MyMuse, a D2C sexual wellness brand, has raised $2.7 million (approximately INR 22.4 crore) in Pre-Series A funding from Trifecta Capital and Kunal Shah, the founder of CRED.
The funding round, comprising a combination of debt and equity capital, also witnessed involvement from current backers such as Saama Capital, Sauce VC, Whiteboard Capital, and others.
The newly secured funds will be employed by MyMuse to finance inventory, fortify its omnichannel presence, and expand distribution operations across India. Furthermore, the company aims to diversify its product portfolio and enhance brand awareness through a combination of online and offline advertising as well as activations.
Established in 2021 by Sahil Gupta and Anushka Gupta, MyMuse specializes in providing gender-neutral sexual wellness products. Boasting a collection of over 25 products accompanied by original educational content, the startup is dedicated to challenging societal taboos surrounding sexual health.
MyMuse’s Growth and Customer Base:
“We are constantly sold out of our most popular products, proving that demand far outstrips supply in our industry. When we look at the data on our product adoption, especially across tier III cities, we know we’re just touching the tip of the iceberg in solving a basic need for Indians that has been brushed under the carpet for far too long,” said Sahil Gupta.
Anushka Gupta mentioned that in the last two years, MyMuse has experienced significant community backing, indicating a genuine readiness among Indians to incorporate sexual wellness as an integral aspect of their overall well-being.
The startup asserts a monthly growth rate of 15%, serving over 150,000 customers in more than 800 cities across India’s tier I, II, and III markets. MyMuse attributes its success to an innovative and affordable product range, catalyzing the growth and acceptance of an otherwise antiquated and fragmented industry.
Before this funding round, the Mumbai-based startup secured $1.2 million in investment from Saama Capital, Sauce VC, Whiteboard Capital, and several angel investors.
In the sexual wellness market, the startup competes with the likes of Bold Care and Kindly, among others.
As per a market study, the Indian sexual wellness segment reached a valuation of $1.1 million in 2020 and is projected to achieve $2 million by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 5.8%.
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