a statement on Thursday. Clensta grew 100% in FY23 and is on track to grow 150% in the next fiscal, according to the company.
“We are on the right trajectory and feel this is a good time to bring in a partner like JM Financials. With them coming in, we now look forward to focusing on building our business while continuing to grow under the leadership of Ashish,” Clensta’s Gupta added.
Edited by Megha Reddy
