Beauty and personal care retailer Minifeel has raised Rs 3 crore in a pre-seed funding round led by 100X VC as its first institutional investor. The business, which specialises in mini versions of premium beauty products, will use the funds to ameliorate its tech-driven customer experience.
“The beauty and personal care sector is one of India’s fastest-growing market segments,” said Minifeel’s founder Sagar Mithiya, Indian Retailer Bureau reported. “The industry is witnessing a boom from the rapid growth of direct-to-consumer companies in online retail. It’s an excellent time for Minifeel to work with new-age beauty brands to connect them with the right consumers and make them aware of innovative and exciting new products.”
Following 100X VC’s initial investment, the business received funds from angel investors including Jumper.ai’s founder Yash Kotak, Orra Jewellery’s founder Vijay Jain, Pransh Capital partner Niraj Chhajer, and two Shree Maruti executives. The Bhanushali Angel Investor Network also took part in the funding round.
“As the beauty industry thrives, Minifeel is trying to carve its own path and establish a distinct identity,” said 100X VC’s founder and partner Ninad Karpe, Indian Retailer Bureau reported. “With its steadfast vision to lead the industry by being customers’ preferred go-to for trying new products, we are delighted to be the first institutional investors in Minifeel. The depth of the target market is enormous and is growing further. Therefore, we are optimistic that Minifeel is poised for rapid growth and success.”
Minifeel is based in Mumbai and retails from its e-commerce store. The business’ catalogue includes mini products by brands including Moody, MCaffeine, Dot & Key, Just Herbs, and Natural Vibes, according to its website.
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