The round also saw participation from Amazon Smbhav Venture Fund, along with existing backers, including Sixth Sense Ventures and other angels.
Unilever Ventures, an active investor in India’s beauty and personal care space, has previously funded brands like Plum and Minimalist, among others. On December 21, ET reported that hair care brand Arata raised $4 million in a Series A round led by Unilever Ventures. Similarly, skincare brand ClayCo Cosmetics raised $2 million from the fund in October.
ET reported on January 4 that Hindustan Unilever Ltd (HUL) has held discussions with Minimalist for an acquisition valuing it at around Rs 3,000 crore.
The Raipur-based RAS Luxury plans to utilise the funds to expand its retail presence, focusing on exclusive brand outlets (EBOs) and shop-in-shop formats. Currently operating two EBOs, the brand has plans to launch 50 more across India over the next three years.
Additional investments will be directed toward talent acquisition, research and development (R&D) for new product lines, branding and marketing, and technology enhancement, founder and CEO Shubhika Jain told ET.
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Founded in 2017 by Jain, her sister Suramya Jain, and their mother Sangeeta Jain, RAS Luxury Skincare is a skincare brand offering plant-based, vegan, and non-toxic products, including face serums, sunscreens, lipsticks, and body lotions.“Luxury skincare in India is at an inflexion point, growing faster than other sectors, with consumers increasingly valuing natural, authentic, and high-performance products… With this funding, we aim to accelerate our vision of becoming India’s top luxury skincare brand while making strides toward a global presence,” said Shubhika Jain.
The company follows a fully in-house, vertically integrated model, sourcing organic ingredients from its own farms and local farmers. Its R&D and manufacturing processes are also conducted internally.
RAS Luxury has witnessed a 140% annual growth over the past year, with its direct-to-consumer (D2C) channel contributing more than 50% of its revenue. The brand is also available on major ecommerce and quick commerce platforms such as Nykaa, Amazon, Flipkart, Tira, Blinkit, Zepto, and Myntra.
As the brand expands offline, it expects 25% of its revenue to come from offline channels within the next four years.
In previous funding rounds, it raised $1.5 million from New York-based sustainability-focused venture capital (VC) firm Green Frontier Capital in 2023 and another $2 million from Sixth Sense Ventures in 2022.
“We believe that over the next 5-7 years, the premium beauty market in India will witness significant growth, and RAS, with its distinct value proposition, is well poised to capture this opportunity,” said Pawan Chaturvedi, partner and head – Asia, Unilever Ventures.
