Bengaluru/Mumbai: Pureplay Skin Sciences (India) Pvt. Ltd., the parent company of direct-to-consumer (D2C) beauty and personal care brand Plum, has appointed global investment bank Rothschild & Co to manage a $75-100 million fundraising and has started discussions with potential investors, according to two people familiar with the matter. The round, if completed, would be the largest single fundraise by an Indian beauty and personal care brand.
"The proceeds from the fundraise are expected to be used to strengthen Plum's offline presence and launch new products," said the first person cited above, requesting anonymity as the discussions are private.
"The fundraising process is still in its early stages, and the company has started reaching out to both existing and new investors," said the second person in the know.
Plum and Rothschild did not respond to Mint's emailed queries until the time of publication.
Plum has raised over $50 million in institutional funding to date. Its last fundraising came in March 2022, when it secured $35 million (about ₹270 crore) in a Series C round led by A91 Partners, with participation from existing investors Unilever Ventures and Faering Capital. The round valued the company at about $250 million.
Founded in 2013 by Shankar Prasad, Plum began as one of India's first online-first vegan beauty brands, offering cruelty-free and toxin-free skincare products. Over the years, it has expanded beyond skincare into haircare, body care, personal care and makeup, while evolving into an omnichannel business.
Today, the company sells through its own website, e-commerce marketplaces, quick-commerce platforms and a growing offline retail network, with more than 500 stock-keeping units (SKUs) and around 35 exclusive brand outlets. Plum counts Unilever Ventures, Faering Capital and A91 Partners among its investors.
Pureplay Skin Sciences reported a revenue of ₹418.6 crore in FY25, up 22.5% from ₹341.7 crore a year earlier and a net profit of ₹24.7 crore, compared with a net loss of ₹84.1 crore in FY24—its first full year of profitability, Tracxn data showed, citing the latest available numbers.
The fundraising comes amid growing investor interest in India's beauty and personal care industry, which is seen at $40 billion by FY30 from about $23 billion in FY25, making it the country's fastest-growing retail category for the next five years, according to Redseer Strategy Consultants.
Large cheques have become increasingly common in the space in recent years. Online beauty retailer Purplle had raised $180 million in Series F in October 2024 while Good Glamm raised about $150 million in Series D back in 2021; the funding was, however, milestone-based, and they eventually did not get the second tranche.
E-commerce is expected to account for over one-third of category sales by 2030, while quick commerce is seen emerging as the largest online distribution channel for beauty products, per Redseer data.
Plum is part of a new generation of digital-first beauty brands, competing for a share of India's fast-growing beauty and personal care market alongside companies such as Mamaearth, Minimalist, The Derma Co., Pilgrim, Foxtale, MCaffeine, WOW Skin Science and Sugar Cosmetics, while also vying with established multinational players including Hindustan Unilever, L'Oréal India, Procter & Gamble and Beiersdorf.
Consolidation push
The sector has also witnessed a wave of consolidation as large consumer goods companies and global beauty majors acquire fast-growing digital-first brands to tap premiumization and younger consumers.
In January 2025, Hindustan Unilever Ltd. (HUL) agreed to acquire a 90.5% stake in Minimalist at a pre-money enterprise valuation of ₹2,955 crore, marking one of the largest acquisitions in India's D2C beauty space. The ingredient-led skincare brand, founded in 2020, has become one of the country's fastest-growing beauty startups and complements HUL's existing portfolio of Lakmé, Dove, Pond's and Simple.
Global beauty giant L'Oréal Groupe has also stepped up its India play. In June 2026, it signed an agreement to acquire a majority stake in Innovist, the parent company of digital-first brands Bare Anatomy, Chemist at Play, Sunscoop and Vinci Botanicals. While the companies did not disclose financial details, people familiar with the transaction estimated the deal value at around ₹4,000 crore, making it one of the largest acquisitions involving an Indian beauty startup.
Reliance Retail Ventures Ltd. has also been expanding its beauty ambitions through its omnichannel beauty platform Tira. Earlier this year, Reliance acquired Anomaly, the global haircare brand founded by actor Priyanka Chopra Jonas, strengthening its premium haircare portfolio. Meanwhie, ITC Ltd. acquired a majority stake in premium mother-and-baby care brand Mother Sparsh as it diversified its personal care portfolio.
Industry experts expect consolidation to continue as large consumer companies increasingly prefer acquiring fast-growing digital-native brands over building premium portfolios organically.
Redseer estimates that more than 150 new-age beauty brands will generate over ₹100 crore in annual revenue by FY31, together accounting for 25-30% of India's beauty and personal care market, up sharply from the current levels.