Kolkata
: iluvia, a professional haircare brand under
Renaura Wellness Pvt. Ltd., has secured a Series A funding from Fireside
Ventures and Multiply Ventures. This investment represents a crucial milestone
for the organisation as it will play a pivotal role in the company's efforts to
assemble a high-caliber team and to fuel its brand expansion initiatives.
Founded
by Nishant Gupta and Palash Pandey, both alumni of Vellore Institute of
Technology (VIT), iluvia was created from a passion to deliver the best in
self-care. The brand’s Research & Development
division focuses on developing a diverse product portfolio tailored to
professional haircare needs, including the development of India’s first Hard
Water Shampoo. Initially incubated at VIT, Renaura Wellness later secured
funding from Startups Club Incurator Network (SCIN).
Speaking
on the milestone, Nishant Gupta and
Palash Pandey, Co-founders, Renaura Wellness Pvt. Ltd. said, "This investment validates
our vision and fuels our mission to revolutionize the professional haircare
industry. With this funding, we are empowered to bolster our R&D
investments while further expanding our product offerings with innovative and
unique solutions for professionals as well as consumers. With Series A closed,
our aim is to ramp up talent acquisition and expand our team by recruiting
skilled professionals who share our passion."
Committed
to being tech-first, iluvia stands at the forefront of the professional
haircare segment with a dedication to quality and innovation. Operating in a
market teeming with potential, iluvia has established its presence in over 2500
salons spanning across 70+ cities in India. With robust expansion and growth
plans, the brand is gearing up to increase its market penetration and solidify
its position as one of the top professional haircare brands in the country.
With a passion for excellence and a vision for the future, iluvia continues to
revolutionize the industry, offering salon professionals and consumers a range
of premium solution-driven products formulated to address huge need-gaps in the
market.
Dipanjan Basu, Co-founder and Partner, Fireside Ventures
added, “Our investment in iluvia is an endorsement of our commitment to
building iconic and innovative consumer brands. The brand's reliance on science
and their meticulous R&D process is why they are seen as being great
innovators in personal care. We believe in their vision and are very impressed
with their dedication to creating truly transformative and revolutionary
products which are highly efficacious and safer for consumers. At Fireside, our
quest is on for brands that have an inherent value of goodness ingrained in
every aspect of the product and iluvia is a perfect match."
Addressing
the achievement, Founder & General
Partner at Multiply Ventures, Sanjay Ramakrishnan said, “The beauty and
personal care space is growing rapidly in India and there are many ways to
cater to the market's needs. Our thesis at Multiply Ventures has been to
partner with founders who solve a large niche with research-focused,
Science-backed, safe products with clear deliverables on the outcome. iluvia
checks all the boxes with its very focused product line-up. The distribution of
the professional range of products via the salon networks and the acceptance of
the same by the salon owners and the end consumers has been very encouraging.
We at Multiply are happy to have partnered with Palash, Nishant, and the team
at iluvia since the beginning. We started the Journey with iluvia in the seed
round and are very excited that Fireside Ventures has joined us in this journey
by investing in Series A alongside us.”
iluvia
presents a meticulously curated range of scientifically formulated haircare
products to address diverse hair concerns while promoting overall hair health. The
global haircare market valued at over USD 83 Billion in 2022, with an
anticipated CAGR of 5.28% leading to USD 113 Billion by 2028*. The Indian Hair
Care and Styling Products market stands at over USD 5.8 Billion**. In this
landscape, iluvia's commitment to science-backed formulations positions it as a
trusted innovator operating in the premium end of the market and poised to meet
the dynamic demands of the growing professional haircare market.
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