Mumbai-based company Pep Technologies, which owns skincare brand mCaffeine, on Monday said that it has raised Rs 42 crore in a Series B round from Amicus Capital, along with RPSG Ventures, and Aman Gupta, Founder of Boat Audio. Its existing investor Telama Investments also participated in the round.
The current round comes after the Series A round ended in June 2019 when it raised $2 million from a group of investors, led by RPSG Ventures.
Tarun Sharma, Co-founder and CEO, mCaffeine, said, “All of the mCaffeine products are envisioned, engineered, designed, and manufactured in India. We strongly believe in ‘Make in India’ and ‘Vocal for local’ to support homegrown enterprises. The products are manufactured after extensive research and development. There are about 20 products in the portfolio so far, and we have aggressive plans to further launch 15-20 products in the next year.”
D2C skincare startup mCaffeine, founded in October 2016, makes caffeine-infused hair and skincare products, which it sells on its website and ecommerce channels like Amazon, Flipkart, and Nykaa. To date, it has sold over 2.8 million products, clocking a turnover of Rs 100 crore in four years of its launch. It expects to clock Rs 500 crore in the next three years.
Founders Vikas Lachhwani and Tarun Sharma believe caffeine to be a superfood, rich in antioxidants, and has several benefits for skin and hair. mCaffeine has 20 products in its portfolio across three major categories — face care, hair care, and body care.
mCaffeine plans to penetrate the Indian skincare market by emphasising more on premium offerings that are millennial-friendly. Its products are available at 18,000 pin codes across India. The startup also plans to increase its online and offline presence substantially.
South Africa Today