Clean Beauty & Grooming Brand Plum Raises $35M In Series C Funding
Plum, a vegan skincare brand operated by Pureplay Skin Sciences, has raised $35 million in a Series C round led by A91 Partners. The funding round also saw participation from existing investors, including Unilever Ventures and Faering Capital.
With this funding round, Plum has raised $50 million since its launch in 2013. The startup will use the funds to accelerate product development and marketing activities.
Plum | Clean Beauty & Grooming Brand
Started by Shankar Prasad, Plum is a science-driven clean beauty & grooming brand that offers 100% vegan and 100% cruelty-free products.
Speaking about the development, Shankar Prasad, founder and chief executive officer (CEO), Plum, said,
“The latest investment will help us accelerate on our exciting growth path, not only in our core skincare category but also in adjacent large categories like hair care, makeup, body care and specialist care for men. In doing so, we want to bring alive our brand ethos of ‘being good’ in as many different and delightful ways as possible.”
According to documents filed with the Registrar of Companies (RoC), Pureplay Skin Sciences, the parent company of Plum, earned Rs 53 crore in total revenue in FY20, up from Rs 22 crore in the previous year. It also made a profit (before tax) of Rs 1.72 crore in FY20.
The clean beauty & grooming brand competes with popular brands like Mamaearth, which is backed by Sequoia Capital India and Sugar Cosmetics, which is backed by Elevation Capital.
Commenting on the development, Abhay Pandey, General Partner, A91 Partners, stated,
“Plum’s relentless focus on product and brand in a noisy space of new-age consumer brands positions it uniquely to build an enduring business, and A91 is privileged to be a partner in this journey.”
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