EKAM (Aromee brands Pvt. Ltd.), incubated by The Manipal Group (‘TMG’), has raised Rs 4.8 crore in an angel round funding led by renowned angel investors comprising Gopal Srinivasan (chairman of TVS Capital Funds), Narayan Ramachandran (chairman of Teamlease Services), N Lakshmi Narayanan (ex-CEO of Cognizant Technologies), Radhika Rajan (executive VP – DSP Investments). In addition, Deep Bajaj and Mohit Bajaj (founders of Sirona Hygiene – an award winning femtech D2C start-up), Vishal and Avani Davda (ex-CEO Starbucks India), and The Manipal Group have also co-invested in the round. According to the company, the funds will be utilised for new product development, working capital, and marketing initiatives.
EKAM’s growth in D2C space with high conversion rate and repeat purchase frequency signifies high resonance with consumers, Aarti Koya, CEO, EKAM, said. “We will continue to grow by bringing the most innovative and the trendiest fragrance products to the Indian market at a price point that is affordable to our millennial customers,” she added.
As per a report, India’s fragrance market which is around $1 billion in size is expected to grow by 15-20% to reach $2 billion by FY25, catalyzed by e-commerce growth. EKAM plans to capture a significant market share in this segment through product innovation, premium product quality matching international standards, enhanced customer experience and engagement, and increased brand awareness. The company aims to build a profitable Rs 100 crore revenue brand in next two years and will also look to expand internationally.
EKAM is one of the brands owned by Aromee Brands Pvt. Ltd., which is part of The Manipal group. The Manipal Group is a multi-business enterprise that employs more than 7,000 people across 10 countries, spread over four continents. EKAM claims to be an affordable luxury brand that provides premium quality consumer products in home fragrances and personal care. EKAM sells the products on its own website and its products are also available on leading marketplaces such as Amazon, Flipkart, among others.