CHOSEN, a startup specializing in skincare solutions, has secured a seed funding of $1.2 million (around INR 10 crore) from friends and family.
The newly acquired funds will be utilized by the startup to bolster its headcount across research and development as well as logistics verticals, in addition to scaling up its supply chain capabilities.
The company also seeks partnerships within the B2B sector.
This comes after the company received a $100,000 equity-free grant from Peak XV Partners as part of its third cohort of the SPARK program earlier this year.
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Founded in 2020 by Renita Rajan, the startup offers IoT-led skincare solutions backed by dermatological expertise. Within its skincare, haircare, and wellness product categories, the company boasts 34 stock keeping units (SKUs), with 12 more in the pipeline and additional products slated for release soon. It is also in the process of developing a melanin lab and IoT-driven personalized skincare technology.
Future Plans:
Rajan, the founder of CHOSEN, said, “This seed round equips us with the flexibility to strategically broaden our operations and delve into new avenues for growth. Our immediate focus is on forging partnerships with B2B sectors like hospitality, health, travel, and leisure to enhance our distribution channels. Our aim is to secure pre-series funding of $10 to $20 million later this year.”
According to reports, the D2C market in the beauty and personal care sector is poised to reach $5.6 billion, with online shoppers estimated to exceed 122 million by 2025.
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