We are discussing Deepika Padukone’s D2C Startup 82°E to Raise $6 Million in the Extended Seed Fund Round:
Deepika Padukone-led startup 82°E is a personal care D2C startup planning to raise around $6 million in its extended seed funding round. This was the startup’s first investment round, and new and existing investors participated. The company plans to use these fresh proceeds to enhance its platform, expand its network, and develop products.
The board members at 82°E approved a special resolution to allot 50,00,000 series seed 2 CCPS at an issue price of Rs 100 each to raise $6 million as primary capital. KA Enterprises LLP is reported to participate in the round, and new investors may join them. This funding will be used to expand, meet market needs, grow, and general corporate purposes. Previously, the startup also raised $7.5 million in its seed funding round, led by IDEO Ventures and DSG Partners, along with Deepika’s family office in 2022.
This D2C personal care 82°E startup offers skin and body care products for both men and women. The company offers many solutions and products, including face masks, cleansers, moisturizers, and more. The company claims to offer clinically tested and expert-formulated skincare products. The startup aims to develop an Indian self-care brand that is Indian in its ethos and global in outlook. The 82°E focuses on a multi-channel mode of marketing. The startup claims to provide its clients and customers worldwide with a personalized and secure skincare and body care product collection.
The company has shown growth in its first nine months of FY24. The firm collected Rs 11 crore in operating income during FY23 and reached operational revenue of Rs 22.82 crore from March to December 2023. However, it remained in the red with Rs 25.2 crore EBITDA in the same duration. The brand competes with other personal and skincare D2C brands, including Mcaffeine, WOW Skin Science, Plum, and Mamaearth.
Conclusion
82°E, a skin and personal care brand led by Deepika Padukone, will raise $6 million in its extended seed funding. The firm plans to secure funding for a new round from its new and existing investors. This D2C Skincare startup plans to use the fund to expand in the global market, enhance its platform, and expand its network and product development. The startup faces competition from known brands such as Plum, WOW Skin Science, Plum, and Mamaearth. The brand provides various e-commerce platforms, including a website, offline stores, and an app to connect with customers.
Previously, the startup also raised $7.5 million in its seed funding round, led by IDEO Ventures and DSG Partners, along with Deepika’s family office in 2022. The 82°E focuses on a multi-channel mode of marketing. The startup claims to provide its clients and customers worldwide with a personalized and secure skincare and body care product collection. The firm collected Rs 11 crore in its operating income during FY23 and reached operational revenue of Rs 22.82 crore from March to December 2023.
