Exclusive: Fireside Ventures backs babycare firm Mamaearth
Mamaearth, a babycare products startup, which sells its products only through Amazon India and FirstCry.com has raised an undisclosed amount in seed round of funding led by Fireside Ventures and some HNIs, a top company executive told Techcircle.
Founded in 2016 by a couple Varun Alagh and Ghazal Alagh, this startup develops baby range products including certified toxin free body lotion, rash cream, hair-shampoo, body wash, diaper rash cream, massage oil, all natural bug spray and sunscreen lotion for babies in the 0-5 years age group.
“With the funds we’re going to ensure that all the innovations that we wanted to work on conceptualise and launch and firstly starting with our baby care range and then in the coming months, pre-natal and post-natal care range. Then we’re going to spend on marketing, especially in digital, and of course we will utilise it for working capital,” said Varun.
Honasa Consumer Pvt. Ltd, which runs Mamaearth, is soon going to expand its presence to other marketplaces, first online and then offline, and has a target of reaching at least 10,000 consumers in 2017. The company claims that its toxin-free range of baby care products are certified by Made Safe, a US based non-profit organisation that provides a comprehensive human health-focused certification.
“Mamaearth is addressing a key concern of most mothers regarding safer products for their babies. I see them (founders) creating many niches which currently do not exist in the Indian market but are needed by young parents,” said Kanwaljit Singh, founder, Fireside Ventures.
The startup has been recently launched at the new Amazon Launchpad, which is Amazon.com’s global programme for startups.
The baby personal care & hygiene market in India is pegged at nearly $1.5 billion, growing at a CAGR of 18%, according to the company’s statement.
Other startups in the baby and maternity care sector include FirstCry, run by BrainBees Solutions Pvt. Ltd., an e-commerce platform which stocks kids and maternity clothes, accessories, etc. It acquired Mahindra and Mahindra’s babycare business BabyOye in October this year.
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Fireside Ventures is a venture capital firm. The firm provides early stage capital to companies operating in India. The firm seeks to invest in the consumer sector like grocery, food etc. It typically invests between $37,000 and $0.15 million in its portfolio companies. The company is based in Bengaluru, Karnataka.
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