Kult Raises $20 Million in Series A Funding to Transform Beauty Tech

Beauty tech venture Kult has secured $20 million (over Rs 170 crore) in a Series A funding round, led by Dr. Payal Kanodia and Aishwarya Bansal from the M3M Family Office, alongside investments from Venture Catalysts. This funding will aid in expanding product offerings, enhancing the team, and scaling operations.

About Kult

Founded by Karishma Singh and Ruchika Pallavi, Kult delivers tailored skincare suggestions through AI and features products suited to various Indian skin tones. The platform is informed by insights from more than 300 beauty professionals worldwide. As part of this investment, Kanodia and Bansal will join Kult’s board of directors.

Future Growth Plans for Kult

Kult is set to introduce 700 premium beauty products and aims to handle over 10,000 orders daily by the end of 2025. The company also plans to recruit over 200 staff across areas such as sourcing, engineering, product development, and user experience.

Market Potential

This investment arrives at a time when India’s beauty and personal care (BPC) market is anticipated to expand at a compound annual growth rate (CAGR) of 10%, projected to reach $30 billion by 2027. Within this framework, the online BPC sector is expected to contribute $10 billion, which represents approximately 33% of the overall market.

Competitive Landscape

Kult faces competition from established brands like Nykaa, which also provides product suggestions, beauty content, and augmented reality virtual try-ons. Other contenders include the Good Glamm Group, noted for its content-to-commerce approach, and Smytten, which focuses on product exploration through trial packs and has recently ventured into offline retail.

Kult’s $20 million funding marks one of the largest Series A rounds for a startup this calendar year. Various sources from data intelligence platforms indicate that SaaS companies Atomicwork and Lucidity raised $25 million and $21 million respectively in their Series A rounds. Additionally, medical device manufacturer Harsoria successfully obtained $20 million in its own Series A round.