Direct to consumer (D2C) men’s grooming firm Ustraa’s parent has raised Rs 16.8 crore or $2.1 million from existing investors. The fresh funding for the Delhi-based company came after a gap of 18 months.
The board at Happily Unmarried which owns and runs Ustraa has passed a special resolution to issue 1960 Series I preference shares at an issue price of Rs 85,711.84 per share to raise Rs 16.8 crore from its existing investors, regulatory filing with the Registrar of Companies (RoC) shows.
Info Edge’s subsidiary Startup Investments led the round with Rs 7.5 crore while IIFL Seed ventures and Wipro Enterprises have put in Rs 6.3 and 3 crore respectively.
Happily Unmarried offers a range of grooming products for men under the brand name Ustraa. Besides selling through its own website, the company sells its products through e-commerce marketplaces such as Amazon and Flipkart, and third-party retail outlets such as Nykaa.
The Wipro-backed company is yet to file its financial statements for FY22. The operating revenue of the firm was recorded at Rs 38.73 crore in FY21 while Ustraa booked a loss of Rs 22.86 crore during the fiscal year 2021.
Ustraa competes with The Man Company, Marico-owned Beardo, Bella Vita among others. The Man Company had raised Rs 50 crore primary capital from Emami in June 2020 while Beardo was acquired by Marico in a deal worth Rs 350 crore in June 2020. In July 2021, Bella Vita raised $10-million funding from Ananta Capital, a private equity firm.
Source @Entrackr
