Pureplay Skin Sciences raises Rs 110 crore in new funding round
Skin and hair care start-up Pureplay Skin Sciences (India) Pvt Ltd, which sells skin and hair care products under brands Plum and Phy, has raised Rs 110 crore ($15 million) in a Series B funding round from investors led by venture capital firm Faering Capital.
Trifecta Capital and existing investor Unilever Ventures also participated in the funding round. Pureplay plans to use the funds in research, sourcing, product development, and expansion of distribution network.
The company also plans to open more retail stores and eyeing revenue of Rs 500 crore by 2023. It is currently available in 6,000 outlets in more than 220 cities.
“We intend to invest this money into expanding our product range largely in skincare. We will be partnering with technology specialists in formulations, packaging and manufacturing. Pureplay Skin Sciences serves 250,000 customers every month and is targeting an annual revenue run rate of more than Rs 200 crore by March 2021,” Pureplay Skin Sciences founder and chief executive officer, Shankar Prasad, told Livemint.
“We will be expanding the unassisted selling in the offline stores including beauty specialist stores, modern trade, and multi-brand outlets such as Shoppers Stop, Lifestyle, Metro Cash, and local supermarkets along with chemists. The aim is to ensure our brand is present in 100,000 stores in the next two years so that we can achieve Rs 500 crore in revenues in the next three years," added Prasad.
Pureplay was launched in 2013 as a small-scale skincare start-up and retails natural beauty products such as facial washes and scrubs, cleansers, shampoos, face masks, and more.
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