Saturday, July 20, 2024

Deepika Padukone: 82°E Seeks Rs 50 Crore in Funding

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82°E, the direct-to-consumer (D2C) personal care startup co-founded by Bollywood actress Deepika Padukone, is reportedly aiming to raise Rs 50 crore in an extended seed funding round. The investment is anticipated to come from both existing and new investors, with significant contributions expected from KA Enterprises LLP, Padukone’s investment entity.

The funds raised in this round are likely to be utilized for various purposes such as expansion, growth initiatives, and general corporate functions. To facilitate this fundraising, the board of 82°E has approved a special resolution to issue 50 lakh Series Seed 2 Compulsorily Convertible Preference Shares (CCPS) at an issue price of Rs 100 each.

Deepika Padukone with her skincare startup 82°E products

KA Enterprises LLP, spearheaded by Deepika Padukone and her family, remains a key investor in this funding round. Previously, in December 2022, 82°E secured $7.5 million in its initial seed round, with investments from DSG Partner, IDEO Ventures, and Padukone’s family office. Currently, the Padukone family holds a majority stake of 59.6% in the company.

Launched in 2022 by Deepika Padukone and Jigar Shah, 82°E offers a range of skincare and body care products catering to both men and women. Its product line includes cleansers, toners, exfoliators, face masks, moisturizers, and sunscreens. Despite facing competition from brands like Plum, mCaffeine, Wow Skin Science, and Mamaearth, 82°E has demonstrated substantial growth, achieving Rs 22.82 crore in revenue from operations between March and December 2023.

Deepika Padukone skincare startup 82°E looking for funding

While the company experienced significant revenue growth, it also reported a loss of Rs 25.1 crore at the EBITDA level during the same period. Notable stakeholders in 82°E include actor Ranveer Singh, who owns a 5.32% stake, and Bhushan Kumar of T-Series, holding a 6% share.

In conclusion, 82°E’s pursuit of Rs 50 crore in funding underscores its commitment to further expansion and innovation in the competitive skincare market. With Deepika Padukone’s leadership and strategic investments, the company aims to solidify its position and continue its upward trajectory in the industry.

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