82°E, which is a Personal Care Brand of Deepika Padukone, is all set to raise INR 50 crore (approximately USD 6 million) in an extended seed funding round. The main aim of this funding is to expand their presence in the personal care market.
Details of the Funding Round
The board of 82°E approved an allotment of 50 lakh Seed 2 Compulsorily Convertible Preference Shares (CCPS), The allotment is to be done at an issue price of INR 100 per share. This decision was made during a meeting held on March 20, 2024.
Investment made by Deepika Padukone
Deepika Padukone and her father Prakash Padukone will increase their stake in the company through this funding round. This will be done through their investment entity KA Enterprises. Both new and existing investors are expected to participate in this round set to conclude by June 20, 2024.
These funds will be used by them to meet their need of enhancing product offerings and market reach. 82°E’s promoters, Padukone and co-founder Jigar Shah, will see their combined stake increase to 49.03% with this infusion.
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About 82°E
82°E was founded in 2021. They offer a wide range of skincare products including moisturizers, face-oil, lip care, cleanser and sunscreen. The products are priced between INR 1,200 and INR 2,900. They are developed in-house at their R&D lab in Bengaluru.
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Previous Funding and Market Expansion
This is the second major funding for 82°E following an initial seed round of USD 7.5 million in December 2022. DSG Consumer Partners, IDEO Ventures and several other ultra-high net worth individuals (UHNIs) were some of their initial investors.
Recently, 82°E partnered with Reliance Retail’s beauty and personal care brand Tira, marking its entry into offline sales. This partnership will make 82°E products available both online and in physical stores.
Growth in Personal Care Market
The beauty and personal care (BPC) market is growing rapidly. The sector is expected to reach USD 5.6 billion by 2025. 82°E will compete with established brands like Mamaearth, Plum and Foxtale.
About Author
This article has been written by Mr. Radhesh Tarang Shah, who is a third-year management student at Institute of Management, Nirma University. He has a passion for writing articles and poems. He has experience as a financial analyst, author, news writer, marketer and social worker
