Bollywood actress Deepika Padukone’s personal care startup, 82°E, is gearing up for further growth with a new funding round. The company is set to raise Rs. 50 crore ($6 million) in an extension of its seed funding, marking its first investment round of 2024.
Deepika Padukone’s personal care startup 82°E to raise Rs. 50 crore capital: Report
According to a report in Entrackr, this funding comes on the heels of a successful initial seed round in December 2022, where 82°E secured $7.5 million from DSG Consumer Partners, IDEO Ventures, and Padukone’s family office. The latest round will see participation from KA Enterprises LLP, co-owned by Padukone and her family, with potential involvement from additional investors. The funds raised will be used for expansion, growth initiatives, and general corporate purposes.
Launched in 2022 by Padukone and Jihar Shah, 82°E offers a range of skincare and body care products for both men and women. Their product portfolio includes cleansers, face masks, moisturizers, sunscreens, and more.
The company has experienced significant growth in its first nine months of FY24. They reported revenue from operations of Rs. 22.82 crore between March and December 2023, a notable increase compared to their FY23 operating income of Rs. 11 crore. However, despite the revenue growth, 82°E remains unprofitable, with an EBITDA loss of Rs. 25.1 crore during the same period.
Meanwhile, on the work front, Deepika Padukone will be seen in Kalki 2898 AD set for a June 28, 2024 release. The actress will also star in Singham Again, set for Diwali 2024 release.
ALSO READ: Ranveer Singh calls Deepika Padukone Queen of the big screen ahead of Kalki 2898 AD trailer release
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