A91 leads $35m Series C for India beauty brand
A91 Partners has led a USD 35m Series C round for Plum, an India-based direct-to-consumer (D2C) personal care brand. Existing investors Unilever Ventures and Faering Capital also participated.
The company is now valued at approximately USD 250m. Pureplay Skin Sciences – Plum’s parent company – received INR 1.1bn (USD 14.9m) in Series B funding led by Faering in 2020. That round also featured Unilever and Trifecta Capital. Unilever provided Pureplay’s Series in 2018.
The proceeds will go towards establishing new product categories that complement existing capabilities in skincare, R&D, recruitment, and strengthening the company’s omnichannel presence.
D2C personal care brands have gained considerable traction in India, including some beauty e-commerce marketplaces that leverage their data and product knowledge to develop private label brands that resonate with locals. Establishing offline distribution footprints and expanding product portfolios by acquiring smaller brands are consistent themes.
In the past six months, Nykaa has completed an INR 53.5bn domestic IPO, while Good Glamm Group – operator of MyGlamm – has achieved unicorn status on closing a USD 150m Series D and Purplle received a USD 75m Series E at a valuation of USD 630m. Other private equity-backed players in the space include Mamaearth and mCaffeine.
Founded in 2013 by Shankar Prasad, Pureplay is positioned as a values-based business that relies on ingredients that are ethically sourced and 100% vegan. Plum is the core brand, offering skincare, haircare, and makeup products. There is also male-focused Phy and body care brand Plum Bodylovin’.
Plum’s annualised revenue run rate is said to be INR 2.25bn and the goal is to double it over the next 12 months. The company distributes products through 1,000 assisted outlets – where there are dedicated Plum salespeople – and 10,000 unassisted outlets across over 250 towns and cities in India. There are three self-operated stores and plans to open 12-15 more in the next three months.
“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,” said Abhay Pandey, a general partner at A91, in a statement. He will join the company’s board.
A91 is currently investing its second fund, which closed on USD 550m in late 2021, having increased the hard cap from USD 500m. The firm claims to target the India consumption opportunity, making investments across consumer, financial services, healthcare, and technology.
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