Pep Applied sciences Pvt Ltd, which owns caffeine-based pores and skin and hair care model mCaffeine, on Monday stated it has raised Rs 42 crore in a Sequence B funding spherical from a consortium of traders led by Amicus Capital together with RPSG Ventures and present investor Telama Investments.
Pep Applied sciences, which goals to make mCaffeine a Rs 500-crore model within the subsequent three years, stated a majority of the funding has come from Amicus Capital and RPSG Ventures.
The corporate had final raised funds in June 2019, when it obtained $2 million (practically Rs 15 crore) in a Sequence A funding spherical from a gaggle of traders led by RPSG Ventures.
That is the third spherical of funding raised by the corporate up to now and the recent funds will probably be utilised for scaling up R&D capabilities, increasing distribution throughout digital channels, rising operations, model constructing and organisational scale up, the corporate stated in a press release.
“mCaffeine plans to penetrate the market aggressively by giving extra emphasis to a customer-driven method, particularly for the younger millennials of India, with premium choices,” Pep Applied sciences stated.
The corporate stated its merchandise are presently out there at 18,000 pin codes throughout India and it plans to considerably enhance its on-line and offline presence.
Commenting on the recent spherical of funding, mCaffeine co-founder and CEO Tarun Sharma stated, “On this spherical,we had three time period sheets and selected Amicus Capital as we beloved the long run, product centered method of the fund. We’re extraordinarily pleased to have them alongside us whereas we construct mCaffeine from Rs 100 crore to Rs 500 crore model within the subsequent three years.”
Amicus Capital co-founder and Companion Sunil Theckath Vasudevan stated, “Amicus Capital has a method of investing in rising client manufacturers with sharp positioning and robust on-line presence.”
“Inside a brief interval, the founders have constructed mCaffeine into a pacesetter in private care merchandise primarily based on a really distinctive proposition of caffeine primarily based merchandise.”
RPSG Ventures Head and CIO Abhishek Goenka stated mCaffeine has constructed a strong differentiation round caffeine-based private care merchandise which is demonstrated in its sturdy development profile and superior capital effectivity.
The follow-on funding resonates effectively with RPSG Enterprise’s philosophy of backing its portfolio corporations from a long run perspective, he added.
Pep Applied sciences stated it has bounced again from COVID-19 disruptions to surpass its pre-COVID-19 income run charge.
First Printed on Sep 21, 2020 04:14 pm