Vedic Cosmeceuticals raises INR 25 crores, Series A Round from Sixth Sense Ventures
Dec 23, 2021
New Delhi [India], December 23 (ANI/NewsVoir): Vedic Cosmeceuticals, a premier private label manufacturer of personal care products for leading international and domestic brands, announced that the company raised INR 25 crore; it's Series A round of capital from Sixth Sense Ventures.
Vedic Cosmeceuticals manufactures a wide range of personal care products, including facial care, hair care, baby care, soaps, body & bath care, intimate care and aromatherapy products. The company manufactures for leading Indian cosmetic brands including Nykaa, Moms Co., Sirona, Arata and many more, with 20% of their current production is exported to Europe.
Founded by Mohit Goel in 2004, Vedic Cosmeceuticals has grown from being a contract manufacturer for a single brand in 2004 to 50+ leading brands in 2021. The company has grown almost 100% y-o-y, and their biggest strength is being able to provide deep customized Idea-to-shelf services to their clientele, having a 1000+ strong formulations bank in-house. The company's facilities are GMP (Good Manufacturing Practices) and GLP (Good Lab Practices) certified, and FDA approved.
Speaking on the fund raise, Mohit Goel, Founder Vedic Cosmeceuticals said, "Vedic Cosmeceuticals has grown steadily in the last few years, with accelerated growth since 2017. From building the first FDA approved unit in 2004, to setting up in-house R&D labs, upgrading to state-of-the-art manufacturing unit to onboarding multiple D2C companies, we have catered to the growing consumer needs in the segment of beauty and personal care. With a plethora of beauty and skin care options available in the market, the challenge which D2C (Direct-to-consumer) brands face today are sourcing clean beauty products which are ethically produced. With our focus towards clean beauty, we have been delivering highly customized services through to an accelerated go-to-market with a superior and well-thought-out product range."
"We aim to utilize the raised funds to expand our outreach to newer markets and global clientele, and considerably scale up operations and take our Research & Development to the next level. Presently, the company has a monthly production capacity of 300 metric tonnes and we aim to upscale to 1000 metric tonnes shortly. We look forward to strategic guidance from Sixth Sense Ventures team; Nikhil and Ketki, for acquisition of new markets and leveraging their deep consumer understanding to further our existing relationships," he further added.
Nikhil Vora, Founder & CEO of Sixth Sense Ventures said, "Beauty and personal care industry in India is a $13b industry, within which the fastest growing theme is clean beauty. It is expected to reach $2bn by 2025. With emergence and proliferation of direct-to-consumer beauty and personal care brands, contract research and manufacturing in the sector becomes critical. We are thrilled to partner with Sandhya and Mohit at Vedic who bring a differentiated set of capabilities to the industry, reflective of their broad product portfolio and emphasis on research and product innovation. We are extremely bullish on manufacturing in an environment wherein there will be a plethora of brands. Vedic is our vehicle to capture the tremendous growth that we envisage in the manufacture of Beauty and Personal Care."
Vedic Cosmeceuticals is a leading private label manufacturer for more than 50 leading domestic and international brands. The company has its 80,000 sq. ft. state of the art manufacturing unit at Noida, NCR, and is producing private label Personal, Intimate Care and Baby Care products. The company is supplying 80% of its production to Indian brands, and the balance 20% is exported to international clientele. The company is also delivering its products to international clientele in Europe.
Sixth Sense Ventures, founded by Nikhil Vora, is India's first domestic, consumer-focused venture fund - Investing in the Consumer of Tomorrow...Today. Their core philosophy lies in partnering "Early" with first-generation entrepreneurs that are disrupting large and sticky consumer categories and helping them create value by being a good sounding board. Founded in 2014, Sixth Sense Ventures currently manages over $500M across three funds and has been ranked as the top performing AIFs in India by CRISIL. Both their funds (SSIO-I and SSIO-II) have been voted amongst the top 5 funds in India over the past decade.
SSIO-III has completed 15 investments including Fraazo, Nobel Hygiene, Parag Milk, Open Secret, GoodDot, Stylam, Neeman's, Rage Coffee, Storia, Bira, Design Cafe, Dogsee Chew, Giva, Wonderchef and Vedic.
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