Mamaearth, the toxin-free personal care brand, has closed its latest $50 million round led by Sofina Ventures SA. Existing investor Sequoia Capital India also participated in the round.
Along with primary infusion by Sofina Ventures, a Belgian-based investment company, the round also saw participation from early investors like Fireside Ventures, Stellaris Venture Partners, Sharp Ventures and Titan Capital. The round gave some early employees an opportunity to monetize their vested ESOPs.
The company plans to deploy the funds to drive brand growth through aggressively expanding its offline distribution and explore inorganic growth opportunities in beauty and personal care.
“With a vision to become a house of brands, the company is currently focusing on creating brands with millennial propositions with an internet-first approach. This round will help amplify the process and strengthen the D2C and offline expansion of Mamaearth, along with further accelerating the growth of The Derma Co, which is already showing early signs of success, since its launch in 2020. We will also be exploring inorganic growth opportunities in the beauty and personal care segment. We would like to thank Sofina Ventures SA and Sequoia Capital India for reaffirming their faith in us along with our existing investors Fireside Ventures and Stellaris Venture Partners, for their undaunted support and trust in our journey so far” said Varun Alagh, co-founder and CEO, Mamaearth.
Founded by husband-wife duo Ghazal Alagh and Varun Alagh, Mamaearth is a brand with Madesafe- certified products that offer 100% toxin-free & natural baby care, skincare, and hair care products. In a span of 4 years, Mamaearth has created a product portfolio of more than 120 products and has reached over 5 million customers in 500 Indian cities, and is the fastest-growing FMCG start-up to hit ₹500 crore run rate in India.
Mamaearth products are available on its website, app and on major e-commerce platforms such as Amazon, Nykaa, Flipkart, and over 12,000 stores across the country.
This article was first published on livemint.com.