Sustainable beauty care brand WishCare has secured INR 20 Cr ($2.4 Mn) in its first round of funding from Unilever Ventures.
The funds will be deployed to amplify research and development capabilities and increase focus on formulating high-efficacy products fortified with clinically tested ingredients.
Founded in 2019 by Stuti Kothari, Ankit Kothari and Ayush Kothari, WishCare offers sustainable but science-backed skincare and haircare products.
Commenting on the product range, WishCare’s cofounder Kothari said, “As we enter the next phase of growth, we look forward to working together with Unilever Ventures’ to help the brand set new benchmarks in the industry.”
Currently, WishCare claims to be serving over 10 Lakh customers across 15+ marketplaces including its own D2C website and Nykaa, Amazon, Flipkart, Purplle, Myntra, among others.
The brand currently offers a diverse range of haircare and skincare products ranging from bond repair hair treatments, hair growth serums, face serums, sunscreens, and active-based body lotions that are well-researched and formulated with clinically proven effective ingredients.
Besides working on strengthening its domestic market hold, WishCare is also planning to expand internationally, capitalising on the growing online market for transparent and science-backed skincare and haircare products.
Currently, WishCare claims to be at INR 85 Cr ARR, having grown 4x in the last 12 months, while maintaining a strong double-digit EBITDA.
According to Inc42’s State Of Indian Ecommerce Report Q3 2023, the beauty and personal care segment is estimated to reach $28 Bn+ market size by 2030, growing at 20% CAGR.
Some of the recent funding announcements in this segment include — RAS’ $1.5 Mn funding from Green Frontier Capital (GFC), and Clensta’s $9 Mn fundraise.
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