Plush, the Chennai based feminine hygiene startup is about to start its Series B funding round with a 3X increase in valuation. The company is raising ~USD 3.6 million (INR 30.56 crore ), taking its post-money valuation to USD 33 million (~INR 281 crore) as per the RoC filings.
This round will be led by angel investor Ajay Kumar Aggarwal who is investing INR 6 crore alone. Existing investors Careernet Technologies, OTP Ventures, and Blume Ventures are investing INR 5 crore, INR 3 crore, and INR 4 crore respectively. A group of 11 individual and institutional investors including Rahul Garg, Sumit Jalan, Blue Ashva Varenya Fund, and Rahul Kayan will invest INR 12.56 crore.
The board has passed a special resolution to issue 4,099 Series B preference shares for this fundraise.
Investor Confidence and Shareholding Post-Round
Post the fundraise Ajay Kumar Aggarwal will be the single largest shareholder in Plush with a 19.64% stake. He will be followed by Careernet Technologies at 16.37% and Blume Ventures at 13.08%. The shareholding pattern reflects the confidence of institutional and angel investors in Plush’s growth and market potential.
Growth, Financials & Retail Expansion
Founded in 2019 by Ketan Munoth and Prince Kapoor, Plush has quickly become a premium player in India’s feminine care space. The brand offers a range of products across period care, intimate wellness, hair removal, and skincare solutions all focused on quality, safety and comfort.
From a retail distribution perspective Plush currently has 500 stores across key cities including Bengaluru, Chennai, Mumbai, Delhi and Hyderabad. The company plans to 4X its presence to 2,000 stores in the next 6 months which will help them to increase their market penetration.
Plush has delivered strong topline growth with INR 28.87 crore in revenue for FY24 which is 84% YoY growth. The company reported a INR 4.4 crore loss which indicates aggressive reinvestment in growth and product development. Plush expects INR 60 crore in FY25 which is more than double of previous year’s revenue and if operating leverage kicks in could be close to breakeven or profitable.
Strategic Implications and Industry Outlook
Plush’s funding comes at a time when Indian personal care and hygiene market is undergoing a rapid transformation driven by increasing awareness, changing consumer preferences and increased retail availability. The company’s ability to close the round at 3X its previous valuation shows strong investor appetite for high growth consumer health startups with strong unit economics and brand loyalty.
With the Series B funds Plush will scale not just distribution but also invest in product innovation, marketing and supply chain efficiencies which are essential for margin expansion in FMCG space.
Final Takeaway
In a crowded market that often sees commoditized products and discount-led strategies, Plush stands out by building a premium, customer-first brand. The successful launch of Plush Series B round at a significantly higher valuation validates the startup’s strategic roadmap and long-term vision. As the company transitions from early growth to market scale, all eyes will be on how effectively it converts capital into sustainable market share.
Plush’s next challenge is to maintaining its growth momentum while narrowing its path to profitability in India’s competitive and dynamic retail environment.
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