The personal care industry is highly promising and this is the reason a plethora of startups are trying grab some share of the market. 82°E led by Bollywood icon Deepika Padukone is also making significant waves. It is basically a direct-to-consumer beauty brand and set to secure $6 million (approximately Rs 50 crore) in an extension of its seed round. The funding round will mark its first investment endeavor in 2024. The fresh capital will be invested from mix of new and existing investors. Padukone’s own investment entity KA Enterprises LLP is also a part of the investors.
82°E board lately passed a special resolution to pave the path for issuing 50 lakh series seed 2 CCPS (cumulative convertible preference shares) at Rs 100 each. It is a strategic move and highlights the ambition of the company for growth and expansion. The move is also set to strengthen its general corporate functions.
The startup was launched in 2022 by Deepika Padukone and Jihar Shah. It quickly became a noteworthy player in the skincare segment for both men and women. It offers a diverse range of products like cleansers, face masks, moisturizers and sunscreens. It mainly aims to provide holistic skincare solutions.
The journey of 82°E started with a robust seed round in December 2022. It then raised $7.5 million. The funding round was led by DSG Partner and IDEO Ventures. Padukone and her family hold 59.6% stake. Actor Ranveer Singh is also a notable shareholder with 5.32% stake.
82°E has shown impressive growth since establishment. Its revenue from operations reached Rs 22.82 crore between March and December 2023. It was a significant increase from Rs 11 crore in FY23.
