Skincare startup SkinInspired has secured Rs 12.2 Cr in a seed funding round led by Unilever Ventures along with angel investors including Dr Vaidya’s cofounder Arjun Vaidya and others. These funds are set to be utilized for research & development, and brand marketing.
Founded by former FMCG Piyush Jain and dermatologist Prashant Agarwal in 2022, the Udaipur-based beauty startup includes four skin types-based products in the categories of face wash, face serum, moisturizers, and sunscreen that are claimed to be skin-friendly by the brand. As a sustainability initiative, the brand has launched refillable airless jars and pumps.
“We aim to elevate ‘I-beauty’ onto the global stage, benchmarking our formulations against the best worldwide,” said Piyush Jain while Dr Agarwal shared, “We are trying to raise the bar on efficacy, experience, and transparency in skincare through curated informational content on our social media handles.
Pawan Chaturvedi, Partner-Asia at Unilever Ventures, while commenting upon the investment, said, “We are thrilled to collaborate with SkinInspired, a brand that has carved out a distinct niche within a fiercely competitive landscape, garnering early acclaim from consumers and the Dermatologists community alike.”
Some of its prominent competitors are Dr Sheth, Minimalist, The Derma Co and Dot & Key among others. Market researches indicate that skincare industry’s market has reached a size of $3 billion as of 2023, with demand predicted to grow at a CAGR of 14.6% over the forecast period. The industry is estimated to be worth $13 billion by 2034.
