Beauty brand Plum announced it has raised $35 million (Rs 270 crores) in a Series C round led by A91 Partners – late stage-focused venture capital fund.
The round also saw participation from existing investors Unilever Ventures and Faering Capital. To date, Plum has raised over $50 million from consumer-focused institutional investors. With this latest transaction, Abhay Pandey from A91 Partners will join the board of Plum.
The fresh capital is expected to add momentum to Plum’s gameplan of further strengthening its omni-channel presence, building new categories in addition to its core skin care category, enhancing R&D capabilities, and onboarding high-quality talent with a focus on investments in marketing and technology. At a current ARR of INR 225+ crores on a net revenue basis, Plum’s goal is to double that number over the next 12 months, it said in a statement.
On the fundraising, Shankar Prasad, CEO and Founder, Plum said, “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.”
Abhay Pandey, General Partner, A91 Partners said, “Plum’s relentless focus on product and brand in a noisy space of new-age consumer brands positions it uniquely.”
Sameer Shroff, Co-founder & Managing Partner at Faering Capital said, “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.”
Spark Capital advised Plum on the transaction.