Personal care brand Plum has raised $35 million (Rs 270 crore) as a part of its Series C funding led by growth stage investor A91 Partners.
VCCircle was the first to report last week that A91 Partners is leading this round with $25 million cheque.
The round also saw participation from existing investors Unilever Ventures and Faering Capital.
As part of the transaction, Abhay Pandey from A91 Partners will join the board of Plum.
The transaction is likely to have valued the brand, operated by Pureplay Skin Sciences (India) Pvt. Ltd, to be around $250 million (Rs 1,904 crore).
The capital will be primarily used for boosting omni-channel presence, building new categories in addition to its core skin care category, enhancing R&D capabilities, and hiring more professionals.
“The A91 team’s track record of picking winning consumer brands and partnering with them on their growth journeys is impressive. The latest investment will help us accelerate on our exciting growth path, not only in our core skincare category, but also in adjacent large categories like hair care, makeup, body care and specialist care for men,” said Shankar Prasad, CEO and founder at Plum.
Plum was launched in 2013 by Prasad and started off as an online-only beauty brand. The company later took the omnichannel route. It offers more than 160 stock keeping units (SKUs) in skincare, haircare, personal care, and makeup. The company claims that it has now reached over 250 towns and cities in India, through over 1,000 assisted outlets, and over 10,000 unassisted outlets.
The company is said to be clocking annual run rate of Rs 225 crore in terms of sales and expected to double it up in next 12 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 and A91 is privileged to be a partner in this journey,” said Abhay Pandey, general partner at A91 Partners.
The company had raised Rs 110 crore in its Series B round of funding in November 2020 from mid-market private equity firm Faering Capital.
The Plum had raised an undisclosed amount in Series A funding in December 2018 from Unilever Ventures, the venture capital arm of consumer goods giant Unilever.
Fundraising activity in the broader beauty and personal care segment has risen over the last few months.
Early this month, VCCircle reported that another personal care brand mCaffeine has raised $15-20 million in a new round of funding from new investor Singularity AMC and existing institutional backer Amicus Capital.
In January, VCCircle reported that The Good Glamm Group, which is on an acquisition spree, is planning to raise a new round of funding at a valuation of over $2 billion.
Skincare wellness brand WOW Skin Science, backed by ChrysCapital, was in talks to raise $50 million at a valuation of nearly $400 million, VCCircle reported in December. Another cosmetics brand SUGAR, operated by Vellvette Lifestyle Pvt Ltd, was eyeing to raise $60 million at a valuation of $500 million, VCCircle reported last year.