Bengaluru-based personal care brand Mamaearth on Wednesday (8 January) announced that it has raised INR 130 crore in a funding round led by Sequoia India along with existing backers including Fireside ventures, Stellaris Venture Partners, and Sharp Ventures.
The following funding round came after 15 months of raising $4 million back in September 2018 from Fireside Ventures and Stellaris. The Bollywood superstar Shilpa Shetty Kundra also had injected $250K in the startup in April 2018.
As per the report by the Economic Times, the startup will be utilising the fresh funds to expand its offline presence and augment its technology and marketing initiatives. The firm is also aiming to deploy a part of the proceeds to lay its footprint in the Southeast Asia market.
Founded by the husband-wife duo Varun Alagh and Ghazal Alagh, Mamaearth offers baby and mom care products online and offline. The product inventory exhibits over 80 products addressing the needs of over 1.5 million customers across 500 cities across India. Mamaearth’s products are sold at over 2,000 stores across India and the startup also utilises other e-commerce platforms including Amazon, Flipkart, Nykaa, BigBasket, babyChakra, FirstCry and more.
Commenting over the investment round, Varun, CEO of Mamaearth told ET…
“Our vision is to create the FMCG conglomerate of the future by building brands that connect strongly with millennials and Gen Z customers using the combined power of digital marketing and e-commerce at large scale,”
Ishaan Mittal, Principal, Sequoia Capital said to ET…
“Out of India’s over USD 15 billion personal care market, online channels contribute to only 3-5 per cent. With 15-20 per cent of Indian shoppers influenced digitally and expected to double in next 7-8 years, digital-first brands have the potential to redefine the architecture of tomorrow’s FMCG companies,”