Delhi-based natural fragrance brand Nirmalaya has secured $800K in its seed funding round led by Artha Venture Fund along with participation of The DotIn Network, Shiprocket – Huddle Accelerator, Flawless Company office and other angel investors.
The proceeds will be deployed to expand its presence to the US and the Middle East, Asia and build more carbon-free products, Nirmalaya said in a press release.
Nirmalaya is a direct to consumer brand that offers natural incense and fragrance products which are chemical-free, low carbon, and eco-friendly incense. It claims to process floral waste collected from more than 300 temples in the NCR region.
With the global natural incense market raking up around $1 billion in revenues, Nirmalaya aims to leverage its range of products to gain a firm foothold in the global markets. It claims to service over 30,000 customers and sell nearly a million units till date. The company aims to rake in $3.5 million in revenue in the next 16-18 months.
Nirmalaya competes with the likes of Phool, Soulflower, Maeva and several others. In April this year, Phool raised $8 million led by Sixth Sense Ventures and existing investors including Bollywood actor Alia Bhatt. Soulflower also raked in its maiden funding round from Wipro Consumer Care-Ventures and Lighting in December 2021.
Source @Entrackr
