Delhi-based baby care products startup The Moms Co. has raised $8 Mn Series B funding from Saama Capital, DSG Consumer Partners. Brand guru Shripad Nadkarni and the founders of Beardo, Ashutosh Valani and Priyank Shah also participated in the funding round. The company has raised $10 million so far through investments.
The company said it would be utilising the funds to expand its product portfolio, invest towards adding to its tech capabilities and add offline presence across India in the next two years. The company is targeting INR 100 Cr in revenue with this expansion.
The Moms Co Founder and CEO Malika Sadani said, “Over the last few months, we have seen moms re-evaluate their choices when it comes to the personal care products they use. They are searching for natural and safe products that don’t leave a negative impact on the environment. At The Moms Co, we have always been committed to creating natural, safe and effective products that are Australia-Certified Toxin-Free, Plastic Neutral and PETA-certified Cruelty-Free. With this fundraise, we continue our purpose of helping moms with safe, natural effective solutions and are looking forward to expanding our mission with the next 5mn moms trying The Moms Co. and feeling the difference for themselves while taking care of the environment.”
Moms Co had raised a $5 Mn Series B round from DSG Consumer Partners and Saama Capital in 2019. In 2017, the company had raised $1 Mn in a Series A round of funding by DSG Consumer Partners and Saama Capital.
The Moms Co was founded by Sadani in 2016, and it makes and sells toxin-free and natural baby care products. It offers a range of products in face care and hair care among others. It claims to have served more than 500K customers in 10K locations across India. Currently present in five cities, the startup has tied up with more than 15 maternity hospitals. Over the years, the company has been growing organically month-on-month at a steady pace of 15% to 20%.
After the funding round, Saama Capital and DSG Partners said in a press note, “We’re excited to continue supporting the team. The team has built The Moms Co. into India’s most loved and largest dedicated mom and baby startup. In particular, we are very impressed at how Malika and her team have built the brand in a very capital efficient manner. Despite Covid-19, the company is on track to be one of the fastest-growing brands to get to a INR 100Cr run rate in the last few years. We continue to be excited to be part of this journey.”
To reduce the use of plastic, the company has partnered with rePurpose Global to offer its consumers a plastic neutral shopping experience. A consumer who shops on their website has a choice of adding INR 1 to their order which in turn helps rePurpose Global collect and recycle single-use plastics at ethical waste management plants.
Besides The Moms Co, DSG Consumer Partners and Saama Capital have also co-invested in consumer-centric brands startups like Veeba, Chai Point, Raw Pressery, EasyDiner and other startups.
Baby Care: The New Booming Ecommerce Segment
The baby care space is a hotly contested market in India. Amazon Fashion launched a dedicated online baby clothing store in 2018 to offer 100K styles for babies up to two years of age. Mumbai-based online parenting platform Babychakra raised an undisclosed amount of fresh funding from a group of senior corporate leads. Gurugram-based mother and baby care startup MamaEarth raised $4 Mn in a Series A round of funding led by Stellaris Ventures
Parenting social network startup Healofy raised $1 Mn in a seed funding round from Omidyar Network.
A report by RNCOS, a business consulting service firm, forecasted that India’s baby care market is expected to post a CAGR of over 15% during 2015-2022.
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Author: Shubham Singh
Source : https://inc42.com/buzz/the-moms-co-raises-8-mn-series-b-for-product-expansion/
Date : 2020-09-15T06:25:12.000Z