Within the first four months of 2021, India has added 10 new unicorns. Of this, six were added just last week. With six startups entering the coveted US$1 billion club, last week marked a week like no other for the Indian startup ecosystem. This brings the total number of Indian unicorns in the [...]
With the latest funds, Juicy Chemistry’s valuation has risen to US$2.5 million, according to the startup
Coimbatore, India-based organic skincare startup Juicy Chemistry has raised US$650,000 from Amit Nanavati, an Angel investor and Founding Partner of VC firm Akya Ventures, according to a company statement. Veda Corp acted as the financial advisors for this transaction.
Self-funded through internal sources and operations so far, the startup has been providing more than 100 skincare products since its inception in 2014. With the latest funding, the startup’s valuation stands at $2.5 million, according to the statement.
According to Juicy Chemistry Co-founder Pritesh Asher, the funds will be used to strengthen the startup’s supply chain, and upgrade and automate its manufacturing facility which will result in a 10X increase in manufacturing capacity.
“We will also be increasing our workforce to cater to the increase in demand for our products. We have also earmarked funds to increase our marketing budget both on and offline mediums,” he added.
The startup also plans to introduce new products into its range, according to Co-founder Megha Asher.
A sufferer of hyper-sensitive and acne-prone skin, and unable to find products with natural ingredients, Megha co-founded Juicy Chemistry with Pritesh, to address the market gap for truly natural and organic skincare products. Their goal was to provide effective skincare products formulated with purely natural ingredients.
Juicy Chemistry has a complete certified organic products range by Ecocert (France) in accordance with COSMOS V3 Standard. They are minimally packaged with recycled and recyclable materials, and their product range is cruelty free and includes cleansers, moisturizers, floral waters, gourmet soaps, hair masks, baby massage oil, cold pressed oils, and more.
“If traditional wisdom is of any indication, freshness is the key to efficacy! At JC we strongly believe in keeping the ingredients raw and products preservative free to ensure maximum benefit,” says Megha.
Nanavati said, “The brand Juicy Chemistry embodies something that is pure, fresh, honest & holistically organic. The sheer passion & dedication with which Megha & Pritesh have curated, nurtured Juicy Chemistry, coupled with their future vision, made my decision to invest a no brainer.”
“Nanavati’s confidence in our venture further nurtures our vision of providing complete organic skincare to both Indian and global terrains. This round will enhance our manufacturing and supply chain along with greater marketing spends. We also aim to strengthen our user experience and introduce newer offerings,” said Megha.
“With our longstanding goal to provide effective skin care products formulated with the purest and the most nutrient rich ingredients nature has to offer, we are ecstatic to embark on this new journey inching closer to our vision,” she added.
The Indian organic skincare market is estimated to be worth around $125 million currently, but is growing at an estimated 25% annually, creating plentiful opportunities for startups like Juicy Chemistry.
Header Image Courtesy of Juicy Chemistry