Source: Entrackr
Chennai, India, Tamil Nadu, Feminine hygiene brand Plush is raising ₹30.56 crores (around $3.6 million) in Series B funding, which According to Entrackr’s estimates will take the company’s valuation to ₹281 crores (approximately $33 million) – an increase of three-fold. This is a tremendous achievement for the Chennai startup, which has experienced an impressive rate of growth in the past couple of years.
Angel investor Ajay Kumar Aggarwal will lead the new funding round, investing ₹6 crore. Other significant investments are from Careernet Technologies, which will invest ₹5 crore, OTP Ventures which will invest ₹3 crore, and Blume Ventures which is investing ₹4 crore. The rest of the investments are from a group of investors, including Rahul Garg, Sumit Jalan, Blue Ashva Varenya Fund, Rahul Kayan, and seven other investors.
Plush’s board of directors has passed a special resolution to issue 4,099 Series B preference shares to raise these funds. This is all taken from regulatory filings found from the Registrar of Companies (ROC).
Shareholders After the Round
After receiving the new funds, Ajay Kumar Aggarwal will hold the majority of the company with 19.64%. Careernet Technologies will hold 16.37%, while Blume Ventures will be a minor shareholder at 13.08%. These figures reflect the increasing faith of investors into the company’s future.
About Plush
Plush, a startup focusing on feminine care and hygiene products, was established by Ketan Munoth and Prince Kapoor in the year 2019. Plush sells various feminine products ranging from period care to hair removal, intimate wellness to skincare products, with the main goal of delivering high-quality, safe feminine products for women.
Plush offers its products in 500 retail stores in popular cities in India like Bengaluru, Chennai, Mumbai, Delhi, and Hyderabad and aims to reach 2,000 stores in the next 6 months, strengthening its foothold in the Indian market.
Plush Financial Performance
Last 12 months have seen the excellent growth of Plush. The company reported revenue of ₹28.87 crore in the financial year ending March 2024, an 84% year-on-year increase. The company had a loss of ₹4.4 crore for the financial year ending March 2024, despite that growth. Plush expects to finish the current financial year (FY25) with revenue of ₹60 crore.
Enthusiasm Moving Forward
The new capital will significantly help Plush achieve growth, launch new products and reach out to more customers. With rising awareness on women’s health, and hygiene, Plush is now in a position to create a considerable impact in the Indian personal care industry.
