Tamil Nadu-based skin and hair care direct-to-consumer (D2C) brand, Juicy Chemistry, on Friday, raised $6.3 million in its Series A funding round led by Belgium-based investment firm Verlinvest. This is the first institutional fundraising by the company, which plans to use the capital for building its brand and expanding the business.
Founded in 2014 by Megha Asher and Pritesh Asher, Juicy Chemistry offers a range of certified organic products across face, body and hair care. The company was bootstrapped until raising an angel round of $650, 000 from Amit Nanavati in 2019.
The company claims that it has witnessed 300 percent jump in revenues for this fiscal year with a growing customer base. It competes with brands such as MyGlamm, Sugar Cosmetics, Plum, Purplle, Nykaa and Mama Earth, which also operate in the direct-to-consumer space.
Speaking of the investment round, Pritesh Asher, Co-founder & CEO of Juicy Chemistry, said,
“The investment will enable Juicy Chemistry to further strengthen its position as a leader in the clean and organic beauty segment. We are keen to leverage this capital for the rapid expansion of Juicy Chemistry’s e-commerce platform and omnichannel distribution capabilities, to reach new and existing geographies, to hire talent, for brand building, and to cater to the increasing demand for products both domestically and in the international market,”
Arjun Anand, executive director of Verlinvest, said,
“We are excited to start our journey with Juicy Chemistry, which forms part of our global effort in backing unique digital-first beauty brands for the long term. Verlinvest looks for authentic and passionate entrepreneurs who are creating a consumer revolution using their product and brand stories, and we saw like-mindedness with the way Pritesh and Megha are building their business,”