WishCare, a direct-to-consumer personal-care brand, has secured Rs 20 crore in its first institutional funding round from Unilever Ventures, the venture and growth capital division of Unilever.
“The company aims to channel these funds towards amplifying research and development capabilities and focusing on formulating high-efficacy products fortified with clinically tested ingredients,” WishCare said in a statement.
Founded in 2019 by Stuti Kothari, Ankit Kothari, and Ayush Kothari, the company has an annual recurring revenue of Rs 85 crore. The startup has grown “fourfold in the last 12 months while maintaining a strong double-digit EBITDA.”
Commenting on the investment, Pawan Chaturvedi, partner at Unilever Ventures, said, “We are delighted to have WishCare as an addition to our fast-growing beauty and wellness portfolio in India. WishCare has built a suite of evidence-based products that have shown rapid growth, and we’re looking forward to supporting the founders to build a long-lasting brand.”
Unilever Ventures has rapidly expanded its beauty and wellness investments in India, backing companies like Plum, Minimalist, Curefit, and What’s Up Wellness.
WishCare offers a variety of products, such as haircare and skincare items, hair-growth serums, face serums, sunscreens, and active-based body lotions.
These products are available on over 15 online marketplaces, including Nykaa, Amazon, Flipkart, Purplle, Myntra, and their direct-to-consumer website.
“Our focus has always been to understand the needs of consumers and co-create innovative and result-driven products with them. As we enter the next phase of growth, we look forward to working together with Unilever Ventures to help the brand set new benchmarks in the industry,” said cofounder Stuti Kothari.