Deepika Padukone’s Skincare Brand 82°E Secures Fresh Funding for Growth

82°E, an individual consideration startup drove by entertainer Deepika Padukone, is ready to raise Rs 50 crore ($6 million) in an expansion of its seed subsidizing round. This denotes the organization’s initially raising money exertion of 2024.

Board Approves Funding Resolution

The company’s board of directors approved a special resolution to issue new shares, raising the targeted capital. The regulatory filing accessed from the Registrar of Companies (RoC) details the issuance of 50,00,000 series seed 2 Convertible Cumulative Preference Shares (CCPS) at an issue price of Rs 100 each.

Investor Participation and Allocation of Funds

KA Enterprises LLP, an investment entity linked to Deepika Padukone and her family, is confirmed to participate in the funding round. While the filing does not disclose other potential investors, it suggests their possible involvement. The newly raised funds are designated for initiatives related to expansion, growth, and overall corporate needs.

Building on Previous Investment

This round follows 82°E’s underlying seed financing of $7.5 million got in December 2022. The past round was driven by DSG Accomplice and IDEO Adventures alongside Padukone’s family office. Startup information stage TheKredible reports that Padukone and her family hold a controlling stake of 59.6%, while entertainer Ranveer Singh holds a 5.32% offer in the organization.

Brand Overview and Performance

Launched in 2022 by Padukone and Jihar Shah, 82°E caters to both men and women with its range of skin and body care products. The company offers cleansers, face masks, moisturizers, sunscreen, and more. 82°E has experienced significant growth in the first nine months of FY24, with operating revenue reaching Rs 22.82 crore between March and December 2023. This represents a substantial increase compared to the Rs 11 crore in operating income recorded in FY23. However, the company is yet to achieve profitability, reporting an EBITDA loss of Rs 25.1 crore during the March-December 2023 period.

Competitive Landscape

82°E navigates a competitive market populated by established brands like Plum, mCaffeine, Wow Skin Science, and the publicly traded Mamaearth. The fresh funding will likely fuel 82°E’s efforts to gain a stronger foothold in the market and achieve sustainable growth.