Indian startup RAS, which specializes in farm-to-face skincare and direct-to-consumer hygiene products, has secured $1.5 million in funding from Green Frontier Capital (GFC), along with contributions from its current investors.
RAS, a company that uses natural ingredients to create cosmetics and personal care items, was established in 2017 by Sangeeta Jain and her daughters, Suramya Jain and Subhika Jain. The company is based in Raipur, Chhattisgarh.
In May of last year, Sixth Sense Ventures provided RAS with $2 million in funding.
Commenting on the fundraise, Suramya Jain said, “Our ingredients are cultivated organically in our own farms and/or acquired from local farmers and manufacturers who are well regarded for purity and freshness. The ingredients are researched and formulated in our in-house DSIR-approved R&D facility and manufactured in our government-approved facility followed by packing and timely dispatch to our customers.”
RAS asserts that it has been growing at a rate of 300% year-on-year since its inception.
With the fresh funding, RAS intends to introduce new product innovations and expand its market presence throughout India. The startup plans to hire more employees for its Raipur and Mumbai offices as part of its efforts to further penetrate the beauty and personal care industry in the country.
RAS is also creating multiple touchpoints across India through an omnichannel approach, and is enhancing its brand presence by collaborating with appropriate channels. In addition to its own D2C website, the beauty startup sells its products through various e-commerce platforms such as Nykaa, Amazon, Blinkit, and Flipkart.
Last week, Reliance launched Tira, a new player in the beauty and personal care market in India. Tira has the potential to challenge existing brands like Nykaa and Purplle.
In the last quarter, Nykaa experienced a 71% decline in its consolidated net profit.
Several weeks ago, The Good Glamm Group, a content-to-commerce unicorn, collaborated with actor Akshay Kumar to introduce a direct-to-consumer (D2C) personal care brand for men.
Purplle was bestowed with the unicorn status last year following its $33 million Series E funding round. In addition, we previously reported on Foxtale, a skincare startup that secured $4 million in funding, and WOW Skin Science, which raised $48.02 million.
Towards the end of FY22, funding in the beauty and personal care industry began to decline. Despite this, actors and celebrities have invested in startups within the space. At the end of 2022, Ranveer Singh invested in SUGAR Cosmetics, and Rashmika Mandanna supported D2C company Plum.
According to a study conducted by Research and Markets, the Indian beauty and personal care market is anticipated to grow to $33.33 billion by 2027.
