Funding Alert

Bengaluru’s iluvia Secures Series A Funding for Growth, Innovation

• ByStartupStory     |    February 16, 2024

In a notable advancement for the professional haircare sector, Bengaluru-based Renaura Wellness Pvt. Ltd.’s brand, iluvia, secures undisclosed Series A funding from Fireside Ventures and Multiply Ventures. This funding signifies a pivotal moment for the company, facilitating talent acquisition, research and development, and brand marketing endeavors.

Founded by Nishant Gupta and Palash Pandey, iluvia emerges from a shared commitment to superior self-care. The duo, alumni of Vellore Institute of Technology (VIT), leverages their passion to create a diverse product line, including India’s pioneering Hard Water Shampoo. Initially nurtured at VIT, Renaura Wellness gains support from the Startups Club Incurator Network (SCIN).

Expressing enthusiasm, Nishant Gupta and Palash Pandey affirm, “This investment validates our vision and fuels our mission to revolutionize the professional haircare industry.” They outline plans to intensify R&D efforts and expand product offerings while enhancing talent acquisition.

Pioneering a tech-centric approach, iluvia leads with quality and innovation in the professional haircare domain. The brand has established a robust presence in over 2500 salons across 70+ Indian cities, with aspirations for further market expansion.

Dipanjan Basu, from Fireside Ventures, underscores their belief in iluvia’s potential: “Our investment in iluvia is an endorsement of our commitment to building iconic and innovative consumer brands.” He praises the brand’s scientific approach and dedication to transformative products.

Sanjay Ramakrishnan of Multiply Ventures lauds iluvia’s focused product lineup and research-driven ethos: “We at Multiply are happy to have partnered with Palash, Nishant, and the team at iluvia since the beginning.”

iluvia’s scientifically formulated haircare range targets diverse concerns while promoting overall hair health. With the global haircare market on an upward trajectory, iluvia’s commitment to research-backed formulations positions it as a leader in the premium segment.

In a market valued at over USD 83 billion globally, iluvia operates in the Indian Hair Care and Styling Products market, surpassing USD 5.8 billion. With its focus on innovation and quality, iluvia is poised to meet the evolving demands of the professional haircare market.

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