82°E, a self-care brand co-founded by actor Deepika Padukone, on Wednesday said it has secured seed funding of $7.5 million (around Rs 60 crore) from DSG Consumer Partners and IDEO Ventures. A few angel investors also participated in the round.
The fresh capital will be used for 82°E’s team expansion, scaling up its research and development (R&D) unit and to roll out new products.
82°E, founded by Padukone and Jigar Shah, was launched last month with skincare as its inaugural category.
“We set out to launch products which are high-quality, high-performing and an authentic reflection of my beliefs and practices. In this endeavour, we aim to make the practice of self-care simple, joyful and effective for all,” said Padukone.
The company is positioning itself as a premium category targeting younger women. Shah told VCCircle that the decision is a conscious call. “We had to build a product, which Deepika herself uses.”
“If you compare us with other global premium brands, we’re still cheaper than any other premium brands. So, in that sense, we are an affordable brand,” he added.
82°E also plans to introduce more products in the self-care category, the coming months, co-founder Shah said. He spearheads the business, while leading the growth strategy.
“Over the last decade, we have worked with consumer founders to build world-class enduring brands, and with 82°E we are excited to partner with this passionate, goal driven founder duo,” said Deepak I. Shahdadpuri, founder and managing director, DSG Consumer Partners.
