Delhi-based Happily Unmarried Marketing Pvt. Ltd, which offers lifestyle products under the brands 'Happily Unmarried' and 'Ustraa', is raising fresh funding from Wipro Consumer Care, the personal care arm of Wipro Enterprises, and existing investor Info Edge (India) Ltd.
Wipro Consumer Care confirmed a proposed investment in Happily Unmarried, adding that the deal was yet to go through formally. It did not disclose the financial details of the transaction.
The investment is in line with the company’s strategy of leveraging emerging online opportunities, a statement from Wipro said. “Since its foray into the personal care market in 2015, Happily Unmarried has built a wide portfolio of male and female grooming products," it added.
The Times of India, which first reported the development, pegged the deal size at Rs 50 crore ($7.6 million) in exchange for a 20% stake. This could not be independently verified by VCCircle.
Naukri.com owner Info Edge, the other investor, said in a stock-exchange filing that it had put Rs 5 crore (about $768,000) in the company in the new round. Its aggregate shareholding following this funding round would be 47.21%, the filing showed.
Info Edge’s total exposure to Happily Unmarried now stands at $3.88 million, which it has invested in five tranches over 2012-17, according to VCCEdge, the data research platform of VCCircle.
Founded in 2003 by Rahul Anand and Rajat Tuli, Happily Unmarried offers personal care products ranging from face and body wash to shaving foam and cologne. While products under the ‘Happily Unmarried’ brand cater to both the sexes, the ‘Ustraa’ line of products is targeted exclusively at men.
Though the company runs a hybrid sales model, most of its revenues come from online channels including its own e-commerce portal and marketplaces such as Amazon and Flipkart.
In FY16-17, Happily Unmarried registered a 23.75% rise in revenues to Rs 18.44 crore, up from Rs 14.90 crore in the year prior, Info Edge’s regulatory filing showed. Leave Your Comment