Juicy Chemistry Pvt. Ltd, which operates an eponymous consumer brand that is focussed on organic-based skincare products, has raised $650,000 (approximately Rs 4.93 crore at current exchange rates) in an angel funding round, according to reports.
The company has raised this capital from Amit Nanavati, The Economic Times reported, citing a company statement.
Following this investment, the startup will be valued at $2.5 million (around Rs 18.98 crore), per the report.
The Coimbatore-based company will use the funds to upgrade its manufacturing facility, strengthen its supply chain, increase its workforce and marketing budget and will introduce newer products in the coming months.
Mid-market investment bank Veda Corp acted as the financial advisor to the company for the transaction.
VCCircle has reached out to Juicy Chemistry on the details of the investment and will update this report accordingly.
Juicy Chemistry was set up by Pritish Asher and Megha Asher in 2014. The firm says it develops, markets and sells over 100 skincare products cleansers, toners, moisturisers and oils, among others.
The company is among the several organic- and natural products-focussed skincare and beauty brands that have raised funding in recent months.
In November last year, for example, the Mumbai-based Roots Ventures led a $1.5 million (around Rs 10.72 crore) pre-Series A funding round in APCOS Naturals Pvt. Ltd, which operates ayurvedic beauty brand Just Herbs.
In June, startup accelerator Risers Accelerator invested Rs 1 crore (around $144,100) in ayurvedic organic skincare product maker Cosmeto Food Organic Pvt. Ltd, which sells its products under the Cosmetofood brand.
Also that month, the RP-Sanjiv Goenka Group acquired a majority stake in a Mumbai-based company that makes ayurvedic products for Rs 32.17 crore ($4.6 million). The acquisition by the diversified conglomerate was made through its CESC Ventures Ltd unit.