Happi Planet, a D2C homecare startup, has raised INR 8.47 Cr (about $1 Mn) in a strategic funding round from Fireside Ventures.
The funding will be deployed to broaden the startup’s physical presence while enhancing its digital reach. Additionally, the capital will facilitate the expansion of consumer education initiatives, aiming to propel growth even further.
According to a statement released by the startup, it aims to extend its physical presence to over 250 stores by the end of 2024. Additionally, the company has set its sights on achieving a tenfold increase in its top line within the next 12 months.
Established in 2022 by former Procter & Gamble employees Mayank Gupta and Nimeet Dhokai, Happi Planet specializes in the production and distribution of plant-based and non-toxic home care products, as well as beauty and personal care items.
The startup distributes its products through various online marketplaces including Amazon, Big Basket, and D Mart Ready, along with offline outlets like Reliance Signature stores. Its most recent funding round of INR 1.25 Cr was secured from VC firm 100X.VC in March 2023.
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Commenting on the funding, Co-Founders Gupta and Dhokai said in the statement, “We are delighted to have Fireside Ventures join us on our mission to disrupt the home cleaners’ market & create a household brand name in the next 5 years.”
Meanwhile, Ankur Khaitan, principal at Fireside Ventures, said, “Consumers are becoming increasingly aware of harmful chemicals in their daily use products and seeking less nasties. Happi Planet with their innovative formulation of natural ingredients, high efficacy and conducive price point makes them unique to win in this large opportunity.”
In the sustainable health and personal care sector, Happi Planet competes with companies such as Beco, The Better Home, and Koparo Clean.
This funding marks Fireside Ventures’ latest investment in the consumer space, following the closure of its third fund, the Fireside Fund III, at $225 Mn (INR 1,830 Cr) in October 2022.
As per a report, the sustainable home hygiene products market in India is projected to reach a value of $74.05 Mn by the financial year 2026-2027 (FY27), with a compound annual growth rate (CAGR) of 32.90% from FY22 to FY27.
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