Funding · Commerce & Consumer Brands

Plum raises $35 million in Series C round

By Startup Enthusiast · 23 March 2022

What they do

Plum makes vegan, cruelty-free beauty products across skincare, haircare, and makeup

It raised $35 million in Series C funding led by A91 Partners at a $250 million valuation

The company plans to expand offline presence, enter new geographies, and boost marketing

Plum raised $35 million in a Series C funding round.
The round was led by A91 Partners.
Existing investors Unilever Ventures and Faering Capital also participated.
The company was valued at $250 million in this round.
Plum will use the funds to increase its omnichannel presence and expand beyond skincare.
It also plans to enter new geographies and invest in marketing and technology.

The Indian beauty market is crowded with competitors like Juicy Chemistry, Wow Skin, MamaEarth, Sugar Cosmetics, and MyGlamm.
Plum's annual recurring revenue (ARR) is over Rs 225 crore, and it aims to double that in 12 months.
The company's FY21 revenue grew 73% to Rs 90.56 crore from Rs 52.31 crore in FY20.
Its FY21 loss widened to Rs 3.18 crore from Rs 1.27 crore in FY20.

Plum sells vegan, cruelty-free, toxin-free beauty products across skincare, haircare, personal care, and makeup.
About 40% of its sales come from offline channels, 25% from its own platform, and the rest from e-commerce marketplaces like Nykaa and Amazon India.
Skincare makes up 60% of its product offerings.
It has an offline presence in 250 towns/cities with about 1,000 assisted outlets and over 10,000 unassisted outlets.
It operates 3 exclusive outlets in Mumbai and Chennai and plans to scale to 12-15 in 2-3 months.

Product: An employee health benefits platform combining insurance with healthcare services.
Customers: Employers and businesses that provide health benefits to employees.
How it makes money: It makes money by selling employee health benefits and insurance-related services to businesses.
What sets it apart: AI-driven claims operations and tighter HR and payroll integrations.
Operations: It plans to expand into preventive care, primary care, mental wellness and telehealth.