Deepika Padukone’s 82°E Set to Raise $6M in Funding as Celebrity-Led Brands Flourish in India

Deepika Padukone's 82°E Set to Raise $6M in Funding as Celebrity-Led Brands Flourish in India

11th June 2024- Actress Deepika Padukone recently stole the spotlight as she unveiled her personal skincare line while elegantly flaunting her baby bump in a vibrant yellow gown. Amidst the launch event, Padukone shared insights into her entrepreneurial journey, marking her foray into the world of business.

Her direct-to-consumer (D2C) personal care startup, 82°E, is now gearing up to raise Rs 50 crore (approximately $6 million) from a mix of new and existing investors. Shareholders have given their nod to this capital infusion, as per regulatory filings.

Reports from Entrackr suggest that Padukone’s venture firm, Ka Enterprises, known for its support of successful startups, will join other investors in the upcoming funding round. The injected funds aim to fuel the growth and expansion of 82°E.

Founded in 2021 by Deepika Padukone and Jigar Shah, the Mumbai-based brand offers a diverse range of skincare solutions for both men and women. Having raised $7.5 million in a funding round led by DSG Consumer Partners and Ideo Ventures in December 2022, along with Padukone’s firm, 82°E has already made significant strides. Tracxn data indicates revenue of Rs 10.4 crore from operations in FY23, marking its maiden year in business.

This development underscores the trend of celebrity-led brands emerging in India, particularly in the beauty and fashion domains. Notable Bollywood stars like Katrina Kaif, Priyanka Chopra, Alia Bhatt, Kriti Sanon, and Anushka Sharma have all ventured into launching their own brands.


conclusion

Deepika Padukone’s venture into entrepreneurship with 82°E signifies the growing influence of celebrities in shaping consumer preferences and trends, particularly in the beauty industry.

Source:Link