mCaffeine to become a Rs 500crore brand in the coming three years.
In a development showing its excellent growth, Mumbai- based Pep Technologies Pvt. ltd., which owns mCaffeine, India’s first Caffeine Infused Skin and Hair Care Brand has raised around Rs 42crore in a Series B funding round from a consortium of investors led by Amicus Capital along with RPSG Ventures and its existing investors, Telama Investments.
This is the third round of fund raising done by the company up to the moment. Most of the investment has come from Amicus Capital and RPSG Ventures. The company last raised funds in June 2019, when it received $2 million in a Series A round of funding from a group of investors led by RPSG Ventures.
All of the investors have seen a bright future and promise in mCaffeine. They are India’s fastest growing modern FMCG brand having an immense potential to become one of the leading brands in the premium personal care category for millennial India. It is a D2C brand that focuses on young millennials. They have sold more than 2.8 million products amounting to Rs 100crores in just 4 years of launch. As a remark of its connection with consumers, the company has recovered from Coronavirus depressions to surpass its pre Covid19 revenue run rate. While the brand is still new in the market, mCaffeine products are best sellers amongst many categories on Nykaa and Amazon.
Tarun Sharma, Co-founder & CEO, mCaffeine said that They will utilize the funds in scaling up their R&D capabilities to consistently deliver high-quality products that are well differentiated. They will also invest in expanding distribution across digital channels and continue to grow operations, organizational scale-up, and brand building. There are about 20 products in the portfolio and they also have plans to launch 15-20 products in the coming year.
mCaffeine plans to penetrate the market by giving more importance to a customer-driven approach especially for the young millennials of India with premium offerings. The products are currently available to around 18,000 pin codes across India. The plan is to increase offline and online presence substantially. Entering into this competitive market with a variety of product range which is organic and natural has already helped mCaffeine to stay ahead of the game.