WishCare, the eco-conscious direct-to-consumer (D2C) beauty startup, has successfully raised Rs 20 crore in its first institutional funding round, with Unilever Ventures as the principal investor. Established in 2019 by Stuti Kothari (formerly of JP Morgan), Ankit Kothari (formerly of Google), and Ayush Kothari (Finance Consultant), WishCare proudly boasts a customer base of over 10 lakh and is currently operational across 15 prominent marketplaces, including Nykaa, Amazon, Flipkart, Purplle, Myntra, in addition to its own website.
This fresh capital injection will be channeled towards strengthening their research and development capabilities and concentrating on the creation of high-efficacy products fortified with clinically tested ingredients. Over the last 12 months, WishCare has demonstrated remarkable growth, achieving Rs 85 crore in annual recurring revenue, representing a 4x increase, all while maintaining a double-digit EBITDA.
Stuti Kothari shared, "We use nature-mimicking scientific, clinically tested, and research-backed ingredients to address customer concerns, which has earned us their trust. As we embark on our next growth phase, we eagerly anticipate collaborating with Unilever Ventures to establish new industry benchmarks."
WishCare's remarkable journey over the past year has been characterized by robust growth across various channels, driven by exceptional organic reviews, loyal customer retention, and prominent product listings on e-commerce platforms.
Pawan Chaturvedi, Partner at Unilever Ventures, expressed enthusiasm, stating, "We are delighted to welcome WishCare to our rapidly expanding beauty and wellness portfolio in India. The brand has developed a suite of evidence-based products that have exhibited rapid growth, and we are eager to support the founders in building a lasting brand."
WishCare specializes in offering a wide range of haircare and skincare products, including bond repair hair treatments, hair growth serums, face serums, sunscreens, and more.
The beauty and personal care market in India, valued at $30.54 billion in 2023, is projected to experience an annual growth rate of 3.04% until 2028, according to Statista. The personal care segment is the market's largest, with a volume of $13.81 billion in 2023. By 2023, an estimated 5.9% of the total revenue in the beauty and personal care market will be generated through online sales.
Stay tuned for WishCare's green and sustainable innovations in the beauty industry as they continue to make their mark.
