mCaffeine (1), a digital-first personal care brand, is owned by Pep Technologies. The Bengaluru-based startup has recently secured 42 crore INR in a Series B funding round. It was led by a cohort of investors, including Amicus Capital, RPSG Ventures, and the participation of its existing investor, Telama Investments. The startup is planning to utilize the latest tranche to enhance its online and offline distribution. It is also working to enter deep in the market via research and product development.
In June 2019, the four-year-old firm had last raised 2 million USD a part of its Series A funding round. RPSG led the financing round along with participation from a group of investors.
mCaffeine to Increase its Annual Turnover with Latest Infusions
The co-founder of mCaffeine, Tarun Sharma, stated that the company would use the latest infusions to scale up its R&D capabilities. It would also make investments to expand its distribution across digital channels, brand building and organisational ramp up. In the upcoming year, the brand is planning to launch a new 15 to 20 products. The firm has over 20 skin and hair care products as a part of its portfolio. It is currently selling across 18000+ pin codes.
Tarun added that the latest funding would increase its annual turnover to 500 crore INR from 100 crore INR in the upcoming three years. He said that the brand had crossed its pre-pandemic revenue run rate. Notably, most of the funds in the latest series fund came from Amicus Capital and RPSG Ventures.
The investors of mCaffeine include Salrpuria Group executive director, Apurv Salarpuria, Tata Industries executive director KRS Jamwal. Wazir Advisors founder Harminder Sahni and CEO of Avendus Finance Kaushal Aggarwal are also among its investors.
Tarun Sharma and Vikas Lachhwani founder mCaffeine in 2016, it offers products in three categories. It includes face care, hair care, and body care. They are available on online marketplaces such as Amazon, Nykaa, and Flipkart.
Author: Rucha Joshi
Source : https://timesnext.com/mcaffeine-secures-42-crore-inr-in-series-b-funding-round/
Date : 2020-09-21T12:44:31.000Z