The direct-to-consumer (D2C) personal care business 82°E, founded by Deepika Padukone, is preparing to finance an additional 50 crore (about USD 6 million). After their initial seed funding of $7.5 million in December 2022, this funding will be raised through a Seed Extension Round. A total of 50 lakh shares are anticipated to be issued in this latest round, with prices for shares estimated to be about ₹10 each. 82°E intends to use the money from its seed fundraising rounds, usually the initial investment round for companies, to broaden its product line and increase its market reach. Seed funding rounds are essential for growing operations and accelerating growth.
82°E will raise capital from both new and existing investors
It is projected that 82°E will raise capital from both new and existing investors, with KA Enterprises LLP—Deepika Padukone and her family’s investment vehicle—playing a major role. Given their involvement, the Padukone family’s dedication to the startup’s success is expected to be strengthened, as evidenced by their likely increase in ownership. Current investors are also anticipated to participate, possibly including IDEO Ventures and DSG Consumer Partners from the previous fundraising round. This group of investors will continue supporting the company’s goals and advancement while contributing new funds.
Startup 82°E, which sells personal care products directly to consumers, plans to raise an additional Rs 50 crore, or $6 million, from new and current investors as part of its seed round. The company, helmed by Deepika Padukone, is set to get its first round of funding this year.
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According to its regulatory filing, which can be viewed through the Registrar of Companies (RoC), the board at 82°E passed a special resolution to issue 50,00,000 series seed 2 CCPS at an issue price of Rs 100 apiece to raise 50 crore. Deepika Padukone and her family own an investment company called KA Enterprises LLP, and they are expected to participate in the round. Additional investors may join them. The new money will be used for general corporate objectives, growth, and expansion, per the documents.
The company last raised $7.5 million in December 2022
During its seed round, the company last raised $7.5 million in December 2022, headed by Padukone’s family office, IDEO Ventures, and DSG Partner. TheKredible, a new data intelligence platform, reports that Padukone and her family office own 59.6% of the business, with actor Ranveer Singh controlling 5.32%. 82°E is a skin and body care company founded in 2022 by Deepika Padukone and Jihar Shah. The line includes a variety of goods for both men and women, such as cleansers, face masks, moisturisers, sunscreen, and more.
82°E showed a notable increase in the first nine months of FY24. Its operating income from March 2023 to December 2023 was Rs 22.82 crore. To put things in perspective, the company’s operating income for FY23 was Rs 11 crore. With an EBITDA of Rs 25.1 crore over the same time in 2023, the company continued to lose money. 82°E faces competition from brands such as Plum, mCaffeine, Wow Skin Science, and Mamaearth, a publicly traded company.
82°E growth and expansion
The company’s growth and expansion will likely be fueled by the cash obtained by 82°E, which will likely be distributed among numerous important regions. To start, the business may broaden its range of products, penetrate new markets, or step up its marketing campaigns to raise awareness of the brand. Second, the money might go towards supporting expansion plans like bringing on additional employees, expanding the business, and spending on R&D to improve and innovate the products offered. Last but not least, the money could be utilised for general corporate purposes, paying for charges associated with infrastructure, legal fees, and other operational requirements to guarantee the business’s seamless operation.
