In a recent milestone for Kolkata-based WishCare, the sustainable beauty brand has successfully raised Rs 20 crore in its maiden institutional funding round. The funding, led by Unilever Ventures, the venture capital arm of Unilever, marks a pivotal moment for the startup, propelling it into a new phase of growth and expansion.
WishCare, founded in 2019 by Stuti Kothari, Ankit Kothari, and Ayush Kothari, has carved a niche for itself in the beauty industry by offering a diverse range of sustainable haircare and skincare products. From bond repair hair treatments to hair growth serums, face serums, sunscreens, and active-based body lotions, the brand focuses on formulating high-efficacy products that prioritize both effectiveness and sustainability.
The infusion of Rs 20 crore in funding is a testament to WishCare's remarkable journey, with the startup reporting an annual recurring revenue (ARR) of Rs 85 crore. Notably, the brand has achieved a fourfold growth in the past year, maintaining a robust double-digit EBITDA. This financial success positions WishCare as a promising player in the beauty and wellness market.
Stuti Kothari, co-founder of WishCare, highlighted the brand's commitment to using nature-mimicking scientific, clinically tested, and research-backed ingredients to address customer concerns. This approach has not only resonated with consumers but has also fostered trust in the brand. With the newly secured funding, WishCare aims to amplify its research and development efforts, introducing innovative products that align with its sustainability ethos.
The expansion plans for WishCare include venturing into both domestic and global markets, marking a significant stride for the Kolkata-based startup. As the beauty brand sets its sights on new horizons, Unilever Ventures expresses its excitement about having WishCare as part of its rapidly growing beauty and wellness portfolio in India.
Pawan Chaturvedi, Partner at Unilever Ventures, expressed his enthusiasm, stating, "We are delighted to have WishCare as an addition to our fast-growing beauty and wellness portfolio in India. It has built a suite of evidence-based products that have shown rapid growth, and we’re looking forward to supporting the founders to build a long-lasting brand."
Over the past year, WishCare has experienced robust growth across various channels, driven by positive organic reviews, impressive customer retention, and strong product listings on leading e-commerce platforms. Currently retailing through 15 marketplaces, including Nykaa, Amazon, Flipkart, Purplle, and Myntra, WishCare has established a multi-channel presence to reach a diverse consumer base.
As WishCare embarks on this new chapter of growth, fueled by the support of Unilever Ventures, the beauty industry can anticipate the rise of a sustainable beauty revolution that prioritizes both efficacy and environmental consciousness. The brand's commitment to evidence-based products and its focus on addressing customer concerns set the stage for a compelling journey ahead