As according to the reports accessed by Inc42, the personal care startup ‘mCaffeine’ hasissued 23,217 Series B Compulsorily ConvertiblePreference Shares (CCPS) at a face value of Rs. 10per share and a premium of Rs. 9,507 per share toeight entitiesthrough itsparent company Pep Technologies Pvt Ltd, out of which the company has allotted300 equity shares with a face value of Rs. 10 eachand a premium of INR 28,541 per equity share, tothree entities. From the above-mentionednumber of shares, large amount of Series B CCPSand equity shares have been allotted to the following mentioned threeentities:
- Amicus Capital Private Equity I LLP – 19,113Series B CCPS and 100 equity shares,aggregating to a total amount of Rs. 18,47,53,521;
- Amicus Capital Partners India Fund I – 1,821Series B CCPS and 50 equity shares, aggregating to a total amount of Rs. 1,87,58,007;
- Milestone Trusteeship Services Private LimitedTrustee of RP-SG Venture Fund I – 1,653 SeriesB CCPS and 150 equity shares, aggregating toa total amount of Rs. 2,00,14,251;
Overall, the company has raised a total amount ofRs. 22,95,21,489 from various investors.
Founded in 2016 by Vikas Lachhwani and TarunSharma, mCaffeine is a personal care startup whichoffers caffeine-infused skin and hair care products.At present, it offers 10 products in the face, bodyand hair care range. It claims to have 5,00,000customers.Till date, mCaffeine has raised over of $2.5 Million inthree funding rounds.
The company had raised $2 Million through funding in the month of June last year in a Series A funding round by RP-SG Ventures, which is also one of theinvestors in the recent funding round, through itstrustee, the Milestone Trusteeship Services PrivateLimited.
RP-SG Ventures is an early-stage consumer venturecapital fund with investments across segments inthe B2C ecosystem such as personal care and lifestyle goods, they also invest in food and beverage sector. The fund investsin early-stage consumer businesses across theirSeries A to Series B rounds. Their current portfolioalso includes online retailers ‘The Souled Store’ and‘ShopG’.
mCaffeine sells its products online through its own shoppingportal as well as throughecommerce brands such as Amazon andNykaa. Last year, the company added a green tearange of products and was reportedly targeting 1Million customers in the next 12 months with an aim ofrecording Rs. 100 Cr Accounting Rate of Return(ARR).
The personal care industry in India is set to be $20 Billion industry by the year 2035,with the help of the disposable income of the middle-class and growing aspirationsof people to live a good life and look good.