Plum raises $35 million in Series C funding

CHENNAI:

Plum

, a 100% vegan, cruelty-free and toxin-free beauty brand, has raised $35 million (Rs 270 crore) in a

Series C

round led by A91 Partners.

The round also saw participation from existing investors

Unilever Ventures and Faering Capital

. To date, Plum has raised more than $50 million from consumer-focused institutional investors. Post the deal, Abhay Pandey from A91 Partners will join the board of Plum.

The fresh capital is expected to add momentum to Plum’s gameplan of further strengthening its omni-channel presence, building new categories in addition to its core skin care category, enhancing R&D capabilities, and onboarding high-quality talent with a focus on investments in marketing and technology.

Since its first

funding

round in late 2018, Plum says it has grown 15x and continues to be one of the fastest-growing brands in the new-age beauty space. Besides being available on the key ecommerce marketplaces such as Amazon, Flipkart, Nykaa and Purplle, the brand is available in over 250 towns and cities in India, through nearly 1,000 assisted retail outlets and over 10,000 unassisted outlets.

"At a current ARR of more than Rs 225 crore on a net revenue basis, Plum’s goal is to double that number over the next 12 months," the startup said.

Spark Capital

advised Plum on the transaction.


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