D2C fragrance brand Nirmalaya raises $800k in seed round led by Artha Venture Fund
- ByStartupStory | September 26, 2022
Nirmalaya, a brand of natural fragrances, has announced that it has secured $800,000 in seed finance, headed by Artha Venture Fund and featuring The DotIn Network, Shiprocket – Huddle Accelerator, Flawless Company Family office, and other prominent angel investors.
The corporation intends to utilize the freshly acquired money to solidify its position on the global market.
Nirmalya, founded by Bharat Bansal, Surbhi Bansal, and Rajeev Bansal founded in late 2020, processes flower waste from more than 300 temples in the NCR area to create a variety of chemical-free, low-carbon, and eco-friendly incenses and fragrances.
“Our first step will be to expand our presence to the US and Middle East Asia regions by introducing unique and chemical-free fragrance products, including reed diffusers, and car and room fresheners, in these markets by March’23. This geographic and product expansion will be at the core of our strategy,” Nirmalaya Co-founder and CEO Bharat Bansal, said in a media statement.
With the worldwide natural incense business generating sales of around $1 billion, Nirmalaya seeks to establish a solid presence in global markets by leveraging its product line. It claims to handle more than 30,000 clients and to have sold roughly a million devices. The startup anticipates generating $3.5 million in sales within 16 to 18 months.
Nirmalaya competes with brands such as Phool, Soulflower, and Maeva, among others. Phool received $8 million in April of this year, backed by Sixth Sense Ventures and current investors included Bollywood star Alia Bhatt. In December 2021, Soulflower also received its first financing from Wipro Consumer Care-Ventures and Lighting.
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