Environment friendly reusable diaper firm SuperBottoms raised $5 M Series A1 funding
SuperBottoms, a manufacturer of environmentally friendly reusable diapers, has raised $5 million in a Series A1 funding round coordinated by Lok Capital and Sharrp Ventures. The Mumbai-based company has raised money in three rounds over the past two years.
The money, according to SuperBottoms, will be used for growth and educating a larger audience about cloth diapering.
The company’s Series A round funding has reached almost $8 million with this tranche. In May 2022, SuperBottoms had managed $3 million from DSG Partners and Saama Capital.
SuperBottoms, a company founded in 2016 by Pallavi Utagi, sells reusable diapers that can be used 300 times. Over 200K customers are reportedly served by the seven-year-old business.
SuperBottoms reported an 89% increase in operating revenue to Rs 39.77 crore in FY22 from Rs 21.07 crore in FY21, according to the company’s annual financial statements, even though the company has not yet released its F23 financial figures. The company reported a more than 5X increase in losses from FY22 to FY22, from Rs 2.32 crore to Rs 12.44 crore.
As its services overlap with those of FirstCry and Hopscotch, SuperBottoms faces little competition in its market. For a cash consideration of Rs 435 crore, Hemendra Kothari’s DSP family office, Harsh Mariwala’s Sharrp Ventures, and Ranjan Pai’s MEMG Family Office of Manipal Group recently acquired stakes in the omnichannel retailer FirstCry that caters to children. In May of this year, Hopscotch, a rival of itss, raised $20 million with Amazon at the helm.
