Pureplay Skin Sciences (India) Pvt Ltd, which sells direct-to-consumer skin and hair care brands Plum and Phy, has secured Rs 110 crore in a Series B funding round from investors led by venture capital firm Faering Capital. This round has also seen participation from Trifecta Capital and existing investor Unilever Ventures.
The fresh capital will be utilized by the company in research, sourcing, developing new products, and scaling up the distribution network.
Shankar Prasad, Founder and Chief Executive Officer, Pureplay Skin Sciences, said, “We intend to invest this money into expanding our product range largely in skincare. We will be partnering with technology specialists in formulations, packaging, and manufacturing.”
Pureplay Skin Sciences is serving 250,000 customers every month. The company is targeting an annual revenue run rate of over Rs 200 crore by March 2021.
Pureplay Skin Sciences will also use the funds in opening more retail stores. Presently, the brand is available in 6,000 outlets in more than 220 cities. In addition to this, it is also available at 15 online marketplaces which contribute more than two-third of Plum’s revenue.
“Our distribution is still relatively small. We have grown 2.5 to 3X in distribution terms in spite of COVID-led disruptions over the last 12 months. We will be expanding the unassisted selling in the offline stores including beauty specialist stores, modern trade, multibrand outlets such as Shoppers Stop, Lifestyle, Metro Cash, and local supermarkets along with chemists. The aim is to ensure our brand is present in 100,000 stores in the next two years so that we can achieve Rs 500 crore in revenues in the next three years,” Prasad added.