D2C homecare startup Happi Planet raises INR 8.47 Cr in funding round led by Fireside Ventures
- ByStartupStory | February 13, 2024
Happi Planet, a direct-to-consumer (D2C) startup offering plant-based and non-toxic home care products, has successfully raised INR 8.47 Cr (approximately $1 Mn) in a strategic funding round led by Fireside Ventures. The company, founded in 2022 by former Procter & Gamble employees Mayank Gupta and Nimeet Dhokai, intends to utilize the fresh capital to expand both its offline presence and online footprint.
The funding will also be directed towards enhancing consumer education efforts to further propel growth. Happi Planet aims to expand its physical reach to more than 250 stores by the end of 2024, with a goal of achieving a 10X growth in top-line revenue over the next 12 months.
Currently, Happi Planet’s product range includes home care products, beauty items, and personal care essentials. The startup distributes its offerings through various online marketplaces such as Amazon, Big Basket, and D Mart Ready, as well as Reliance Signature offline stores.
Expressing their excitement about the investment, cofounders Gupta and Dhokai stated, “We are delighted to have Fireside Ventures join us on our mission to disrupt the home cleaners’ market & create a household brand name in the next 5 years.”
Ankur Khaitan, principal at Fireside Ventures, commented, “… consumers are becoming increasingly aware of harmful chemicals in their daily use products and seeking less nasties. Happi Planet with their innovative formulation of natural ingredients, high efficacy and conducive price point makes them unique to win in this large opportunity.”
Happi Planet competes with other players in the sustainable health and personal care space such as Beco, The Better Home, and Koparo Clean. The funding from Fireside Ventures marks the latest investment in the consumer space for the early-stage VC firm, which closed its third fund, the Fireside Fund III, at $225 Mn (INR 1,830 Cr) in October 2022.
According to a report, India’s sustainable home hygiene products market is expected to grow to $74.05 Mn by financial year 2026-2027 (FY27), at a compound annual growth rate (CAGR) of 32.90% between FY22 and FY27.
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