IIFL, India’s leading integrated financial services group, announced that IIFL Seed Ventures Fund II has invested Rs 50 crore in men’s grooming startup Happily Unmarried Marketing, which sells products online under the brand name of Ustraa. Post this funding, Happily Unmarried Marketing is valued at around Rs 220 crore.
IIFL Seed Ventures Fund II, which was set up by IIFL Asset Management in 2019, has a corpus of around Rs 1,000 crore and it focuses on companies across financial services, consumer, healthcare and technology segments, mainly at the growth stage.
Founded in 2007 by Rahul Anand and Rajat Tuli, Happily Unmarried sells beard oils, beard wash and waxes, soaps, cologne trimmers and other products.
Earlier, Happily Unmarried had raised funds from Info Edge and Wipro Consumer Care. The personal care arm of Wipro Enterprises Law firm Bharucha & Partners advised Happily Unmarried on the deal.
The deal happened over rounds of video-conferencing due to Covid-19 pandemic and the business plan and valuation of the company were accordingly adjusted, to accommodate for changes brought by Covid-19, insiders said, according to an ETtech report.
The men’s grooming sector has witnessed strong growth in the last 5 years, with Indian men experimenting with facial hair. As per various estimates, the market has touched Rs 10,000 crore in 2020, from just over Rs 3,000 crore in 2016.
IIFL serves more than 4 million satisfied customers across various business segments and is continuously building on its strengths to deliver excellent service to its expanding customer base. IIFL Holdings Ltd with a consolidated net-worth of INR 43.8 billion and has a global presence with offices in London, New York, Geneva, Hong Kong, Dubai, Singapore, and Mauritius. With more than 4 million satisfied customers across various businesses, IIFL Group is continuously building on its strengths to deliver excellent service to its expanding customer base.
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