Pratech Brands, parent of HyugaLife, secures $6.3M in Seed funding
- ByStartupStory | February 20, 2024
Pratech Brands, the digital-first retailer behind HyugaLife, has secured a noteworthy Rs 52 crore or $6.3 million in seed funding, spearheaded by Spring Marketing Capital and Stride Ventures. According to regulatory filings, the funding comprises 21,77,817 Seed compulsory convertible preference shares (Seed CCPS) and other investments, totaling Rs 36.62 crore or $4.4 million, alongside Rs 15.5 crore raised through partly paid CCPS and non-convertible debentures issued to Stride Ventures. “Stride Venture and Spring Marketing Capital led the funding round with Rs 15.5 crore and Rs 12.5 crore investments, respectively,” with additional support from Surge Ventures contributing Rs 10 crore.
Among the investors are Oorumane Mercantile, Patni Wealth Advisors, and individuals such as Nihir Parikh and Dhaval Parikh. Pratech Brands, valued at around Rs 160 crore or over $19 million, has garnered a total funding of $9.3 million to date. The company, focusing on home and health products, operates under the umbrella of tech-first brands, notably HyugaLife, which recently secured $1 million in funding. “HyugaLife is also supported by Indian cricketer K L Rahul and actress Katrina Kaif.”
Pratech Brands encompasses subsidiaries including Hyuga Health & Wellness Private Limited and Hyuga Ecommerce Ventures Private Limited, alongside Neesan Ventures and the natural healthcare brand Inaari. “Following the investment, promoters of the company now collectively own over 52% of the company, with Surge Ventures and Spring Marketing Capital holding stakes of 18.6% and 9.4%, respectively.” Notably, Pratech Brands’ revenue surged to Rs 4.87 crore in FY23 from Rs 1.71 lakh in FY22, though its losses climbed to Rs 25.39 crore from Rs 99 lakh during the same period.
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