Feminine hygiene brand Plush is set to raise its Series B funding round. The round will be led by angel investor Ajay Kumar Aggarwal, with support from Careernet Technologies, OTP Ventures, Blume Ventures, and 11 other investors.
Plush’s board has approved a special decision to issue 4,099 Series B preference shares to raise INR 30.56 crore (about $3.6 million), according to its official filing with the Registrar of Companies (ROC).
Ajay Kumar Aggarwal will lead the funding round with an investment of INR 6 crore. Existing investors will also take part—Careernet Technologies will invest INR 5 crore, OTP Ventures will put in INR 3 crore, and Blume Ventures will add INR 4 crore.
The rest of the amount will be invested by a group of investors, including Rahul Garg, Sumit Jalan, Blue Ashva Varenya Fund, Rahul Kayan, and seven others.
After this funding round, Plush’s valuation is expected to reach about INR 281 crore (around $33 million). This is almost three times higher than its valuation during the earlier pre-Series B round.
After the new funding, angel investor Ajay Kumar Aggarwal will own 19.64% of Plush. Careernet Technologies will hold 16.37%, and Blume Ventures will have a 13.08% stake. You can visit TheKredible to see the complete list of shareholders.
Plush, a Chennai-based startup founded in 2019, makes feminine care products. Its range includes items for periods, hair removal, intimate wellness, and skincare.
The company says its products are now sold in 500 stores across Bengaluru, Chennai, Mumbai, Delhi, and Hyderabad. It plans to expand to 2,000 stores in the next six months.
Plush saw its revenue grow by 84% year-on-year, reaching INR 28.87 crore in the financial year ending March 2024.
Despite the growth, the company reported a loss of INR 4.4 crore during the same period. It expects to end the next financial year (FY25) with Rs 60 crore in revenue.
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