Tuesday, July 23, 2024

Chennai-Based Skincare Startup CHOSEN Raises $1.2M in Seed Funding

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CHOSEN, a Chennai-based skincare startup, has successfully raised $1.2M in a seed funding round from friends, family, and undisclosed investors. This follows an earlier grant of $100,000 from Peak XV Partners, awarded to CHOSEN through the SPARK program for women entrepreneurs.

Know About CHOSEN

Founded by cosmetic dermatologist Dr. Renita Rajan, CHOSEN is focused on creating innovative skincare products tailored specifically for Indian skin types. The startup leverages patents and advanced technology formulations to develop its products. After this seed funding, CHOSEN is exploring the integration of Internet of Things (IoT) technology into its skincare solutions.

Plans After Seed Funding

CHOSEN plans to use the new funds to expand its team and improve its supply chain capabilities. The startup aims to scale its operations and introduce new products. Dr. Rajan emphasized the flexibility the seed round provides, stating, “This seed round allows us to expand our operations and explore new growth areas. Our next step is to form partnerships with B2B sectors like hospitality, health, travel, and leisure to expand our distribution channels. We aim to secure pre-series funding of $10-20 million later this year.”

Chosen Founder Dr Renita Rajan

Current and Future Products

Currently, CHOSEN offers 34 stock-keeping units (SKUs) and has 12 more products in development. The startup plans to launch additional products over the next 18 months. Over the past four years, CHOSEN has built a multi-channel ecosystem of highly effective cosmetic products.

Expanding Distribution Channels

In addition to expanding its product lineup, CHOSEN is looking to grow its distribution channels by partnering with various B2B sectors such as hospitality, health, travel, and leisure. The startup is also planning to secure pre-series funding of $10-20 million later this year to support its expansion efforts and explore new growth opportunities.

CHOSEN’s innovative approach and strategic plans highlight its commitment to revolutionizing skincare for Indian consumers. With this seed funding and future growth plans, CHOSEN aims to make significant strides in the skincare industry.

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