Ustraa’s parent Happily Unmarried raises Rs 20 Cr in Series H round

Happily Unmarried, which sells men grooming products online under the brand name of Ustraa, has raised Rs 20 crore in its Series H round, regulatory filings show.

The direct to consumer brand has passed a special resolution to allot 5,490 Series H preference shares at an issue price of Rs 36,428 each to raise Rs 20 crore from IIFL Seed Ventures Fund.

In July 2020, Happily Unmarried had raised Rs 50 crore from IIFL Seed Ventures Fund II. Besides IIFL, the company has raised funds from Info Edge and Wipro Consumer Care.

The fresh tranche appears to be a part of the last round announced in July. While Happily Unmarried had valued itself at Rs 220 crore during the last round, Fintrackr’s estimate puts it at Rs 180 crore (post-money) for the latest infusion.

Following the fresh investment, IIFL has emerged as the second-largest stakeholder with 29.41% stake. Info Edge is the biggest owner with close to 29.88% stake whereas co-founders Rajat Tuli and Rahul Anand’s collective holding has been diluted to 21.42 %. 

Wipro and several angel investors in the company control 15.87% and 2.24% respectively. Its employee stock option or ESOPs pool constitutes 1.16%.

Entrackr’s immediate queries to Happily Unmarried on the fresh infusion and its valuation have remained unanswered. We will update the story in case they respond.

The 17-year-old company offers a range of grooming products for men under the brand name Ustraa and it sells its products through e-commerce marketplaces such as Amazon and Flipkart, third-party retail outlets and its web portal.

According to Ustraa’s annual financial report analysed by Fintrackr, the company had recorded operating revenue of Rs 60 crore in FY20. Around 95.6% of this income was generated through sales of men’s grooming products and the rest 4.4% was earned via the provision of gift wrapping and delivery services.

The company’s losses in FY20 also grew by 50.4% to Rs 17.6 crore as compared to Rs 11.7 crore in FY19. During the period, its outstanding losses mounted to nearly Rs 65 crore and its total liabilities outweighed its assets by Rs 10.44 crore.

Among D2C brands focusing on men’s grooming, Ustraa competes with the likes of Bombay Shaving Company, The Man Company, Beardo, and a few others. In June 2020, Beardo was acquired by Marico in a deal worth Rs 350 crore.