Bollywood star Deepika Padukone’s D2C personal care firm, 82°E (pronounced 82 East), has disclosed raising $7.5 million in seed funding from DSG Consumer Partners and IDEO Ventures, as well as other ultra-high net wealth individuals and Padukone’s family office, as per reported by Inc42.
Currently, the firm is using the capital to expand its staff, speed up research and development (R&D), and introduce new items. To create items internally, it maintains an R&D lab in Bengaluru.
“We raised this funding round pre-product, pre-revenue, pre-launch. When I went to the investors, all I had was a conversation. I did not even have a PPT or a deck, no product or revenues to show. It was an idea at that time (at the time of the funding),” Jigar Shah, co-founder of 82°E, told Inc42.
82°E is a personal care brand with a primary emphasis on skincare. It was founded in 2021 by Deepika Padukone and Jigar Shah, and it was introduced to the market in November 2022.
In a statement, Padukone said, “Jigar and I envisioned this brand as an extension of my personal as well as professional journey. We set out to launch products which are high-quality, high-performing and an authentic reflection of my beliefs and practices.”
A modern Indian self-care firm called 82°E is on a mission to make self-care routine, enjoyable, and effective. 82°E is a firm believer in empowering varied talent and investing in their success.