Vegan online beauty company, Plum has raised $35 million USD (RS. 270 CR) in the latest funding session led by A91 Partners, an investment firm. Current investors who included the likes of Unilever Ventures and Faering Capital also took part in it.
Founded by Shankar Prasad 9 years ago, Plum is an online beauty company that specialises in skincare, haircare, makeup products and ship it directly to customers.
The start-up did branch out to offline sales a few years ago and now earns 40% through that channel alone. 25% of the sale is through their own website and the remaining is from other online channels.
The company has now raised $50 million USD through all their rounds of fundraising. When asked about when their plans are after securing the massive funding, they said that their main focus is to consolidate their technology, boost the brand, and scale up its offline presence. Right now, Plum has three locations and they plan to quadruple the number to twelve to fifteen by in around three months.
After this funding, Shankar Prasad said the firm is now valued at $250 million. Pureplay Skin Sciences, is the parent company of Plum which was also founded by him.
Shankar Prasad, said that their primary focus will be on expanding their newer range of products like hair care, body care which could be the key to hit the next level.
Mr. Shankar, who previously was the product development manager at Hindustan Unilever (HUL), south Asia’s biggest FMCG company, launched Plum Body Lovin, a line up for body care products, and Phy, a range of products exclusively for men and even expanded the brand’s makeup products towards the tail end of last year.
A91’s partnership with Plum now marks a new player in the online vegan body care products space. Sequoia Capital India which funds Mamaearth, and Sugar Cosmetics, which is endorsed by Elevation Capital both provide heavy competition to Plum.
As the world turned online the past two years, Plum saw an increase in orders and their growth hasn’t slowed down since. Simultaneously, Plum feels they can conquer the online and real world as they plan on expanding its offline footprint.
A91 partners described, the work ethic at plum to be persistent especially when it comes to brand and product especially in a crowded field of a new era of consumer brands. They even went to say that they are honoured and privileged to be partners with Plum.