D2C Beauty brand Plum has raised $35 million funding in a Series C round from A91 Partners – late stage-focused venture capital fund.
Existing investors Unilever Ventures and Faering Capital also participated in this round.
To date, Plume has raised more than $50 million from consumer-focused institutional investors. With this transaction, Abhay Pandey from A91 Partners will join the board of Plume.
The company plans to further strengthen its omnichannel presence, create new categories in addition to its core skincare range, enhance R&D capabilities and invest in marketing and technology with a focus on inducting high-quality talent.
“The latest investment will help us accelerate on our exciting growth path, not only in our core skincare category but also in adjacent large categories like hair care, makeup, body care and specialist care for men”, said, Shankar Prasad, CEO and Founder, Plum.
Mumbai-based startup was founded in 2013 by Shankar Prasad, Plum is a vegan beauty brand with products in skincare, haircare, personal care, and makeup.
“Plum’s relentless focus on product and brand in a noisy space of new-age consumer brands positions it uniquely”, said, Abhay Pandey, General Partner, A91 Partners.
At the current ARR of Rs 225+ crore on a net revenue basis, Plume aims to double that number in the next 12 months, it said in a statement.
“Since our initial investment over a year ago, Plum has demonstrated strong growth across all its categories, channels, and most importantly its loyal customer base”, said, Sameer Shroff, Co-founder & Managing Partner at Faering Capital.