Personal care products manufacturer Vedic Cosmeceuticals announced it has raised Rs 25 crore as Series A round of capital from Sixth Sense Ventures, according to ET report.
“Vedic Cosmeceuticals has grown steadily in the last few years, with accelerated growth since 2017. With a plethora of beauty and skin care options available in the market, the challenge which D2C (Direct-to- consumer) brands face today are sourcing clean beauty products which are ethically produced,” Mohit Goel, Founder Vedic Cosmeceuticals said. “We aim to utilize the raised funds to expand our outreach to newer markets and global clientele, and considerably scale up operations and take our R&D to the next level.”
Founded by Mohit Goel in 2004, Vedic Cosmeceuticals has grown from being a contract manufacturer for a single brand in 2004 to over 50 brands in 2021. The company said it plans to triple its monthly production capacity from 300 metric tonnes to 1000 metric tonnes.
“With the emergence and proliferation of direct-to-consumer beauty and personal care brands, contract research and manufacturing in the sector becomes critical. We are extremely bullish on manufacturing in an environment wherein there will be a plethora of brands. Vedic is our vehicle to capture the tremendous growth that we envisage in the manufacture of beauty and personal care,” said Nikhil Vora, Founder of Sixth Sense Ventures. Beauty and personal care industry in India is a $13 billion industry, within which the fastest growing trend is clean beauty and is expected to reach $2 billion by 2025.
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