Scentials, a D2C wellness startup, has raised Rs 34.6 crore which comes to about approximately USD 4 million, in a mix of debt and equity. The funding round was led by Indus Way Emerging Market Fund and also saw the participation of TIW Private Equity.
To raise Rs 34.6 crore or USD 4 million, the board at Scentials has passed a special resolution to issue 89,200 Series A1 CCPS and 18,59,000 optionally convertible debentures as per the regulatory filing accessed from the Registrar of Companies shows.
As said earlier, Indus Way Emerging Market Fund led the round with Rs 32 crore, wherein, TIW Private Equity participated with Rs 2.6 crore. Furthermore, the funding will be used to meet the growth objectives and to strengthen the financial position, according to the filings.
This fresh funding came after a hiatus of four years for Scentials. Till date, it has successfully raised around USD 10 million which includes USD 6 million in 2021 that was led by TIW Private Equity, back then.
The company was established back in 2017, and has been focusing on development, manufacturing, and distribution of products through multiple celebrity-backed brands which spans across fragrances, deodorant, and skincare segments.
Having said that, the company is still to post its annual results for FY24. Looking at its trajectory, Scentials recorded a 20.5 per cent year-on-year decline in its scale to Rs 18.22 crore in FY23, compared to Rs 22.92 crore in FY23. Also, the recorded loss stands at Rs 38.46 crore in FY23.
