Hygiene-based D2C brand Soothe Healthcare raises $21 Million ( INR 175 Crore) in a bridge round backed by US DFC ( US International Development Finance Corporation) and other existing investors.
A sum of INR 55 Crore was contributed by the US DFC in debt to this hygiene-based brand. Along with DFC, several other investors like Symphony Ventures, Sixth Sense Ventures, A91 Partners, and Gulf Islamic Investors also participated in this funding round.
Apart from INR 55 crores, the remaining amount of INR 120 crore was invested by the aforementioned investors.
The startup will use the procured funds to grow its business reach across Tier 2 and Tier 3 cities. Along with growing the company’s reach, the startup will also utilize these funds to strengthen its distribution channels. Additionally, these funds will also be used for marketing and brand initiative campaigns.
Soothe Healthcare is a personal hygiene brand founded in 2016 by Sahil Dharia. The startup deals with a wide of products ranging from feminine hygiene products to adult diapers. It has around 2,50,000 outlets in India.
Soothe Healthcare generated twice the revenue in FY22 as compared to FY21. Sanitary pads and baby diapers are the highest contributors to revenue with around 55% and 35% respectively. Adult diapers, hair removal creams and other products contribute to the rest of the revenue.
“Our endeavor is to provide women with high-quality products at a great value. Our value proposition and social impact-driven business model has helped establish Paree Sanitary Pads as a trusted personal hygiene brand across India. This fresh inflow of funds will help us reach women across wider geographies,” said Soothe Healthcare’s chief executive officer and founder Sahil Dharia.
Apart from this strategic round backed by US DFC, where Soothe Healthcare raises $21 Million, the startup also claims INR 230 crore raised by them in funding last year.
As per the reports, the Indian sanitary napkin market was at $ 618.4 Mn in 2021 and is projected to reach $ 1.18 Bn by 2027.
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