By Inc42 Media
The startup plans to deploy the fresh proceeds in increasing its headcount and enhancing its supply chain capabilities.
The round comes after the company received an equity-free grant of $100,000 from Peak XV Partners under its third cohort of SPARK programme earlier this year.
According to an Inc42’s report, the market opportunity for beauty and personal care space in the D2C market is expected to reach $5.6 Bn by 2025.
Skincare solution startup CHOSEN by Dermatology has secured a seed funding of $1.2 Mn (around INR 10 Cr) from friends and family.
The startup plans to deploy the fresh proceeds to boost its headcount across research and development as well as logistics verticals, besides scaling up its supply chain capabilities.
The company also aims for tie ups in the B2B sector.
The round comes after the company received an equity-free grant of $100,000 from Peak XV Partners under its third cohort of SPARK programme earlier this year.
Founded in 2020 by Renita Rajan the startup claims to offer IoT-led skincare solutions backed with dermatological expertise. Under its categories of skincare, haircare and wellness products, the company claims to offer 34 stock keeping units (SKUs), currently with 12 more in the pipeline and additional products to be launched soon. It is also working on a melanin lab and IoT-driven personalized skincare technology.
“This seed round provides us with the flexibility to strategically expand our operations and explore new areas for growth. Our next step is to explore partnerships with B2B sectors such as hospitality, health, travel, and leisure to expand our distribution channels. Our goal is to secure pre-series funding of $10 to $20 million later this year,” said Rajan, founder, CHOSEN.
According to an Inc42’s report, the market opportunity in the beauty and personal care space for the D2C market is expected to reach $5.6 Bn and the number of online shoppers is expected to cross 122 Mn by 2025.