SkinQ Raises Rs 3 Crore in Seed Funding Round to Revolutionize Skincare for Melanin-Rich Skin
- ByStartupStory | December 29, 2023
SkinQ, a personalized skincare startup, has successfully secured Rs 3 crore in a seed funding round led by Inflection Point Ventures (IPV), with contributions from Venture Catalysts and Super Angels. This funding marks a significant milestone for SkinQ as it pursues its mission to transform skincare, particularly for individuals with melanin-rich skin.
Dr. Chytra V Anand, a renowned dermatologist and the founder of SkinQ, established the startup with a focus on empowering individuals with melanin-rich skin. SkinQ aims to boost the confidence and well-being of its customers by enhancing their Skin Quotient through clinically tested solutions. The startup has set an ambitious goal of positively impacting the skincare of 10 million customers over the next three years.
Dr. Chytra Anand emphasized the importance of inclusive skincare, stating, “Everyone deserves to have healthy glowing skin and access to best-in-class solutions that celebrate the diversity and uniqueness of Indian skin and melanin-rich skin. With over 2/3 of the world’s population being Melanin rich, there is an underrepresentation, with only 8% of skin solutions catering to them globally.”
SkinQ is led by Dr. Chytra Anand and co-founder Meera Iyer. Dr. Anand’s expertise in skin of color complements Iyer’s background in Chemistry, Biotechnology, and Marketing, forming a strong leadership team. The raised capital will be allocated towards product innovation, research and development, team expansion, and strengthening the brand’s market presence.
Chytra expressed her enthusiasm about the partnership with IPV and other investors, highlighting its strategic significance in advancing SkinQ’s mission. She stated, “This capital infusion is pivotal in augmenting our research and development bandwidth, enriching our bespoke product portfolio, and amplifying our outreach to a discerning customer base.”
SkinQ has reported robust month-on-month revenue growth and is expanding its distribution channels. Notably, it is the first Indian-origin dermo-cosmetics brand to be retailed in dermatology offices and MedSpas in the USA. The startup has also received accolades in the beauty industry, particularly for its sunscreens, and has been recognized as a finalist in prestigious beauty awards.
Ivy Chin, Partner at Inflection Point Ventures, commended SkinQ’s focus on addressing the unique needs of Indian melanin-rich skin. She remarked, “By embracing the melanin-rich skin of Indians, SkinQ aims to revolutionize skincare. By addressing the distinct requirements of melanin-rich skin, SkinQ has the potential to captivate the hearts of millions who can truly appreciate the difference in its products.”
The dermocosmetics market in India is experiencing rapid growth, with projections indicating a surge from $188 million in 2021 to $450 million by 2030. Globally, the market is also expanding and is expected to reach $130 billion by 2030. SkinQ is well-positioned to capitalize on this growth and make a significant impact in the skincare industry.
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