Deepika Padukone led Startup 82°E plans to Raise Rs 50 crore

By: WE Staff | Tuesday, 11 June 2024

The celebrity skincare and beauty brand 82°E, co-founded by renowned Bollywood actress Deepika Padukone and Jigar Shah plans to raise Rs 50 crore (around $6 million) from both existing investors and the newly joined ones. The venture is a direct-to-consumer personal care startup that is backed by Ka Enterprises which will use the capital raised for expansion and growth.

Deepika's venture firm, Ka Enterprises has also backed startups including Epigamia, BluSmart, Mokobara, and Supertails, and is set to participate in a funding round for 82°E, contributing to India's $30 billion beauty and personal care market for both men and women. 82°E is an Indian self-care brand that combines traditional Indian ingredients with modern scientific compounds to create high-quality skincare products. Their products include Pomegranate Sheen Lip Oil, Lotus Splash Cleanser, Ashwagandha Bounce Moisturizer, Turmeric Shield SPF 40 PA+++ Sunscreen Serum, Face, Beard, and Body Cleanser, Gel Body Cleanser, and Body Lotion SPF 20 PA++. They are vegan, cruelty-free, and clinically tested.

A recent study by Tracxn states that the startup generated revenue of Rs 10.4 crore in FY23, with India's beauty and personal care market expected to reach $30 billion with a 10 per cent compounded annual growth rate between 2022 and 2027. Celebrity-led brands, including Kay Beauty, Anomaly, Ed-a-mamma, and Nush, are also gaining popularity in India.