Home Beauty & Wellness Funding Alert: D2C Fragrance brand Nirmalaya raises $800K

Funding Alert: D2C Fragrance brand Nirmalaya raises $800K

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NCR-based natural fragrance brand Nirmalaya has raised $800K in their seed funding round led by Artha Venture Fund along with other key investors including The DotIn Network, Shiprocket-huddle accelerator, Flawless Company Family office and other marquee angels. 

Bharat Bansal, Co-founder and CEO, Nirmalaya ; Surbhi Bansal, Nirmalaya and Rajeev Bansal, Chief Operating Officer, Nirmalaya

Bharat Bansa, Co-founder and CEO, Nirmalaya said that with this funding, the company will be focussing to expand their presence in the US and Middle East Asia market by offering unique and chemical-free fragrance products.

With the company’s sight, the company is targeting to reach more than 2,00,000 customers across India, US and Middle East markets and reach a revenue milestone of $3.50 Million in the next 16-18 months, the statement highlighted. 

“This geographic and product expansion will be at the core of our strategy, helping make Nirmalaya a mainstream brand known for its pure, carbon-free, and long-lasting fragrances. Ultimately, we want the leadership position in the Indian and Global incense market and export our products to over 40+ countries within the next 18 months,” he added.

The domestic fragrance market is valued at $500 million (around Rs 3,600 crore), a small slice of the $24 billion global industry, as per industry reports. But in India, the growth rate has been approximately 11% and this growth will grow at a first pace as people are paying more attention to personal care, hygiene and growing demand of middle-class people to get affordable fragrance products.