India-based beauty brand Plum has secured $35 million in funding. The round was led by A91 Partners, with participation from others including Unilever Ventures and Faering Capital.
This latest round brings the total amount raised by Plum to over $50 million, following a $14.9 million Series B round in late 2020 and a Series A round from Unilever Ventures in 2018. Plum says it will use the new funding to expand across more categories and channels, as well as to launch in new markets. As part of the transaction, Abhay Pandey of A91 Partners will join Plum’s board.
Increased sales
Plum produces makeup, skincare, and haircare products which are all vegan and toxin-free. The brand saw a dramatic increase in sales during the pandemic, as more consumers turned to online shopping. Pureplay Skin Sciences, which owns the brand, saw total revenue of Rs 53 crore ($6.9 million) in the 2020 financial year, compared to Rs 22 crore ($2.9 million) the previous year.
“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. In doing so, we want to bring alive our brand ethos of ‘being good’ in as many different and delightful ways as possible,” Shankar Prasad, founder and CEO at Plum, told YourStory.
