Online baby care products startup Mamaearth has raised $4 million in its Series A round led by Stellaris Ventures and existing investor Fireside Ventures. The funding round also saw participation from Marico’s Rishabh Mariwala and Snapdeal co-founders Kunal Bahl and Rohit Bansal.
The Bengaluru-based startup will deploy the fresh proceeds towards hiring more employees for its offline, technology and marketing verticals. Besides, a part of the fundraising will also be used in strengthening its product portfolio and on R&D.
The development comes after five months when Bollywood actress Shilpa Shetty Kundra had invested $250,000 in the startup. While the total risk capital raised by Mamaearth hovers around $5.3 million, the valuation of the two years old startup is expected to be in the range of Rs 90-95 crore, reports ET.
Led by husband and wife duo Varun and Ghazal Alagh, Mamaearth essentially showcases baby and mom care product including certified toxin-free body lotions, rash creams, hair shampoo, body wash, diaper rash cream, massage oil, all-natural bug sprays, and sunscreen lotion, among others.
The startup is present in over 500 stores across Delhi, Mumbai, and Bengaluru and also sells its products via e-commerce platforms such as Amazon India, Flipkart, Nykaa, and FirstCry. Now it aims to expand its retail touch point to 5000 by 2019.
The startup claims to have crossed annualised revenue run rate of over Rs 15 crore as of the last month and aims to cross Rs 100 crore mark by the next three years.
Earlier, MamaEarth had raised $1 million led by existing investors Fireside in September, last year. Prior to that, it raised an undisclosed amount in seed funding in December 2016.