Unilever Ventures has contributed $2 million, or around Rs 16 crore, to the Series A fundraising round of skincare startup ClayCo Cosmetics, the firm said on Tuesday. The company’s initial outside investment will be used to support the growth of its product line, bolster marketing and branding initiatives, hire more staff, and meet working capital needs.
Niharika Jhunjhunwala, the founder of ClayCo Cosmetics, discussed the investment and stated, “With this funding, we will be able to introduce new products, improve brand awareness, invest in R&D, and accelerate our growth.” Growing consumer awareness of foreign components like as ginseng, fermented rice, and CICA has made them more ready to spend money on effective, high-quality skincare products.
Founded in March 2024, ClayCo Cosmetics works on a direct-to-consumer (D2C) strategy selling items on its own website and online e-commerce platforms. According to Pawan Chaturvedi, Partner-Asia, Unilever Ventures, “Unilever Ventures is happy to support Clayco in their mission to elevate India’s beauty landscape by introducing global beauty rituals that celebrate individuality and innovation.”
By 2024, the Indian skincare industry is projected to bring in $9.93 billion in revenue. According to statistics site Statista, it is anticipated to increase at a compound annual growth rate (CAGR) of 2.40 per cent between 2024 and 2029 due to a spike in demand for natural and Ayurvedic goods, indicating a rising desire for organic components and traditional cures.
In recent years, a number of companies have entered the Indian skincare sector, capitalising on the growing desire for natural and organic goods. Some of these firms include The Derma Co., Minimalist, Pilgrim, Foxtale, Conscious Chemist, and more.
