Home care products startup, Clensta has raised over Rs 20 crore in Series A funding led by Venture Catalysts and Inflection Point Ventures, said the company.
Besides Hem Angels, part of Hem Securities Limited, N+1 Capital (RBF), the existing investors along with other marquee investors also invested in this funding round, the IIT-backed startup said in a statement.
The funds raised will be used to scale up the company’s sales, ramp up brand marketing and expand Clensta’s online and offline presence across India. The brand has achieved a CAGR of over 130% and aims to earn Rs 1000 crore revenues in the next 5 years, claimed the company.
“Clensta’s innovative cleaning technology reduces the usage of water to a great extent. Clensta’s entry into the D2C segment is likely to create a new category of personal and home care products. We are optimistic that Clensta will become a billion-dollar tech-driven personal care brand in the next few years,” stated Apoorva Ranjan Sharma, Co-founder and President, Venture Catalyst.
The five-year-old start-up founded by Puneet Gupta in 2016, started with the flagship products based on Waterless Technology (Waterless Body bath & Shampoo) to enable bathing without the use of water.
Mitesh Shah, Co-Founder, Inflection Point Ventures says, “D2C wave is birthing many innovative and disruptive brands. Clensta takes the innovation further with the introduction of waterless tech in their products. Their understanding of the fast-growing D2C segment and a varied range of products in personal care impressed our investors to lead this round.”
Gaurav Jain, Director, Hem Angels says: Over the next five years, D2C brands present at least a USD 100B opportunity. Clensta have been quick to capitalise on the product, innovation and price white space. There’s no better time than now for Clensta to get off their growth plan and take their product to the next level, witnessing the rapid acceleration of scale.
As a developer of waterless technology and the curator of this category, the startup has a big presence in the B2B and B2B2C segments. However, Clensta is now tapping the D2C segment with smart concentrates for household cleaning and plans to launch an innovative technology-based personal care category, said the company.
“Keeping in mind the Indian Home Care market size of USD 6.2 billion, we have adopted an omnichannel strategy to ensure Clensta’s presence in offline as well as online markets. In this light, this funding comes as an affirmation that we continue to lead in the right path,” said says Puneet Gupta, Founder CEO, Clensta.