Anveya Living Pvt Ltd, which operates the beauty and personal care brands Anveya and ThriveCo, has raised Rs 8 crore (around $ 1 million) in its seed funding round from Rukam Capital, the company said in a statement on Tuesday.
The company plans to deploy the fresh capital for research and development (R&D), enter new categories and markets, and build its team, the statement said.
Anveya Living, which was founded in 2018 by Vivek Singh (ex-SVP Marketing at FirstCry) and Saurav Patnaik (ex-cofounder at Kenscio), follows a direct-to-consumer, online-first and house-of-brands approach, it said. The startup launched two brands Anveya and ThriveCo in the last three years. It offers around 45 products across haircare, skincare, beard care, and essential oils categories, among others.
The company noted that while its products are present on marketplace platforms it generates the majority of its sales from its own e-commerce stores.
“The D2C movement was a disruption for the consumer industry. We're taking it to another level by working to disrupt the D2C segment itself, by breaking some of the long-standing assumptions in the traditional FMCG and D2C industry," said Vivek Singh, co-founder and CEO of Anveya Living.
Rukam Capital invests in early-stage consumer products and services companies. Its portfolio includes Curefoods, SleepyOwl, The Indus Valley, among others.
India is witnessing the rise of D2C brands across categories and is estimated to have a $100 billion addressable market by 2025, according to an October note by Avendus.