D2C skincare brand RAS Luxury Oils bags $2 million funding from Sixth Sense
- ByStartupStory | May 24, 2022
Ras Premium Oils, a direct-to-consumer (D2C) luxury skincare and personal care brand, has raised $2 million in funding from Sixth Sense Ventures. According to the company, the money will be used to develop and launch new product categories, grow into new markets, and build a worldwide footprint. Ras Luxury Oils, founded in 2017 by three women, Shubhika Jain, Suramya Jain, and Sangeeta Jain, claims to have grown 20 times in the last two years.
Nikhil Vora, the founder and CEO of Sixth Sense Ventures said that since it is brand-starved, there is a white space inside the premium skincare market in India, and it is developing 2-3 times faster than the personal care category. Additionally, Indian skincare companies are underrepresented worldwide. And so the firm believes that Ras has the capacity to carve out a solid niche for itself with such a vibrant, youthful, and powerful leadership team.
The brand was founded in 2017 by three women Shubhika Jain, Suramya Jain and Sangeeta Jain. Ras’s website currently accounts for 85-90% of his business. It also sells through online marketplaces like Nykaa and Amazon, as well as through partnerships with high-end spas and salons.
Shubhika Jain, the co-founder and CEO of Ras Luxury Oils said that as a made-in-India brand which appeals to a discerning global customer, it wants to redefine the global beauty and skincare business. On the other hand, Sixth Sense Ventures’ third fund, SSIO III, has completed 24 investments, including bets on Parag Milk, Nobel Hygiene, Fraazo, Open Secret, Stylam, GoodDot, and Neeman’s, Rage Coffee, Design Cafe, and Bira 91.
It stated that it is aiming for the $54 billion global clean beauty and skincare industry, which is expanding at a compound annual growth rate of 13%. (CAGR).
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