Biomaterial startup, Phool, has raised $8 million in Series A funding, led by consumer fund Sixth Sense Ventures. Actress Alia Bhatt and the IAN fund participated in the round. The startup is a fragrance-focussed wellness brand.
Phool is planning to do the following tasks-
- Scale operations further,
- Explore untapped domestic and global growth opportunities,
- Build India’s largest fragrance brand,
- Expand R&D efforts to make animal leather obsolete with Feather,
- Produce the revolutionary vegan alternative to animal leather.
Phool.co has changed the viewpoint of Indian consumers to look at home fragrances with their award-winning incense made from temple flowers. India’s $3.2 billion home fragrance category, Phool, has turned the experiential lifestyle.
Phool.co has received several international recognitions, including the companies, including United Nations Young Leaders Award for Sustainable Development Goals, United Nations Momentum of Change Award at COP, Asia Sustainability Award, Hong Kong, Alquity Transforming Lives Awards, London, and Breaking the Wall of Science, Berlin.
Prior to this, Phool.co had raised a seed round from IAN Fund, Social Alpha (FISE), Draper Richards Kaplan Foundation (San Francisco), and IIT Kanpur.
EXECUTIVE OPINION:
Founder Ankit Agarwal said, “In a short time, our modest efforts have managed to create a dent in the Indian fragrance industry. Phool as a brand today is synonymous with luxury fragrance products on account of our unwavering focus on superior product experience and honest ingredients. We plan to transform the global home fragrance market and build a distinct brand with our product range. We have already made strong inroads in the rapidly growing Indian market that has been starved for good quality products. The Sixth Sense investment is a testament to our vision to build a global fragrance brand from India. I believe Nikhil’s acumen and knack for unlocking opportunities will fuel our growth story in the years to come. ”
Nikhil Vohra, Founder and CEO of Sixth Sense Ventures, said, “The under-penetrated home fragrances industry presents a large, white space to be exploited. Plus, a clear shift to natural and sustainable alternatives is creating a strong demand for Phool’s products. The brand’s premium and international appeal can be easily leveraged across the globe, presenting a huge untapped opportunity for Phool's certified, Indian-origin products.
