Bollywood actress Deepika Padukone’s self-care startup 82°E is reportedly planning to raise Rs 50 crore ($6 million) from both new and existing investors, Entrackr reported.
Citing data from the Registrar of Companies, Entrackr said that the 82°E board had passed a resolution to issue 50 lakh series seed 2 CCPS at an issue price of Rs 100 each to raise Rs 50 crore.
Padukone-led personal care brand raised $7.5 million in its seed round led by DSG PArtner and IDEO Ventures along with her family office in December 2022.
In the latest round of funding, Entrackr mentioned that KA Enterprises LLP, an investment entity owned by Padukone and her family might also participate.
The funding will be allocated for expansion, growth, and corporate purposes.
Padukone and Jigar Shah launched 82°E in 2022 which offers self-care products such as face cleansers, sunscreen, moisturizers, and others for both men and women. The products are a reflection of Deepika’s own routine that she has followed for years.
“I think we reached a place where skincare was extremely overwhelming, complex routines, multiple steps, you know, multiple brands selling you different ideas. And I was actually that person that felt overwhelmed by the amount of information,” Padukone told Storyboard18 in an old interview.
The company competes with brands like Mamaearth, mCaffeine, Plum, and others.
According to Tracxn data, 82°E posted revenue from operations of Rs 10.4 crore in FY23. The startup has followed a D2C approach initially but going forward it may move beyond D2C, the founders revealed in an old interview with Storyboard18.
“D2C will not be the sole channel for distribution, it will coexist with other channels,” Shah told Storyboard18 in November 2023.