Clensta raises Rs 20-cr funding from Hem Angels, Venture Catalysts, others
Summary
Direct-to-Consumer personal and home care products Clensta on Thursday said it has raised Rs 20 crore from Hem Angels part of Hem Securities Ltd, Venture Catalysts and Inflection Point Ventures.Existing investors N+1 Capital (RBF) and other investors also invested in this series A round, Clenstas said in a statement.The funds raised will be used to scale up the companys sales, ramp up brand marketing and expand online and offline presence across India, it added.Commenting on the fund raise, Clensta Founder CEO Puneet Gupta said, "we will be focusing on developing innovative and sustainable products, enhancing our relations with customers, marketing and expansion of our footprints across the country." The company aims to use technology to scale the personal-care segment and provide personalised shopping experience to its customers, he added. In this light, this comes as an affirmation that we continue to lead in the right path," Gupta said.On the investment, Hem Angels Director Gaurav Jain said over the next five years, Direct-to-Consumer (D2C) brands present at least a USD 100 billion opportunity. "Theres no better time than now for Clensta to get off their growth plan and take their product to the next level, witnessing rapid acceleration of scale," he added.Venture Catalyst Co-founder and President Apoorva Ranjan Sharma said, "we are optimistic that Clensta will become a billion dollar tech-driven personal care brand in the next few years." "Their understanding of the fast-growing D2C segment and a varied range of products in personal care impressed our investors to lead this round," Shah added.The IIT Delhi backed start-up founded in 2016 has over 30 products in its portfolio.