Eco-friendly reusable diaper maker SuperBottoms has raised $5 million in its Series A1 funding round led by Lok Capital and Sharrp Ventures. This is the third funding round for the Mumbai-based firm in the past two years.
According to SuperBottoms, the funds will be used for expansion and creating awareness about cloth diapering to a wider audience.
With this tranche, the company has raised nearly $8 million in Series A round. SuperBottoms had managed Rs 22.5 crore ($3 million) from DSG Partners and Saama Capital in May 2022. Entrackr had exclusively reported the fundraise then.
Founded in 2016 by Pallavi Utagi, SuperBottoms offers reusable diapers which can be used 300 times. The seven-year-old firm claims to serve over 200K customers.
While the firm is yet to disclose its F23’s financial numbers, SuperBottoms registered 89% growth in its operating revenue to Rs 39.77 crore in FY22 from Rs 21.07 crore in FY21, according to the company’s annual financial statements. The firm reported an over 5X surge in its losses to Rs 12.44 crore in FY22 from Rs 2.32 crore in FY22.
SuperBottoms has little competition in its space, its offerings overlap with FirstCry and Hopscotch. Recently, Manipal Group’s Ranjan Pai’s MEMG Family Office, Marico’s Harsh Mariwala’s investment office Sharrp Ventures and DSP family office of Hemendra Kothari bought stakes in kids-focused omnichannel retailer FirstCry for a cash consideration of Rs 435 crore. Its competitor Hopscotch also raised $20 million led by Amazon in May this year.
