Direct-to-consumer personal-care brand WishCare has received Rs 20 crore in its first institutional round of funding from Unilever Ventures, the venture and growth capital arm of Unilever.
“The company aims to channel these funds towards amplifying research and development capabilities and focusing on formulating high-efficacy products fortified with clinically tested ingredients,” WishCare said in a statement.
Founded in 2019 by Stuti Kothari, Ankit Kothari and Ayush Kothari, the company currently has annual recurring revenue of Rs 85 crore. The startup said that it has grown “fourfold in the last 12 months, while maintaining a strong double-digit EBITDA.”
Commenting on the investment, Pawan Chaturvedi, partner at Unilever Ventures, said, “We are delighted to have WishCare as an addition to our fast-growing beauty and wellness portfolio in India. WishCare has built a suite of evidence-based products that have shown rapid growth and we’re looking forward to supporting the founders to build a long-lasting brand.
” Unilever Ventures has been rapidly scaling up its beauty and wellness portfolio in India with investments in companies such as Plum, Minimalist, Curefit and What’s Up Wellness.
WishCare’s product range includes haircare and skincare products, hair-growth serums, face serums, sunscreens, and active-based body lotions.
The products are available on over 15 marketplaces, including Nykaa, Amazon, Flipkart, Purplle, Myntra, as well as its own D2C website. “Our focus has always been to understand the needs of consumers and co-create innovative and result-driven products with them.
As we enter the next phase of growth, we look forward to working together with Unilever Ventures to help the brand set new benchmarks in the industry,” said cofounder Stuti Kothari.
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