Happily Unmarried plans to raise Rs30-50 crore
Mumbai: Happily Unmarried Marketing Pvt. Ltd, which runs HappilyUnmarried.com, is planning to raise Rs.30-50 crore for Ustraa, its online male grooming products brand.
Launched a year ago in August, Ustraa’s sales crossed Rs.10 crore till April 2016; it is expected to end the financial year 2017 with sales of Rs.40 crore, said founder Rajat Tuli, while sharing that the growth will come as the company expands into general trade and also launches new products.
Info Edge (India) Ltd, popular for hiring portal Naukri.com and real estate website 99acres.com, has a 37% stake in the company, with investment of Rs.21 crore since 2012, said Tuli. He added that the company raised Rs.5 crore in the latest funding round in July.
The company is now looking at raising more funds and also getting strategic investors on board as they look at general trade expansion. “We are in talks with companies and are looking at options that are beneficial for the business,” said Tuli, adding that with the right partners and inputs, “we can be a Rs.500 crore company in 5-7 years”.
The company which sells personal products for men such as face wash, body wash, beard care and colognes is now also expanding its product range to include anti hair fall serum and shampoo for men.
Last month, the company made the products available in 200 stores across the National Capital Region. By the end of the fiscal year, the target is to reach 5,000 stores and 20,000 stores by financial year 2018, said Tuli. He added that the expansion to general trade is to reach a new set of customers who may not be buying online.
Ustraa products are also available in Happily Unmarried’s 12 stores across India.
So far, the online company has sold its products to customers in 2,000 cities across rural and urban India. Over two-thirds of its sales have come through the mobile phone.
Meanwhile, globally large multi-national companies are vying for a larger share of the online market. Unilever Plc. acquired online male grooming company Dollar Shave Club Llc in a deal said to be worth about $1 billion in July, according to reports. In June 2015, Procter & Gamble Co. launched Gillette’s new online shave club.
By 2020, India’s beauty and hygiene market is estimated to reach $17 billion and two-thirds of its sales could be digitally influenced. Moreover 20% of beauty and hygiene products will be sold online, according to a February report, Impact of Digital on Beauty and Hygiene, by Indian Beauty and Hygiene Association, Bain and Co. and Google. The report also identified beauty and hygiene to be the third-most searched category online in shopping searches and growing the fastest.