iluvia, the Professional Haircare Brand, Secures Series A Funding to Revolutionize the Industry
- ByStartupStory | February 16, 2024
Professional haircare brand iluvia, under Renaura Wellness Pvt. Ltd., has successfully secured a Series A funding round from Fireside Ventures and Multiply Ventures. This investment represents a significant milestone for the organization, enabling it to assemble a high-caliber team and fuel its brand expansion initiatives.
Founded by Nishant Gupta and Palash Pandey, both alumni of Vellore Institute of Technology (VIT), iluvia was born out of a passion for delivering the best in self-care. The brand’s Research & Development division focuses on developing a diverse product portfolio tailored to professional haircare needs, including India’s first Hard Water Shampoo. Initially incubated at VIT, Renaura Wellness later secured funding from Startups Club Incurator Network (SCIN).
Nishant Gupta and Palash Pandey, Co-founders of Renaura Wellness Pvt. Ltd., expressed their vision for the brand, stating, “This investment validates our vision and fuels our mission to revolutionize the professional haircare industry. With this funding, we are empowered to bolster our R&D investments while further expanding our product offerings with innovative and unique solutions for professionals as well as consumers.”
Committed to being tech-first, iluvia stands at the forefront of the professional haircare segment with a dedication to quality and innovation. Operating in over 2500 salons across 70+ cities in India, the brand aims to increase its market penetration and solidify its position as one of the top professional haircare brands in the country.
Dipanjan Basu, Co-founder and Partner at Fireside Ventures, commented on the investment, stating, “Our investment in iluvia is an endorsement of our commitment to building iconic and innovative consumer brands. The brand’s reliance on science and their meticulous R&D process is why they are seen as being great innovators in personal care.”
Sanjay Ramakrishnan, Founder & General Partner at Multiply Ventures, shared his excitement about the partnership, stating, “The distribution of the professional range of products via the salon networks and the acceptance of the same by the salon owners and the end consumers has been very encouraging. We at Multiply are happy to have partnered with Palash, Nishant, and the team at iluvia since the beginning.”
With a meticulously curated range of scientifically formulated haircare products, iluvia is poised to meet the dynamic demands of the growing professional haircare market, which is anticipated to reach USD 113 Billion by 2028.
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