Plush Launches Series B Funding Round
Feminine hygiene brand Plush is set to initiate its Series B funding round, spearheaded by angel investor Ajay Kumar Aggarwal. This round will also see contributions from Careernet Technologies, OTP Ventures, Blume Ventures, and a total of 11 other investors.
As per the regulatory documentation obtained from the Registrar of Companies (ROC), the board at Plush has approved a special resolution to issue 4,099 Series B preference shares aimed at raising Rs 30.56 crore, which equates to approximately $3.6 million.
Ajay Kumar Aggarwal is leading this funding round with an investment of Rs 6 crore. Additionally, existing investors, including Careernet Technologies, OTP Ventures, and Blume Ventures, are set to invest Rs 5 crore, Rs 3 crore, and Rs 4 crore respectively. The remaining investment will come collectively from Rahul Garg, Sumit Jalan, Blue Ashva Varenya Fund, Rahul Kayan, and seven more investors.
Estimates from Startup Superb suggest that the company’s valuation is projected to reach around Rs 281 crore, or about $33 million, following the allotment. This indicates nearly a tripling of its valuation compared to the pre-Series B round.
With this new funding, angel investor Ajay Kumar Aggarwal will command a 19.64% stake in the company. Careernet Technologies and Blume Ventures will hold stakes of 16.37% and 13.08% respectively. For a comprehensive overview, please refer to various sources detailing the complete shareholding pattern.
About Plush
Founded in 2019, the Chennai-based startup specializes in feminine care products, offering a diverse range that includes period care, hair removal, intimate wellness, and skincare solutions. The brand reports that its products are currently available in 500 outlets across Bengaluru, Chennai, Mumbai, Delhi, and Hyderabad. Plush is set on expanding its retail presence to 2,000 stores within the upcoming six months.
Financial Growth and Future Projections
Plush has reported an impressive 84% year-on-year revenue growth, reaching Rs 28.87 crore for the fiscal year ending March 2024. However, during this same period, the company recorded a loss of Rs 4.4 crore. Looking ahead, the startup aims to achieve a revenue of Rs 60 crore by the close of FY25.