In an exclusive development, 82°E, a direct-to-consumer (D2C) startup in the personal care sector, is gearing up to secure Rs 50 crore (approximately $6 million) in an extension of its seed funding round from both existing and new investors. This marks the initial investment round for the company in the current fiscal year.
According to regulatory filings accessed from the Registrar of Companies (RoC), the board at 82°E has approved a special resolution to issue 50,00,000 series seed 2 CCPS at a price of Rs 100 each, aiming to raise Rs 50 crore. KA Enterprises LLP, an investment entity linked to Deepika Padukone and her family, is expected to participate in this round, with potential involvement from other investors.
The infusion of fresh capital will be directed towards expansion initiatives, fostering growth, and supporting general corporate objectives. 82°E previously raised $7.5 million in its seed funding round, led by DSG Partner and IDEO Ventures, alongside support from Padukone’s family office in December 2022.
Deepika Padukone and her family office hold a majority stake of 59.6% in the company, followed by actor Ranveer Singh with a 5.32% stake.
Founded in 2022 by Deepika Padukone and Jihar Shah, 82°E specializes in skincare and body care products catering to both men and women. Its product range includes cleansers, face masks, moisturizers, sunscreen, and more.
During the initial nine months of FY24, 82°E exhibited substantial growth, achieving an operational revenue of Rs 22.82 crore between March and December 2023, compared to Rs 11 crore in the previous fiscal year. However, the company reported an EBITDA loss of Rs 25.1 crore during the same period, indicating ongoing investments in expansion and development.
82°E faces competition from various brands in the personal care sector, including Plum, mCaffeine, Wow Skin Science, and publicly listed Mamaearth.