Funding Alert

ClayCo Cosmetics Raises $2 Million from Unilever Ventures to Expand Premium Skincare Offerings

• ByStartupStory     |    October 3, 2024

ClayCo Cosmetics, a burgeoning skincare brand, has successfully raised $2 million (approximately ₹16 crore) in a funding round led by Unilever Ventures, the venture and growth capital arm of Unilever. This investment marks a significant milestone for the brand, which aims to redefine skincare in the Indian market by merging ancient beauty rituals with modern scientific advancements.

Founded in March 2024 by Niharika Jhunjhunwala, ClayCo Cosmetics focuses on delivering premium, high-performance skincare solutions. The funds from this latest investment will be allocated toward expanding the product portfolio, enhancing branding and marketing efforts, and supporting working capital needs.

“This funding will enable us to enhance brand awareness, introduce new products, invest in R&D, and fuel our growth. As consumers become more aware of global ingredients like fermented rice, ginseng, and CICA, they are willing to invest in high-quality, efficacious skincare,” said Jhunjhunwala. She emphasized the brand’s commitment to creating innovative products that resonate with the evolving demands of Indian consumers.

ClayCo Cosmetics plans to expand its operations and is set to introduce new products, including a Moroccan-inspired body care range. The company markets its products through its own website as well as various e-commerce platforms, establishing a strong presence in the competitive skincare segment.

In a landscape filled with competitors such as Peak XV Partners-backed Minimalist, Vertex Ventures-backed Pilgrim, A91 Partners-backed Plum, Nykaa’s Dot & Key, Honasa Consumer’s Mamaearth, and The Derma Co., ClayCo aims to carve out a niche with its unique offerings.

Pawan Chaturvedi, partner – Asia at Unilever Ventures, commented on the investment, stating, “We are pleased to support ClayCo in their mission to elevate India’s beauty landscape by introducing global beauty rituals that celebrate individuality and innovation.”

This funding round follows a trend in the D2C skincare industry, as evidenced by Foxtale, another direct-to-consumer skincare brand that raised $18 million (₹150 crore) in June, led by Singapore-based Panthera Growth Partners.

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