Plum raises $35 million in funding led by A91 Partners
Direct-to-consumer (D2C) beauty brand Plum has raised $35 million (Rs 267 crore) in a Series C round led by A91 Partners. Existing investors Unilever Ventures and Faering Capital also participated in the funding round.
With this funding, Abhay Pandey, general partner at A91 Partners will be appointed as a director on Plum's board. The brand plans to utilise the funds in diversification of portfolio and marketing activities.
Commenting on the funding, Shankar Prasad, founder CEO of Plum in a statement said, “The latest investment will help us accelerate on our exciting growth path, not only in our core skincare category, but also in adjacent large categories like hair care, makeup, body care and specialist care for men. In doing so, we want to bring alive our brand ethos of ‘being good’ in as many different and delightful ways as possible.”
Abhay Pandey, general partner at A91 Partners added, “Plum’s relentless focus on product and brand in a noisy space of new age consumer brands positions it uniquely to build an enduring business, and A91 is privileged to be a partner in this journey.”
Plum was launched in 2014 as a small-scale skincare start-up designed to tap into India’s growing beauty industry. The brand retails through a network of multi-brand beauty outlets, wellness distributors, and e-commerce platforms.
Copyright © 2022 FashionNetwork.com All rights reserved.