New funding to be raised by Deepika Padukone’s personal care D2C startup 82°E
Startup 82°E, which sells personal care products directly to consumers, plans to raise an additional Rs 50 crore, or $6 million, from both new and current investors as part of its seed round. The company led by Deepika Padukone is set to receive its first round of funding this year.
According to its regulatory filing, which can be accessed through the Registrar of Companies (RoC), the board at 82°E passed a special resolution to issue 50,00,000 series seed 2 CCPS at an issue price of Rs 100 each in order to raise 50 crores.
Deepika Padukone and her family own an investment company called KA Enterprises LLP, and they are expected to participate in the round. Additional investors may join them.
The documents state that the additional money will be used for general corporate purposes, growth, and expansion.
The company’s most recent seed round, which included Padukone’s family office, IDEO Ventures, and DSG Partner, raised $7.5 million in December 2022. Actor Ranveer Singh owns 5.32% of the company, followed by Padukone and her family office, which together hold 59.6%, according to the media.
The skin and body care line 82°E, which was founded in 2022 by Deepika Padukone and Jihar Shah, caters to both men and women and offers a variety of products such as cleansers, face masks, moisturizers, sunscreen, and more.
During the first nine months of FY24, 82°E showed notable growth. Between March 2023 and December 2023, its operating revenue was Rs 22.82 crore. For comparison, the company’s operating income for FY23 was Rs 11 crore. During the same period (March 2023 to December 2023), the company’s EBITDA was negative by Rs 25.1 crore.
Numerous brands, such as Plum, mCaffeine, Wow Skin Science, and publicly traded Mamaearth, are competitors of 82°E.
