Deepika Padukone’s D2C startup 82°E bags USD 7.5 Mn funding
82°E raised USD7.5 Mn in seed funding from DSG Consumer Partners and IDEO Ventures, along with multiple ultra-high net worth individuals (UHNI) and Padukone’s family office. The fund will be utilized to build its team, scale up R&D and launch new products. 82°E has launched two products so far and plans to launch more products in the future.
The D2C personal care startup was founded in 2021 by Bollywood superstar Deepika Padukone and Jigar Shah. It has an R&D lab in Bengaluru to formulate products in-house and the brand employs around 35 people. In November 2022, the brand introduced its inaugural skincare category 'Ashwagandha Bounce' moisturiser and 'Patchouli Glow' sunscreen drops, as the debut products.
In a statement, Padukone said, “Jigar and I envisioned this brand as an extension of my personal as well as professional journey. We set out to launch products which are high-quality, high-performing and an authentic reflection of my beliefs and practices.”
She added that “With our launch category of skincare products, we have rigorously sourced, carefully crafted and clinically tested our products to achieve lasting results. I am honoured to have investors of global repute join us in our vision to establish 82°E as a modern self-care brand born in India for the world”.
Shah said that celebrity brands are still in their infancy in India, even though the concept has been there for several decades. He said that while India’s personal care space is very competitive, most of the products in it are for the masses.
The brand achieved its month-one target in five-and-a-half days, shipping to 30 countries in the process. According to the co-founder, 82°E is set to achieve INR 100 Cr in annual revenue rate in the next six to eight months.
(Edited by Rajeev Pillai)