Clean Beauty D2C Startup Soulflower Raises Funding From Wipro Consumer Care-Ventures
Soulflower, a Clean beauty D2C startup, has raised an undisclosed amount from Wipro Consumer Care-Ventures, the VC fund of Wipro Consumer Care and Lighting.
The D2C startup plans to use the freshly raised capital for increasing brand transparency for customers and adopting sustainable manufacturing and sourcing technologies.
Soulflower | India’s First Farm to Face Brand
Founded by Natasha Tuli, Soulflower caters to the increasing demand for high-efficacy ‘farm-to-face’ personal care solutions in domestic and international markets. The clean beauty D2C startup claims to be a pioneer in offering cruelty-free beauty products.
Speaking on the development, Sumit Keshan, managing partner, Wipro Consumer Care–Ventures, said,
“Our investment in Soulflower is part of our strategy to support innovative D2C clean beauty brands. We want to back authentic brands that address the unique requirements of consumers. Natasha has built her business on the principles of transparency & innovation. The brand has served over 1 Mn customers till date.”
Soulflower has more than 200 active SKUs that are positioned in a sweet spot between mass-market and premium. The clean beauty D2C startup has already launched in international markets, including Singapore, the USA, the United Kingdom, the United Arab Emirates, and Japan.
Growing at a CAGR of 12.5%, the beauty and personal care market in India is projected to reach $37.2 Billion by 2025, which is estimated to be worth $26.9 Billion in 2021.
The Indian beauty and personal care market saw tremendous growth amid the pandemic as lockdown restrictions caused the frequent shutdown of brick-and-mortar stores, leading to the increased sales of beauty products online.
India’s online beauty and personal care market is estimated to be worth $3.5 Billion in 2021 and is poised to grow to $5 Billion by the year 2025, growing at a CAGR of 9.3%.
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