Clensta Enlists JM Financial as Investment Banker for Expansion and Fundraising
- ByStartupStory | December 7, 2023
TradeCred-backed personal care brand Clensta has engaged investment banking firm JM Financial to aid in its expansion and fundraising endeavors. JM Financial, based in Mumbai, boasts a track record of advising emerging companies through public listing journeys, including notable names like Honasa Consumer, Ideaforge, and Nykaa.
Clensta, headquartered in Gurugram, recently secured Rs 75 crore in pre-Series B funding from TradeCred, alongside investment from the UAE Royal Family and Actor Parineeti Chopra, among others. The company, supported by TradeCred, has a portfolio of investments across various sectors such as Mensa Brands and Furlenco.
The brand, founded in 2016 by Puneet Gupta, initially introduced a waterless bathing solution and has since raised a total of Rs 105 crore, with contributions from IAN, IAN Fund, IPV, VCats, Hem Securities, IIT Delhi, and US-AID. Clensta has expanded its offerings to include a diverse range of sustainable and affordable wellness, hair care, skincare, eye care, lip care, fragrance, and body care products—all meticulously researched and developed at IIT-Delhi.
“Our tie-up with JM Financials is part of a series of strategic decisions taken by us following Clensta’s association with actor Parineeti Chopra as an investor and hiring Ashish Mishra (ex-Mamaearth, VLCC)) as our co-founder and CBO,” said Puneet Gupta, Founder of Clensta. “We hope to deepen and broaden our omni-channel distribution to include the retail, online, international, and alternate markets while securing large-ticket deals in the institutional and export segments.”
Clensta aims to expand its omnichannel presence and penetrate international markets organically, intending to reinforce its growth trajectory. The company reported a 100% growth in FY23 and anticipates a 150% increase in the coming fiscal year.
“We are on the right trajectory and feel this is a good time to bring in a partner like JM Financials,” added Gupta. “With them coming in, we now look forward to focusing on building our business while continuing to grow under the leadership of Ashish.”
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