Through its Series A round, which was co-led by Anicut Growth Fund and 12 Flags Consumer Holdings, the direct-to-consumer (D2C) hair extension and wig company HairOriginals has raised $5 million (Rs 43.5 crore).
The CEO and co-founder of Lenskart, Peyush Bansal, also participated in the round.
The startup had closed its pre-Series A funding round earlier in December 2023 at a final close of $2.75 million, or about Rs 23 crore.
It will use the money to improve its research and development (R&D) capabilities and extend its on-demand (try at home) services to 40 cities.
Additionally, within the next 12 months, the funds will be used to open 25 to 30 company-owned experience centers.
Jitendra Sharma founded HairOriginals in 2019 and sells DIY wigs and extensions made from real human hair that has been ethically sourced. It provides non-surgical ways to give hair length, volume, and a vibrant appearance without causing damage to the hair with coloring chemicals.
According to the brand, it has so far partnered with more than 1,400 salons and opened several experience centers in North America and India (in collaboration with the Kurves salon chain).
It faces competition from artists such as Euphoria and Nish Hair.
HarOriginals raised money from Ashneer Grover, Peyush Bansal, and Anupam Mittal and appeared on the first season of the television program Shark Tank India.
