82°E, a direct-to-consumer personal care startup, is set to secure INR 50 Cr (around $6 Mn) as a part of its extended seed funding round.
According to its RoC (Registrar of Companies) filing, the startup’s board has sanctioned the allotment of 50 Lakh Seed 2 Compulsorily Convertible Preference Shares (CCPS) at an issue price of INR 100 during a meeting held on March 20.
During the upcoming round, Deepika Padukone and her father Prakash Padukone’s investment entity, Ka Enterprises, will increase its stake in the startup through one or more transactions. Additionally, both current and fresh investors are set to join the round, anticipated to conclude by June 20.
The company plans to utilize the fresh capital to address its business requirements. During this round, the company’s promoters, Padukone and co-founder Jigar Shah, will see their ownership stake increase to 49.03% in the company.
Continue Exploring: Deepika Padukone’s skincare brand 82°E set to expand product lines, channels, and global footprint in 2024
Previous Funding Round:
This represents the second capital injection for the brand following its initial seed funding round of $7.5 Mn in December 2022, during which DSG Consumer Partners and IDEO Ventures, alongside numerous ultra-high net worth individuals (UHNIs) and Padukone’s family office, became part of the shareholder roster.
Established in 2021, the brand offers a range of five skincare products, including moisturizers, face oil, lip care, cleanser, and sunscreen, priced between INR 1,200 and INR 2,900. These products are conceived and crafted internally at the brand’s research and development laboratory situated in Bengaluru.
Following the trend of other digitally native direct-to-consumer (D2C) brands expanding their reach, 82°E recently ventured into the offline market. In April, it disclosed its collaboration with Tira, Reliance Retail’s beauty and personal care (BPC) omnichannel brand. Through this partnership, the brand’s products will be available both offline and online via Tira’s channels.
Continue Exploring: Deepika Padukone’s 82°E joins forces with Reliance Retail’s TIRA for nationwide retail expansion
This development comes at a time when investor interest in the beauty and personal care (BPC) sector is on the rise. Last week, skincare solution startup CHOSEN by Dermatology secured a seed funding of $1.2 Mn, while Foxtale secured $14.4 Mn earlier this year.
According to reports, the beauty and personal care (BPC) market is set to reach $5.6 billion by 2025. Within this burgeoning industry, the startup led by Deepika Padukone competes with established players such as Mamaearth, Plum, and FoxTale.