mCaffeine parent raises $31.5 million led by Paragon Partners
Pep Technologies Pvt Ltd-owned direct-to-consumer (D2C) personal care brand mCaffeine has raised around $31.5 million (Rs 240 crore) in a Series C round led by Paragon Partners, India.
Singularity Growth Opportunities Fund, Harsh Mariwala-backed Sharrp Ventures, Amicus Capital Partners, and RPSG Capital Ventures also participated in the funding round.
The company will utilise the funds for global expansion and acquisition of smaller brands in the beauty vertical across Indian and global markets.
Commenting on the funding, Tarun Sharma, CEO and co-founder of mCaffeine in the statement said, “The last five years are testament to mCaffeine’s growth and customer affinity — to think of it, we have sold coffee equivalent to two crore mid-size cups of Starbucks in just five years. We are deeply excited by this fundraise, as it will enable us to scale up our R&D capabilities while we strengthen our brand awareness nationally, and fortify our marketing and distribution efforts (both online and offline) across geographies.”
Sumeet Nindrajog, co-founder and senior partner at Paragon Partners added, “This is Paragon’s first investment in the personal care sector and is in line with our investment strategy of partnering with high-caliber entrepreneurs with compelling business models and assisting them to scale up operations and expand into new markets.”
Founded by Tarun Sharma and Vikas Lachhwani in 2016, mCaffeine sells through its website and online marketplaces like Amazon, Flipkart, and Nykaa, among others.
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