Female-focused hygiene brand Plush is in the process of raising a Series B funding round by angel investor Ajay Kumar Aggarwal while Careernet Technologies, OTP Ventures, Blume Ventures, and 11 other investors also participate.
- Plush, a female hygiene brand, raises $3.6 million in Series B funding led by Ajay Kumar Aggarwal.
- Plush’s valuation triples to Rs. 281 crore, with strong backing from Blume Ventures and others.
- The Chennai-based startup eyes expansion to 2,000 retail stores, after reporting 84 percent revenue growth in FY24.
The board of directors of Plush has passed a special resolution to issue 4,099 Preference shares of Series B to raise Rs. 30.56 crore or $3.6 million according to its regulatory filing with the Registrar of Companies (ROC).
Ajay Kumar Aggarwal is leading the round with Rs 6 crore while existing investors Careernet Technologies, OTP Ventures, and Blume Ventures will contribute Rs. 5 crore, Rs. 3 crore, and Rs. 4 crore respectively, while the rest will be collectively made by Rahul Garg, Sumit Jalan, Blue Ashva Varenya Fund, Rahul Kayan and 7 other investors.
The company's valuation post allotment to be near Rs. 281 crore (approximately USD 33 million), which represents a nearly 3X increase from Pre-Series B.
Also Read: Stable Money nets $20 Million Funding to Expand Fixed Income Products
After the new proceeds, Angel Investor Ajay Kumar Aggarwal will have 19.64 percent in the company and Careerner Technologies and Blume Ventures will have 16.37 percent and 13.08 percent in the company.
Founded in 2019, this Chennai-based startup is focused on feminine care products in the period care, hair removal, intimate wellness, and skincare categories, and claims to have products in 500 stores in Bengaluru, Chennai, Mumbai, New Delhi, and Hyderabad and intends to expand their retail footprint to 2,000 stores in the next six months.
Plush reported a year-on-year revenue increase of 84 percent to Rs. 28.87 crore in the year ending March 2024 and reported a loss of Rs 4.4 crore during the same period. The startup anticipates closing FY25 with Rs. 60 crore in revenue.
