Direct-to-consumer (D2C) hair extensions and wig brand HairOriginals has marked the final close of its pre-Series A funding round at $2.75 Mn (around INR 23 Cr).
The round comprised two tranches. In the first leg, the startup raised $1.25 Mn from Anicut Capital, Kesh Kala Family Office, Lets Venture, Dexter Angels, and JITO Angel Fund, along with Zomato’s ex-cofounder Pankaj Chaddah and Open Secret’s founder Ahana Gautam in December last year. In the second leg it secured $1.5 Mn from the same set of investors.
The startup will deploy the fresh proceeds to grow its India business footprint with new advanced experience centres across 25 top cities.
Founded in 2019 by Jitendra Sharma, HairOriginals deals in extensions and do-it-yourself wigs made from ethically acquired real human hair. It offers non-surgical solutions to provide hair volume, hair length and colourful hair look without damaging hair with chemicals of colours.
Through its experience centres, the brand currently caters to customers across 12 Indian cities, including Gurugram, Mumbai, Bengaluru, Chennai, Lucknow, Ahmedabad, and Surat.
Further, it plans to strengthen its marketing efforts and increase its partner salon network across multiple locations.
“The global market size of the human hair extension and wig market is over $14 Bn. Despite India being the world’s only ethical source and a major provider, most manufacturing techniques are concentrated in China. This is why we have made it our mission to make natural and top-quality hair products in India for the world,” Sharma said.
He added that HairOriginals’ latest expansion is a stepping stone for strengthening its brand presence in the domestic market which is expected to boost its global positioning.
The brand was one of the participants in Shark Tank India and bagged funding from Ashneer Grover, Piyush Bansal and Anupam Mittal. HairOriginals claims to have raised $3 Mn in total funding till date.
The startup competes with the likes of Nish Hair and Ind Natural Hair.
According to an Inc42 analysis, the fashion segment accounts for the largest share in the D2C ecosystem in India and is expected to grow to $43.2 Bn by 2025.
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