Deepika Padukone-founded direct-to-consumer (D2C) personal care startup, 82°E, is set to raise Rs 50 crore ($6 million) in an extension of its seed round.
This funding, marking the first investment round for the year, will involve contributions from both existing and new investors. Significant contributions are expected from KA Enterprises LLP, the investment entity owned by Padukone and her family.
As per filings with the Registrar of Companies (RoC), 82°E has received board approval for a special resolution to issue 50 lakh Series Seed 2 Compulsorily Convertible Preference Shares (CCPS) at Rs 100 each. The funds will be utilized for company expansion, growth, and other corporate functions.
Earlier, by December 2022, 82°E had secured $7.3 million in its initial seed funding round from DSG Partner and IDEO Ventures, with an additional $2 million from the same investors. Deepika Padukone’s family office also participated in this round, owning 59% of the company shares. Other notable stakeholders include Bhushan Kumar of T-Series with a 6% stake, and actor Ranveer Singh, the second-largest shareholder, with 5.32%.
Founded in 2022 by Deepika Padukone and Jigar Shah, 82°E specializes in skin and body care products, offering a range of items for both men and women. The product line includes cleansing, toning, and exfoliating products, as well as masks, moisturizers, and protective products. The company aims to achieve an operating income of Rs 82 crore from March to December 2023, a significant increase from its Rs 11 crore operating income for the full FY 2023.
Despite reporting a Rs 25.1 crore loss at the EBITDA level from March to December 2023, the brand’s growth trajectory remains strong, showcasing its potential for future profitability.
82°E operates in a competitive market alongside established brands like Plum, mCaffeine, Wow Skin Science, and the publicly listed Mamaearth. The D2C model of 82°E facilitates a direct connection with consumers, catering to the rising demand for niche and premium products.
The fresh capital will be instrumental in scaling operations, developing new products, and expanding distribution channels. The involvement of celebrity co-investors is expected to boost the brand’s visibility and credibility among consumers.
Strategic investments by venture firms such as DSG Partner and IDEO Ventures provide industry insight and financial support, positioning 82°E to navigate competitive challenges and seize growth opportunities. The successful completion of this funding round underscores the brand’s ambition and strategic intent to capture a significant market share in the personal care sector.
With influential investors and a clear growth vision, 82°E is poised to capitalize on the expanding D2C personal care market, leveraging its strong brand equity and innovative product offerings. This funding round marks a pivotal phase in 82°E’s journey to becoming a leading name in personal care.
