IIFL invests Rs 50 crore in males’s grooming model Ustraa, Expertise Information, ETtech
Monetary companies firm IIFL Group’s second seed fund has invested Rs 50 crore in males’s grooming startup Fortunately Single Advertising, which sells merchandise on-line beneath the model title of Ustraa.
IIFL Seed Ventures Fund II, which was arrange by IIFL Asset Administration in July final 12 months, has a corpus of round Rs 1,000 crore and it focuses on corporations throughout monetary companies, shopper, healthcare and expertise segments, primarily on the progress stage.
The deal values Fortunately Single Advertising at round Rs 220 crore.
One of many early entrants within the men-grooming section, Fortunately Single was based by Rahul Anand and Rajat Tuli in 2007, the corporate sells beard oils, beard wash and waxes, soaps, cologne trimmers and different merchandise.
Fortunately Single had earlier raised funds from Information Edge and Wipro Shopper Care, the private care arm of Wipro Enterprises Legislation agency Bharucha & Companions suggested Fortunately Single on the deal.
The deal occurred over rounds of video-conferencing on account of Covid-19 pandemic and the marketing strategy and valuation of the corporate had been accordingly adjusted, to accommodate for adjustments introduced by Covid-19, insiders stated.
The lads’s grooming sector has witnessed robust progress within the final 5 years, with Indian males experimenting with facial hair. As per varied estimates, the market has touched Rs 10,000 crore in 2020, from simply over Rs 3,000 crore in 2016.
This has led to mushrooming of start-ups and lots of monetary traders alternatives to speculate. Final month, Indian FMCG firm Marico, which owned 45% in Beardo, purchased out different shareholders within the firm, giving exit to early traders Enterprise Catalysts and actor Suniel Shetty.
Final 12 months, Kolkata-based FMCG agency Emami had upped its stake in The Man Firm to 30% and as per media reviews, Emami was in talks to amass a majority stake within the firm. Actor Ayushmann Khurrana additionally owns sweat fairness within the Man Firm. Delhi-based Bombay Shaving Firm counts Colgate-Palmolive and Hearth Ventures as traders.