Ecommerce-driven personal care startup MCaffeine has raised its Rs 3.2-crore ($500,000) pre-Series A funding round from a clutch of angel investors.
The round was led by Wazir Advisors founder Harminder Sahni, Mohit Bajaj of startup funding platform Let’s Venture, and Calcutta Angels, said a press statement issued by the company.
PEP Technologies Pvt. Ltd, which manufactures caffeine-infused personal care products under the MCaffeine brand, will use the money for research and development, building inventory, and expanding its product offerings, besides adopting an omni-channel marketing strategy.
“We are looking to build a brand which reflects the millennial lifestyle and aspirations,” said Vikas Lachhwani, one of the co-founders of MCaffeine.
Launched in 2015 by Lachhwani and Tarun Sharma, the firm’s portfolio comprises 16 personal care products, including caffeine-infused shampoo, face wash and shower gels. It sells its products on 20 ecommerce websites in India.
“MCaffeine, with a team of passionate entrepreneurs, is sure to succeed in this space and emerge as the favourite personal care brand among millennials,” said Sahni.
The company said at least three products, including Neem-Caffeine Face Wash and Silver-Caffeine glow gel, are in the top 10 in their respective categories on ecommerce major Amazon.
Recently, Dabur India Ltd acquired two companies in the personal care and hair care space in Africa. In 2016, Godrej Consumer Products made several acquisitions, including hair care products company Strength of Nature LLC.
Vini Cosmetics Pvt. Ltd, which makes and markets the Fogg brand of deodorants, has roped in private equity firm WestBridge Capital as its new institutional investor.