The series C round was led by by A91 Partners, with existing backers Unilever Ventures and Faering Capital also participating.
This new injection of capital gives Plum a valuation of $250 million, founder and chief executive of parent company Pureplay Skin Sciences, Shankar Prasad, said.
Founded in 2013, the vegan and cruelty-free brand has raised more than $50 million from investors and offers a range of products spanning skincare, haircare, personal care and makeup.
Around 40 percent of company revenue comes via brick and mortar sales in 1,000 stores spread across 250 Indian cities and towns, a quarter of sales come from Plum’s own e-commerce and the balance from other online platforms.
Plum will use the new funding to grow its omnichannel presence and expand into new product categories and geographic regions..
The Economic Times reported in January that India had seen over 500 new direct-to-consumer brands debut between 2019 and 2021, according to data sourced from Tracxn, a market intelligence company that claimed the companies raised $493 million in 2021, more than double the amount raised in the two previous years.
“As the beauty category advances and consumer preferences evolve there is room and space for many more brands to have a shot as opposed to just large national brands. And that’s exactly what you’re seeing play out,” Prasad told The Economic Times.
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