Indian skin and personal care brand, Juicy Chemistry has secured $6.3 million in a Series A funding round headed by Belgium investment firm Verlinvest. The investment which marks as company’s first institutional fundraising, will be utilized for expanding Juicy Chemistry’s brand and overall business.
Founded in 2014, Juicy Chemistry offers certified organic products across body, face and hair care and competes with popular brands such as MyGlamm, Nykaa, Sugar Cosmetics, Purplle, Plum, and Mama Earth.
Pritesh Asher, CEO of Juicy Chemistry, mentioned that their firm is keen on utilizing the recently raised funds to expand its thriving e-commerce platform and distribution capabilities. It also aims at reaching new and existing geographies, hire new talent, and built its brand to cater to the increasing demand for products, both in local and global markets.
Speaking on the investment, Arjun Anand, Exec. Director, Verlinvest, stated that their company is excited to back Juicy Chemistry, a move that comes in line to its global efforts in financing unique digital-first beauty brands for the long term. Mr. Anand added that Verlinvest is in search for authentic and passionate entrepreneurs who are developing a consumer revolution using their brand stories and products.
Indeed, alike most businesses, companies in the cosmetics sector were impacted by the COVID-19 pandemic in 2020. However, growth returned to normal for most beauty and wellness companies in India during the festive season. This speculated growth has made investors to ramp up funding in such firms.
Highlighting a recent instance, Sugar Cosmetics raised $21 million in a Series C funding round led by Elevation Capital, valuing the cosmetics brand at $100 million. As for Verlinvest, its current Indian portfolio comprises of brands such as Purplle, Sula Vineyards, Byju’s, Epigamia, Veeba Foods, Wakefit and Future Consumer.
Source Credit: https://economictimes.indiatimes.com/tech/funding/juicy-chemistry-raises-6-3-million-in-series-a-funding-round/articleshow/81451136.cms