Faering backs India skincare start-up Pureplay
Faering Capital has led a INR1.1 billion ($14.9 million) Series B round for Pureplay Skin Sciences, an Indian direct-to-consumer beauty and hair care brand.
Existing backer Unilever Ventures – which provided Series A funding in 2018, according to AVCJ Research – also took part, while Trifecta Capital came in as a new investor. The new capital will go towards sourcing and developing new products and scaling up the distribution network.
“We intend to invest this money into expanding our product range largely in skincare. We will be partnering with technology specialists in formulations, packaging and manufacturing," Shankar Prasad, Pureplay’s founder and CEO, told Livemint in a story referenced on the company’s LinkedIn profile page.
Established in 2013, the company is positioned as a values-based business that relies on ingredients that are ethically sourced and 100% vegan. It has two core brands: Plum, which offers skincare, haircare, and makeup products; and Phy, which is similar in scope but targeted at male users. It recently added a third brand, body care-focused Plum Bodylovin’.
Prasad said that Pureplay serves 250,000 customers every month and is looking to achieve an annual revenue run rate of more than INR2 billion by March 2021. Its products are available in 6,000 stores across 220 cities and through 15 online marketplaces. The latter contributing more than two-thirds of revenue. The distribution network has grown 2.5-3-fold in the past 12 months, despite COVID-19.
The company wants to be in 100,000 within two years and generate INR5 billion in annual revenue within three years.
Other recent investments in the space include a INR420 million Series B for mCaffeine, a caffeine-infused skin and haircare brand, and a INR1 billion investment in Nykaa, an online retailer of cosmetic and fashion products. Both have an offline presence, but they emphasize e-commerce. The likes Purplle and MyGlamm, which have also received VC funding, fall into the same category.
Faering was established in 2009 by Aditya Parekh and Sameer Shroff. It currently manages approximately INR21 billion across two funds and focuses on investments in financial services, consumer and retail, healthcare, and business services.
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