☰
Popular new-age D2C (direct-to-consumer) personal care brand Mamaearth has reportedly raised USD 50 million in a funding round led by Belgian investment fund Sofina, valuing the company at USD 730 million.
The round saw participation from existing investor Sequoia Capital, while early investors Titan Capital, Sharp Ventures, Stellaris Venture Partners, and Fireside Ventures sold some stakes in a secondary transaction, confirmed the company.
The latest funding round mostly comprised a primary capital infusion and share buyback from some of the company's previous workers. Sofina had previously acquired a modest stake in Mamaearth through a secondary share sale, though not disclosed publicly.
The firm was previously valued at USD 200-USD 300 million. The brand’s valuation rose to USD 100 million after the primary capital raising round in early 2020, which further increased during secondary share sales over the last few months.
Co-founder and CEO Varun Alagh, on the matter, stated that Mamaearth plans to use the new funds to accelerate its growth by expanding its offline presence and pursuing acquisitions in the beauty and personal care market.
The company's toxin-free products had total sales of roughly Rs 500 crore (USD 77.48 million approx.) in the previous financial year, stated Alagh and his wife Ghazal Alagh, who founded it in the year 2016.
Alagh mentioned goals to double sales by a factor of a hundred this year. The second wave of COVID-19 had put a pause on offline expansion, but now they are ready to expand their offline presence, he added.
Along with Mamaearth, several new-age D2C brands, such as Sugar Cosmetics in makeup, boAt in electronics, and Bombay Shaving Company in men's grooming, have been lately gaining traction due creditable to consumer cognizance and willingness to try new brands.
The increased reach of online purchasing has pushed the adoption of these new brands.
Source Credit –
With a commendable experience of content creation under his belt, Pankaj Singh, a qualified Post Graduate in Management, boasts of having worked as a freelance writer and an insurance underwriter. Additionally, Pankaj has also enriched his qualification portfolio with Read more...
The American tech giant Oracle has reportedly expressed its readiness to assist Canadian banks with their open banking requirements, offering necessary tools as needed once the country decides to make this service available. Sonny Singh, the Execu...
GreenSky was bought by Goldman Sachs in 2021 for USD 2.24 billion stock deal. Goldman Sachs quotes GreenSky as ‘good business’. Goldman cites itself not best suited to lead the fintech in long run . In the recent turn of event...
Electric car manufacturer, Tesla, has reportedly been ordered by a federal jury to pay more than USD 3.2 million in damages to a former worker, following his win in a racial harassment suit. Owen Diaz, who worked as a lift operator at the firm’...
© 2024 business-newsupdate.com. All Rights Reserved.