Direct-to-consumer (D2C) personal care brand 82°E, co-founded by Bollywood icon Deepika Padukone, is set to raise Rs 50 crore (approximately $6 million) in an extension of its seed round. This latest injection of capital marks the first round of investment for the company this year, fueling anticipation and excitement in the beauty and skincare industry.
Special Resolution Passed for New Investment
The board of 82°E has approved a special resolution to issue 50,00,000 Series Seed 2 CCPS at an issue price of Rs 100 each, according to regulatory filings from the Registrar of Companies (RoC). KA Enterprises LLP, an investment entity owned by Padukone and her family, is expected to participate, with other investors likely joining as well. The funds will be used for expansion, growth, and general corporate purposes.
Previous Funding and Ownership
This new funding round follows a successful seed round in December 2022, where 82°E raised $7.5 million from DSG Partner, IDEO Ventures, and Padukone’s family office. According to TheKredible, Padukone and her family office currently hold a 59.6% stake in the company, while actor Ranveer Singh owns 5.32%.
Rapid Growth and Financial Performance
Launched in 2022 by Deepika Padukone and Jigar Shah, 82°E offers a comprehensive range of skincare products for both men and women, including cleansers, face masks, moisturizers, and sunscreens. The brand has shown significant growth in a short period, with its revenue from operations reaching Rs 22.82 crore between March 2023 and December 2023. For comparison, the company’s operating income was Rs 11 crore in FY23. Despite its rapid revenue growth, the company reported an EBITDA loss of Rs 25.1 crore during the same period.
Competitive Landscape
82°E competes with established brands like Plum, mCaffeine, Wow Skin Science, and publicly listed Mamaearth. With its strong celebrity backing and innovative product range, 82°E is well-positioned to make a significant impact in the competitive D2C personal care market.
What do you think about the rapid growth of 82°E in such a short time? Do you believe celebrity-backed brands have an advantage in the competitive D2C market? How do you think 82°E will fare against established players like Mamaearth and Plum? Share your thoughts in the comments below!
