RP-SG Ventures leads investment in personal care startup mCaffeine
Summary
Online-first personal care brand mCaffeine said on Tuesday that it has raised $2 million (Rs 13.8 crore at the current exchange rate) in a Series A round of funding from a clutch of investors led by RP-SG Ventures. Wazir Advisors founder Harminder Sahni and Kaushal Aggarwal, both existing investors, pitched in as well. The recently acquired funds will be utilised to further invest in research and development, expand distribution across digital channels and to continue to grow our operations,” said mCaffeine co-founder Vikas Lachhwani. “mCaffeine focuses on India for now with global potential for the future.” The startup had previously raised $500,000 from Harminder Sahni and Kaushal Aggarwal. According to a report by industry body Associated Chambers of Commerce and Industry (Assocham), the personal care market in India is set to touch $20 billion by 2025 from the current $6.5 billion on the back of rise in disposable income of middle class and growing aspirations of people.