Chennai-based baby care startup Baby Amore has raised undisclosed external funding from GetVantage, India's largest revenue-based financing fintech platform, and marketplace.
Founded in 2019 by Hameed Imthad and Abdul Wahab, Baby more provides eco-friendly, organic, and sustainable baby products.
At present, the company sells over 100 brands and 2000 SKUs through its e-commerce store and has recently opened its first concept store in Chennai. With the funding from GetVantage, it plans to expand its business by providing customers with an omnichannel shopping experience and go aggressive with its brand-building strategy.
The company aims to expand its concept stores to more metro cities and rope in international brands with similar ideals on its e-commerce platform.
Bhavik Vasa, Co-Founder, and CEO of GetVantage said, "We are constantly looking for brands and businesses that are working on a niche market and unique ideas. Baby care is one such industry with several white spaces that needs attention. With rising nuclear families and working parents, it becomes crucial and essential for parents to ensure that their kids are safe. Baby Amore is always on its feet, innovating and making baby care more sustainable and safer."
As the leading revenue-based financing fintech platform in India, GetVantage has supported over 100 digital-first brands across sectors. The company provides founders anywhere between Rs 20 lakh and Rs 2 crore of non-dilutive growth capital compared to traditional funding sources, which mostly require business owners to dilute equity or give control via board seats, or warrants.
In the first year of operations, Baby Amore sold 30,000 products, and in 2021. the company clocked a 70 percent revenue growth. With the baby care industry poised to grow exponentially for the next five years, the company expects to achieve a revenue of Rs 40 crore by 2025 and have a chain of 50 concept stores.
Abdul Wahab. Co-Founder, Baby Amore said, "After being a digital-first brand for over two years, we decided to expand our channels to provide a concept-driven experience to our customers. We are glad to be backed by GetVantage in revenue-based finance."
The baby care product market in India is expected to touch $ 26.35 Billion by 2025, growing at an 11 percent CAGR on the back of an increase in internet penetration and online availability of baby care products and the growing number of nuclear and single-parent families.
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