Delhi-based Happily Unmarried, a consumer products firm is raising funds from Wipro Consumer Care, the personal care arm of Wipro Enterprises.
Wipro did not disclose the quantum of the investment.
Founded in 2003 by Rahul Anand and Rajat Tuli, Happily Unmarried is engaged in the business of designing and developing original, fun and creative range of products including a grooming range for men under the brand name ‘Ustra’ through self-run as well as third-party retail outlets and through its web portal.
Though, most of its revenues come from online channels including its own e-commerce portal and marketplaces such as Amazon and Flipkart.
The investment is in line with the company’s strategy of leveraging emerging online opportunities, a statement from Wipro said. “Since its foray into the personal care market in 2015, Happily Unmarried has built a wide portfolio of male and female grooming products,” reported Mint.
The men’s grooming market in India grew at a compound annual growth rate (CAGR) of 15.1% between 2000 and 2016, research firm Euromonitor International’s latest report showed. But it is forecast to grow at a significantly slower rate of 4.9% between 2016 and 2021, the report added.
Info Edge (India) Ltd, which is an existing investor in Happily Unmarried, also invested Rs 5 crore in the company, reported ET.
Info Edge, which runs internet properties such as, Naukri, Shiksha, 99acres, and Jeevansathi among others, has made three investments in this month.
Earlier this month, Info Edge poured in Rs 38 crores in online learning platform Meritnation, post which it holds a majority stake of 66% in the company, followed by funding of Rs 5.66 crore in Delhi-based ed-tech startup NoPaperForms in an all-cash deal.
Happily Unmarried: Website