Beauty Brand Plum Raises $35 Million

Indian vegan, cruelty-free and toxin-free skincare brand, Plum, has raised $35 million at a valuation of $250 million.

With the fresh round of capital under its belt, Plum plans to boost and strengthen its omnichannel shopping experience, hire new talent, make further investments in marketing and technology, and amplify its research and development capabilities. The company also plans to offer vegan, cruelty-free and toxin-free beauty products for haircare, personal care and makeup.

The latest investment round follows years of rapid growth, with the company’s business growing 15 fold since it was founded in 2018.

“As the beauty category advances and consumer preferences evolve there is room and space for many more brands to have a shot as opposed to just large national brands. And that’s exactly what you’re seeing play out,” said Shankar Prasad, the founder and CEO of Pureplay Skin Sciences, the parent company of Plum.

Plum was originally founded in 2013 by Prasad and its products are currently sold on Amazon, Flipkart, Nykaa and Purplle. The brand is also available in over 250 towns and cities throughout India and in over 1,000 assisted retail outlets and over 10,000 unassisted grocery stores and pharmacies.

The latest round was led by A91 Partners and supported by existing investors, Unilever Ventures and Faering Capital. Post deal, Abhay Pandey from A91 Partners is expected to join the board of Plum.

To date, Plum has raised $50 million in capital.

Originally published at https://retailbum.com on March 25, 2022.