MCaffeine raises $2 million in funds for expansion
today Jun 4, 2019
Skin and hair care brand MCaffeine has raised $2 million (Rs 13.8 crore) from a host of investors in its latest funding round.
RPSG Ventures, a fund backed by RP-Sanjiv Goenka Group, was the major investor while Apurva Salarpuria, LV Angel Fund, KRS Jamwal, and Telama Investments were the other investors.
MCaffeine will be using the funds to expand its online and offline presence. It will also be investing in the expansion of its product portfolio and plans to add 30 new products in one year.
MCaffeine, which was launched by Tarun Sharma and Vila’s Lachhwani in 2016, has three main product lines, hair care, skin care, and body care.
Commenting on the investment, Vikas Lachhwani, co-founder of mCaffeine in a statement said, “All MCaffeine products are envisioned, engineered, designed, and manufactured in India. The recently acquired funds will be utilised to further invest in R&D, expand distribution across digital channels, and continue to grow our operations. Along with this, MCaffeine plans to expand its product portfolio to include 30 more products in the next 12 months.”
Abhishek Goenka, head of RPSG Ventures added, “Natural and organic personal care is among the faster growing category in personal care with strong demand and large addressable market. We believe the caffeine-based sharp positioning of MCaffeine sets them apart, which is also reflected in their growth profile.”
MCaffeine currently has close to 10 products in its portfolio and plans to achieve a topline of Rs 70 crore by December 2019. The brand sells its products through its own e-commerce portal and other beauty platforms like Amazon, Nykaa, and Flipkart.
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