A vegan skincare brand Plum has 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 in the financing round.

The skincare brand will utilize the funds to increase its product development and marketing activities.

Shankar previously started vegan skincare brand Plum the, started Pureplay Skin Sciences in 2013. Since then, the former product development manager at Hindustan Unilever (HUL) has introduced Plum Body Lovin, a body care range, men's brand Phy. The company also put its hands into the brand's makeup offering towards the end of 2021. The company also saw a hike in demands during the pandemic wave as most people were jumping online for connecting and shopping. Many platforms like Mamaearth and Sugar Cosmetics-- saw an upswing in their sales and valuations.

In FY20, Pureplay was calculated to earn Rs 53 crore in its total revenue. The company also made a benefit (before tax) of Rs 1.72 crore in FY20.

EXECUTIVE OPINION:

"The latest investment will help us accelerate on our exciting growth path, not only in our core skincare category, but also in adjacent large categories like hair care, makeup, body care and specialist care for men. In doing so, we want to bring alive our brand ethos of ‘being good’ in as many different and delightful ways as possible,” said Shankar Prasad, founder and chief executive officer (CEO), Plum.

“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,” said Abhay Pandey, General Partner, A91 Partners, in a release shared by the firm.