New Delhi, 07th October 2022: India’s largest and most penetrated clean beauty marketplace – Vanity Wagon raised around USD 2 million in pre-Series A funding round at a valuation of USD 8Mn. Co-led by Lotus Herbals Private Limited, with Lotus Herbals being the lead investor and Agility Ventures Partners, the pre-Series A funding round also saw participation from Inflection Point Ventures, Venture Catalysts, and notable HNIs.
The Delhi-based startup will utilize the funds to strengthen its position in the market and invest in brand building, growing the private label portfolio, offline retail, technology, and marketing and sales-driven strategies.
Launched in 2018, Vanity wagon is the first information-oriented clean beauty ecosystem in India. It is a one-stop solution for all your beauty needs, where one can shop clean beauty and wellness products at one platform; saving time and money on product discovery while also getting access to authentic brand-sourced products. Co-founded by Naina Ruhail and Prateek Ruhail, Vanity wagon operates in a US$ 1 Bn market.
Vanity wagon raised $1M in the previous Seed funding round in 2021.
Co-founder Naina Ruhail, Director & Co-CEO, Vanity Wagon commented, “Our vision is to build a sustainable and a legacy brand in the beauty segment which will only be strengthened by this investment. Furthermore, our strategy to go omnichannel, co-own more clean beauty brands, and expand internationally is what a part of this investment will be deployed in. The beauty market and the e-retail market are going through an interesting time, where every enterprise is trying to establish a market presence, and with learnings of 4 yrs and a robust team, we are definitely going to continue reinforcing our hold on the Clean Beauty Market.”
Commenting on the investment, Mr. Nitin Passi, Chairman & Managing Director, Lotus Herbals, says, “Lotus has been India’s pioneer beauty brand synonymous with green, clean, ethical and natural products in skincare, haircare and makeup for three decades. Our brand ethos has always been simplicity, honesty and transparency. What is exciting for us is that several niche categories in the beauty industry in a similar domain have emerged, some of which can be scalable in the foreseeable future. We have drawn a strategy of partnering with passionate founders who resonate with our philosophy of ‘non-toxic’ beauty.”
“I am genuinely excited about our new journey with Vanity Wagon-India’s largest e-commerce platform for clean beauty.” says Passi.
He adds, “Whether eco-conscious or discerning, consumers have evolved into today’s shoppers with keen attention to safety, efficacy, ethical practices and sustainability pillars before purchase intent. I am glad that we shall be able to cater to such audiences through our association with renewed fervour.”
The co-founder of Agility Ventures, Dhianu Das, said,” Vanity Wagon allows investors an opportunity to be a part of one of the fastest-growing industries – Beauty. The industry has seen several unicorns and also several companies that have outgrown the market constantly, and still, the market continues to grow. This signifies a strong future for not only beauty but for commerce as a whole”.
Vanity Wagon deploys the latest technologies in assembling the largest clean beauty community and we are building a holistic company with several revenue streams around beauty and also have the largest team in the clean beauty marketplace segment. Vanity Wagon aims to be an INR 500 cr company in the next 2 years.
According to Statista’s analysis, the global clean beauty market is anticipated to grow to over USD 54 billion by 2027.
The clean beauty and wellness company has onboarded 350+ on the portal with 15% international brands with the launch of 5 New international brands in India. It aims to achieve 5x sales growth with acquired brands.