Plum, a direct-to-consumer brand, raised $35 million (Rs 270 crores) in a Series C round led by A91 Partners, with participation from previous investors Unilever Ventures and Faering Capital, for a valuation of $250 million.
Plum is a beauty brand founded by Shankar Prasad in 2013 that offers goods in five categories: skincare, haircare, personal care, and makeup. The firm claims to have an annual run rate (ARR) of over INR 225 crores and plans to double it in the next year.
The company has raised a total of $50 million so far. The company intends to use this fresh round of funding to enhance its technology, brand building, and offline presence.
“A lot of our focus will also be on developing the newer categories like hair care, body care which has shown a lot of potential,” said founder Prasad.
The firm will also consider growing its offline presence. It now has three exclusive sites, with ambitions to expand to 12-15 locations in the next 2-3 months.
Abhay Pandey, General Partner, A91 Partners said, “Plum’s relentless focus on product and brand in a noisy space of new-age consumer brands positions it uniquely to build an enduring business and A91 is privileged to be a partner in this journey.”
Plum raised INR 110 crore in Series B funding in 2020, led by Faering Capital, Trifecta Capital, and Unilever Ventures. Plum had previously received an undisclosed amount from Unilever Ventures, the venture capital and private equity arm of Unilever.