The Mumbai Angels Network has led an investment of Rs 4 crore (around $625,000) in Dr Sheth’s, a skincare products maker which targets the luxury segment.
While the angel investment network contributed about Rs 3 crore, Dr Sheth’s raised an additional Rs 1 crore from other investors it did not name.
The Mumbai-based firm said in a statement that it will use the fresh capital to scale up operations, build brand awareness, develop new product lines, and launch in international markets.
Founded in 2016, Dr Sheth’s makes personal care products such as sunscreens, brightening cleansers, anti-oxidant moisturisers, toners, masks, eye creams and peels. It claims its products are vegan and free from chemicals such as parabens, sulphates or phthalates.
“Dr Sheth’s is a clean beauty brand safe for consumers and derived from natural ingredients and medically tested,” said the firm’s chief executive and founder Aneesh Sheth.
“We see Dr Sheth’s as a company with a sharp focus on their product line and see them growing successfully in the natural beauty market with their targeted consumer approach,” said Nandini Mansinghka, managing director and chief executive officer of Mumbai Angels Network.
Mumbai Angels has previously invested in other cosmetics-related firms such as Intrends Skin Solutions Pvt. Ltd and more recently in Purplle.
Started in 2006, Mumbai Angels has more than 130 firms in its portfolio and has recorded over 30 exits.