Startup funding: Sustainable direct-to-consumer (D2C) startup in the beauty segment WishCare has raised Rs 20 crore from Unilever Ventures in its first institutional funding round. Founded in 2019 by Stuti Kothari (ex-JP Morgan), Ankit Kothari (ex-Google) & Ayush Kothari (Finance Consultant), WishCare said it has over 10 lakh customer base and currently operates in over 15 marketplaces including Nykaa, Amazon, Flipkart, Purplle, Myntra other than its own website.
The company said it would deploy the capital towards amplifying research and development capabilities and focusing on formulating high-efficacy products fortified with clinically tested ingredients. WishCare claimed Rs 85 crore in annual recurring revenue with 4x growth in the last 12 months while maintaining a double-digit EBITDA.
Also read: How companies are emerging out of shadows of e-commerce marketplaces
“We use nature-mimicking scientific, clinically tested and research-backed ingredients to solve the customer’s concerns, which has enabled us to gain their trust. 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,” said Stuti Kothari.
Over the past year, WishCare said it has witnessed strong growth across channels driven by high organic reviews, impressive customer repeats and strong product organic listings across e-commerce marketplaces.
“We are delighted to have WishCare as an addition to our fast-growing beauty and wellness portfolio in India. It 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,” said Pawan Chaturvedi, Partner, Unilever Ventures.
The startup offers haircare and skincare products ranging from bond repair hair treatments, hair growth serums, face serums, sunscreens, etc.
India’s beauty & personal care market was worth $30.54 billion in 2023 and is likely to grow annually by 3.04 per cent CAGR till 2028, as per the data platform Statista. The market’s largest segment is personal care with a market volume of $13.81 billion in 2023. The 5.9 per cent of the beauty & personal care market’s total revenue will be generated through online sales by 2023, according to the platform.
