THE WHAT? Indian personal care start-up Mamaearth has raised some Rs130 crore in a funding round led by Sequoia, according to a report published by the Business Standard.
THE DETAILS The investment will be put towards realising the company’s ambitious growth plans – it’s aiming to become a Rs500 crore firm through the launch of further brands targeting millennial shoppers and expanding its reach.
Indeed, the company, said to be Asia’s first clean beauty brand, is planning to expand into further markets across South East Asia. “Our vision is to create the FMCG conglomerate of the future by building brands that connect strongly with millennials and Gen Z customers using the combined power of digital marketing and e-commerce at large scale,” said Cofounder, Varun Alagh.
THE WHY? According to Ishaan Mittal, Principal, Sequoia Capital, the company is an attractive prospect thanks to huge growth potential for digital-first brands as more and more consumers turn to the channel.