Mamaearth has raised $50 million from Belgian investment fund Sofina
Gurugram-based startup Mamaearth has raised $50 million in a funding round led by Belgian investment fund Sofina. Mamaearth is founded by Ghazal Alagh and Varun Alagh.
The company will use the fund to double down on its offline expansion, particularly its skincare brand Derma Co, including acquisitions in the beauty and personal care space.
The plan is to double the sales by 100% this year. Because of Covid-19’s second wave, offline expansion was halted, but now we plan to deepen our offline presence,” Alagh said
The Mamaearth team is constantly pushing the boundaries in the personal care space through their disruptive innovations, rapid execution pace and focus on delighting customers,” said Yana Kachurina, investment manager, Sofina Ventures SA.
According to Jefferies, Mamaearth’s D2C platform generates 35% of total sales while offline channels account for 20%. The rest is from third-party ecommerce platforms like Amazon India, Flipkart, Nykaa and BigBasket, among others. It has a presence in about 12,000 stores across the country.
Mamaearth has crossed ₹300 crore in revenue in the financial year 2020-21, with this Mamaearth is valued at $730 million.
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