Plum, an online beauty firm, has raised $35 million in a round-headed by A91 Partners
- ByStartupStory | March 23, 2022
Plum, a direct-to-consumer (D2C) cosmetics business, has raised $35 million (Rs 270 crore) in new funding led by A91 Partners, at a time when the segment is seeing greater investor interest.
According to Shankar Prasad, founder and CEO of Pureplay Skin Sciences, the parent company of Plum, the fundraising round included participation from previous backers Unilever Ventures and Faering Capital, valuing the company at $250 million (about Rs 1,900 crore).
Plum has raised a total of $50 million (Rs 380 crore) in institutional funding. Plum, founded by Prasad in 2013, offers a range of vegan, cruelty-free, and toxin-free beauty products in the categories of skincare, haircare, personal care, and makeup.
Plum sells roughly 40% of its merchandise through retail channels, a quarter through its own platform, and the balance through online marketplaces like Nykaa and Amazon India, according to Prasad.
Its offline footprint in India stretches beyond 250 towns and cities, with nearly 1,000 supported stores like Shoppers Stop and over 10,000 unassisted retailers (grocery stores, pharmacies). The funds will be used to expand the startup’s omnichannel presence, accelerate expansion in categories other than skincare, and expand into new geographies. It will also spend money on advertising and technology. Plum also has three unique locations in Mumbai and Chennai, with ambitions to expand to 12-15 locations in the next two to three months.
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