Wishcare, a science & efficacy-based Indian beauty brand has raised Rs 20 crore ($2.5 million) in its maiden funding round from Unilever Ventures, the venture and growth capital arm of Unilever.
The company will utilise the funds on research & development and diversification of its product portfolio. It also plans to scale up its domestic market presence and enter international markets with these funds.
Commenting on the funding, Stuti Kothari, co-founder of Wishcare in a statement said, “Our focus has always been to understand the needs of consumers and co-create innovative and result-driven products with them. As we enter the next phase of growth, we look forward to working together with Unilever Ventures’ to help the brand set new benchmarks in the industry.”
Pawan Chaturvedi, partner at Unilever Ventures added, “We are delighted to have Wishcare as an addition to our fast-growing beauty and wellness portfolio in India. Wishcare has built a suite of evidence-based products that have shown rapid growth and we’re looking forward to supporting the founders to build a long-lasting brand.”
Wishcare founded by Stuti Kothari, Ankit Kothari and Ayush Kothari offers a diverse range of haircare and skincare products. It sells through marketplaces like Nykaa, Amazon, Flipkart, Purplle, Myntra along with its own direct-to-consumer website.
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