Svish raises $400K in seed round
Svish on The Go, a D2C personal hygiene startup, announced that it has raised $400,000 a seed round from investors including Nueva, among others.
The startup plans to use the freshly raised funds to increase its product offerings, strengthen its R&D portfolio, and strengthen its footprint in retail chains and modern trade.
In a statement, Ishan Grover, CEO and Co-founder of Svish said, “Our new business development will primarily focus on launching new products as we are all set to introduce 40 new offerings in different categories including personal hygiene and body care.”
Established in 2020 by Ishan and Jaideep Mahajan, Svish’s flagship product is a “Deo-jaisa sanitiser” (a sanitizer that smells better than a body deodorant), available on its website and e-commerce platforms including Amazon, Nykaa, and CRED, among others.
Svish has been bootstrapped since November 2020. The co-founders have invested Rs 1.40 crore of their own money in the startup’s initial days. It has already crossed Rs 1 crore in revenue in under 10 months of operations, it claims.
Close to 30,000 consumers have brought Svish’s products so far, the company said.
Nueva, which led Svish’s seed round, is an India-domiciled category II AIF Fund, where LC Nueva Investment Partners is the investment manager. It has a Rs 300 crore corpus that it uses to make investments in early-stage tech startups.
D2C Indian brands have witnessed a rise in institutional investments, after a major boom during the height of the pandemic. As per Statista, at present India has 190 million people shopping online — up from 110 million in 2018.
Startups, including Honasa Consumer-owned Mamaearth and SUGAR Cosmetics, have noticed their valuations and revenue rise during the pandemic due to increased consumer demand.
Various brands in the beauty and wellness space are focusing massively on brand building and increasing their marketing spends to acquire more buyers, across platforms.
Svish seems to have established a strong position in the market with its highly innovative product. I’m sure the company will emerge as a market leader in the time to come. My best wishes to the team of Svish.Shishir Gupta, Founder and CEO, StartupLanes
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