04 June 2019, India:
Personal care brand mCaffeine has raised $2 million in Series A round of funding. The funding round was led by RP-SG Ventures.
Apurva Salarpuria, LV Angel Fund, KRS Jamwal, and Telama Investments also participated in the funding round.
As a part of investment, Abhishek Goenka (Head of RPSG Ventures) will join the board of directors of mCaffeine.
The company will use the fresh capital to increase its online and offline presence, and for research and product development. The company will also use the funds to expand its product portfolio to include 30 more products in the next 12 months.
“All mCaffeine products are envisioned, engineered, designed, and manufactured in India. The products are manufactured after extensive Research & Development. We embody millennial philosophy of natural first in the form of clean label. We see product development as an exercise to address the needs of modern lifestyle,” said Vikas Lachhwani, Co-founder of mCaffeine.
Vikas Lachhwani added, “The recently acquired funds will be utilised to further invest in R&D, expand distribution across digital channels, and continue to grow our operations. Along with this, mCaffeine plans to expand its product portfolio to include 30 more products in the next 12 months.”
“Natural and organic personal care is among the faster growing category in personal care with a strong demand and large addressable market. However, it is increasingly getting cluttered with little or no real differentiation. We believe the caffeine-based sharp positioning of mCaffeine sets them apart, which is also reflected in their growth profile,” said Abhishek Goenka, Head of RPSG Ventures.
Personal Care Market in India is set to touch $20 Billion by 2025 from the current $6.5 billion on the back of rise in disposable income of middle class and growing aspirations of people to live a good life and look good, according to Assocham.
“mCaffeine plans to penetrate the market aggressively by giving more emphasis to a customer-driven approach especially for the young millennials of India with mass premium offerings,” said Tarun Sharma, Co-founder & CEO, mCaffeine.
Tarun Sharma, added, “We will increase our online and offline presence substantially. We are targeting 1 million customers and INR 100 crore ARR in the next 12 months. A laser sharp focus on online as a channel has been very fruitful for us. MCaffeine focuses on India for now with global potential for the future.”
mCaffeine was founded by Vikas Lachhwani and Tarun Sharma in 2016.
The startup distributes its products through its own ecommerce portal as well as through major shopping portals, including Amazon, Nykaa, and Flipkart.
(Image – mCaffeine)