Amishi Consumer Technologies Pvt. Ltd, which operates baby-care products startup The Moms Co, has secured additional $3 million (Rs 22 crore) in its extended Series B funding round led by its existing investors.
Existing investors that participated in the round include early-stage venture capital firms Saama Capital as well as DSG Consumer Partners and Shripad Nadkarni, co-founder of food startup Fingerlix and beverages firm PaperBoat, the company said in a statement.
Ashutosh Valani and Priyank Shah, who are co-founders of male grooming startup Beardo, came on board as new investors.
The firm plans to utilize the capital to launch more products, expand into new retail formats and foray into foreign soil.
"With this fundraise, we continue our purpose of helping moms with safe, natural effective solutions and are looking forward to expanding our mission with the next 5 million moms trying The Moms Co," said company founder and chief executive officer Malika Sadani.
The company had raised $5 million from its existing investors last December.
“After our exit from Beardo, we were looking for brands that had a similar passion for solving a problem and a distinctive voice with which they spoke to their consumer," said Valani.
The Moms Co was founded in 2016. The startup offers natural products for pre- and post-natal care as well as babies.
It has over 30 stock-keeping units, and says that it has served over five lakh customers over 15,000 pin code areas in the country. The company has a physical presence in five cities across the country and more than 1 million customers.
The firm posted net sales of Rs 7.3 crore during fiscal year 2018-19 as against Rs 1 crore a year before, as per VCCEdge, the financial data platform of Mosaic Digital.
The company raised $1 million(around Rs 6.5 crore) in a Series A round of funding co-led by DSG Consumer and Saama Capital in September 2017.
Before that, in March that year, the firm raised an undisclosed amount in seed funding from Nadkarni, Nestle executive Nandu Nandkishore and senior partners from McKinsey.
The Moms Co is among a handful of startups focussed on baby and mother personal care products.
Honasa Consumer Pvt. Ltd, which owns fast-moving consumer goods brand Mamaearth, is in talks with several homegrown and foreign private equity firms to secure its Series C round.
Perhaps the most famous among these is FirstCry, which in January this year raised $149.36 million (Rs 1,097 crore) as part of the first tranche of a new funding round from Japanese tech conglomerate SoftBank. In November, FirstCry ventured into the pre-primary education segment by acquiring Oi Playschool.
Other players in the broader segment include Hopscotch, parenting social network Tinystep, parenting magazine ParentCircle and parenting platform BabyChakra.