Pureplay Skin Sciences Ltd, known for its beauty products under the brand name Plum, has reported a significant 71.3% year-on-year increase in total revenue for the fiscal year 2022-23, reaching Rs 322.3 crore. However, the company’s net loss also widened by 66% to Rs 52.9 crore compared to Rs 31.8 crore in the previous financial year.
Plum’s Mumbai-based operations recorded total revenue of Rs 188.1 crore in 2021-22, with product sales on its platform contributing the majority of the income. The company’s operating revenue saw a notable increase of 67.8% year-on-year to Rs 309 crore.
In contrast to its revenue growth, Plum’s total expenses for 2022-23 surged to Rs 375.5 crore from Rs 218.7 crore in the previous year. Advertising and promotions accounted for 42.7% of the total cost, amounting to Rs 160.5 crore. Other significant expenses included employee benefit cost of Rs 31.2 crore, information technology expenses of Rs 20.8 crore, and transportation cost of Rs 13.0 crore.
Plum’s performance is reflective of a broader trend seen across direct-to-consumer beauty and personal care firms in India. Companies like Sugar Cosmetics, Pilgrim, and Purplle have all reported substantial revenue growth in the same period, benefiting from increased demand for beauty and personal care products in the country.
According to a joint study by Redseer Strategy Consultants and Peak XV Partners, India’s beauty and personal care market is projected to grow at a compound annual growth rate of 10% between 2022 and 2027, surpassing global markets, to $30 billion.
The sector has also witnessed significant funding activity, with Pilgrim raising $20 million in a funding round led by Vertex Ventures Southeast Asia and India. Purplle closed a $40-50 million funding round from investors like Abu Dhabi Investment Authority. Honasa Consumer Ltd, the parent company of MamaEarth, reported a 93% growth in net profit for the quarter ended September, following its initial public offering on October 31.
Plum’s last funding round was a $35 million investment led by A91 Partners, with existing backers Unilever Ventures and Faering Capital also participating. Founded in 2013 by Shankar Prasad, Plum specializes in vegan, toxin-free beauty products across skincare, haircare, personal care, and makeup.
