Bollywood actor Deepika Padukone's direct-to-consumer (D2C) personal care startup 82°E is planning to raise INR 50 crore (around USD 6 million) from both new and existing investors.

The company’s shareholders have approved a resolution to raise the capital, according to a regulatory filing made with the Registrar of Companies.

Padukone's venture firm Ka Enterprises, which has backed startups like Epigamia, BluSmart, Mokobara and Supertails, is set to participate in the funding round, along with other investors. The news was first reported by Entrackr.

The board of 82°E has approved a special resolution to issue 50 lakh Series Seed 2 Compulsorily Convertible Preference Shares (CCPS) at an issue price of INR 100 each. This regulatory move, as reported by Entrackr citing the filing accessed from the Registrar of Companies (RoC), paves the way for the company to secure the targeted INR 50 crore.

Founded in 2021 by Padukone and Jigar Shah, the Mumbai-based brand offers a wide range of skincare products for both men and women. The company last raised USD 7.5 million in a funding round led by DSG Consumer Partners and Ideo Ventures along with Ka Enterprises in December 2022.

Earlier, 82°E up to December 2022, has negotiated for USD 2 million in its first seed funding round from DSG Partner and IDEO Ventures and another USD 2 million from the same.

With this round, Padukone’s family office also invested in the fund as well. The Padukone family owns 59% of the company shares. While Bhushan Kumar of T-Series owns a 6% stake in the company, actor Ranveer Singh is the second largest with 5%.

82°E displayed significant growth during the first nine months of FY24. Its revenue from operations stood at INR 22.82 crore between March 2023 and December 2023. For context, the company collected INR 11 crore in its operating income in FY23. The firm remained in the red with INR 25.1 crore at the EBITDA level in the same period (March 2023 to December 2023).

According to Tracxn data, the startup posted revenue from operations of INR 10.4 crore in FY23 – its first full fiscal year.

India’s beauty and personal care market is estimated to outpace others with a compounded annual growth rate of 10% between 2022 and 2027 to reach USD 30 billion, a study by Redseer Strategy Consultants and Peak XV Partners showed.

India is witnessing a rising trend of celebrity-led brands, especially in the beauty and fashion sectors. Several Bollywood A-listers like Katrina Kaif, Priyanka Chopra, Alia Bhatt and Anushka Sharma have launched their own brands: Kay Beauty, Anomaly, Ed-a-mamma, and Nush, respectively.

Article Sources – Entrackr, The Economic Times

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