Vedic Cosmeceuticals has raised Rs 25 crore in a series A funding round from Sixth Sense Ventures, the company said in a statement on Thursday.
“We aim to utilise the raised funds to expand our outreach to newer markets and global clientele, and considerably scale up operations and take our research and development (R&D) to the next level. Presently, the company has a monthly production capacity of 300 metric tonnes and we aim to upscale to 1000 metric tonnes shortly,” said Mohit Goel, Founder, Vedic Cosmeceuticals.
Founded in 2004, Vedic Cosmeceuticals Pvt Ltd is a private label manufacturer of personal care products for international and domestic brands.
The company said it manufactures personal care products, including facial care, hair care, baby care, soaps, body & bath care, and aromatherapy products for brands such as Nykaa, Moms Co., Sirona, Arata among others. The company exports around 20% of its current production to Europe, the statement said.
According to the statement, the company has grown almost 100% year-over-year, and its facilities are GMP (Good Manufacturing Practices) and GLP (Good Lab Practices) certified, and FDA approved.
Sixth Sense was founded in 2014 by Nikhil Vora, former Managing Director and Co-head of Research at IDFC Securities. He was also an early investor in the Paytm parent One97 Communications Ltd, and exited with a 75-fold gain on the investment by selling his stake to Chinese ecommerce giant Alibaba, the statement said.
In October, the investment firm put around $7 million in pet care startup Dogsee Chew. Earlier, in the same month, VCCircle reported that Sixth Sense Ventures is set to close its third fund at Rs 2,300- 2,400 crore ($309-323 million), which is at least 60% higher than the initial target. It is also one of the largest domestic funds raised by any Indian venture capital (VC) fund.