M3M backs Kult with $20 mn to expand beauty tech and brand portfolio
Beauty tech
and discovery platform Kult has raised $20 million in a
Series A funding
round led Dr. Payal Kanodia and Aishwarya Bansal from the M3M family office. The round also saw participation by Venture Catalysts.
The
beauty app
, which has a presence on both iOS and Android, will be using the funds to expand the product categories along with building a team of over 200 top-tier talent across multiple functions, such as sourcing, engineering, product, and user experience.
"Dr. Payal Kanodia and Ms. Aishwarya Bansal, who have acquired 55 per cent stake in the brand, will be joining Ruchika Pallavi and me as board members. Out of the $20 million that we have raised, we will be using $8 million during phase one, i.e., the initial 12 months, and take the brand to the valuation of Rs 5,000 crore," Karishma Singh said.
"The investment comes at a time when India's beauty and personal care (BPC) market is projected to grow at a CAGR of 10 per cent, reaching $30 billion by 2027. Within this, the online BPC segment is expected to account for $10 billion, representing approximately 33 per cent of the total market," she further added.
Currently, the brand has a presence in categories like makeup, skin care, hair care, bath and body, and fragrance.
"In the next 3-4 months, we will be foraying into 16 new categories. At present, we are working with 260 brands and plan to take this number to 800 by the end of this fiscal year," Singh asserted.
"Out of these 800 brands, around 200 brands will be international brands," she further added.
Currently, the beauty app has 20 exclusive brands listed on it, and 16 more are in the pipeline.
'Kult is uniquely positioned at the intersection of beauty and technology. What drew me in was the clarity of purpose - to create a platform that doesn't just sell products, but helps consumers make informed, confident choices,' said Bansal and Kanodia.
"We plan to acquire the majority of the beauty market in the e-commerce segment. Currently, Kult is offering products only for women, and going ahead, we also plan to launch products for men," they further added.
At present, the brand is processing 1,000 orders per month with an AOV of Rs 2,000 and plans to take it to 10,000 orders per month with an AOV towards the north of Rs 2,000 in the next 12 months.
"In terms of GMV, we will be closing this fiscal at an ARR of Rs 700 crore," Singh said.
The brand, which delivers to 5,000 pin codes in India, is eyeing EBITDA profitability next year when it reaches 12,000 to 13,000 orders per day
When asked about foraying into the quick commerce space, Singh said, "Beauty as a category is very well placed in terms of unit economics for quick commerce. So, of course, we would be working on it in the future."
Kult, a technology-led beauty platform that leverages AI to deliver personalized skincare recommendations and a seamless, inclusive shopping experience, was started by Karishma Singh and Ruchika Pallavi in 2022.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
8 minutes ago
- Time of India
Pharma department refuses to name 30 doctors in bribery tangle
Representative image Thirty doctors who accepted foreign travel and hospitality worth Rs 1.9 crore from pharma company AbbVie in Feb-March 2024 have faced no action from NMC because the department of pharmaceuticals (DoP) has refused to make their names public and is yet to forward the names to the commission. The Uniform Code for Pharmaceutical Marketing Practices (UCPMP) bars pharma firms from offering travel or hospitality to healthcare professionals. Though the committee constituted by DoP found the foreign trips for doctors to be a violation of the law in Dec 2024, the names of the doctors had not been sent to NMC till May 8 this year, a response to an RTI application has revealed. Responding six months after receiving another RTI application seeking the names, the pharma department claimed the requested information "involves disclosure of names or personal information and also is not of public interest" and is accordingly not provided under section 8(1)(j) of RTI Act. In May 2024, the department had received a complaint that AbbVie sponsored a pleasure trip disguised as medical conferences to Monaco and Paris, with evidence including flight tickets and hotel bookings. DoP constituted a special audit committee to audit AbbVie and forwarded the complaint to the Ethics Committee for Pharma Marketing Practices of pharma association, Organisation of Pharmaceutical Producers of India (OPPI). by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Switch to UnionBank Rewards Card UnionBank Credit Card Apply Now Undo Though OPPI's committee found no irregularities in AbbVie's sponsorship, the special audit exposed "explicit contravention" of UCPMP. DoP's apex committee examined the audit and concluded AbbVie had violated UCPMP. However, in its Dec 23, 2024 order, it let off AbbVie with just a "reprimand". However, in response to an RTI query to NMC in May this year, the panel informed the applicant "the list of 30 doctors is yet to be received by this commission". Ophthalmologist Dr KV Babu, who filed the applications, said, "DoP is shielding the doctors by refusing to disclose names and failing to follow up on its own committee's recommendation." "The only punishment so far is reprimanding the pharma company in a case where the department's own special audit and apex committee found clear-cut violations. Yet, the department is shielding the guilty doctors by refusing to reveal the names and claiming that there is no public interest in making the names public. And worse, they haven't even bothered to implement the apex committee's recommendation that the doctors' names be forwarded to the NMC to take action," said Dr KV Babu, an ophthalmologist and RTI activist who filed the RTI applications with the NMC and the DoP.
Time of India
13 minutes ago
- Time of India
Sebi Urges CFOs to Shorten Financial Results Reporting Lag to Boost Investor Confidence, ET LegalWorld
Markets regulator Sebi on Friday urged Chief Financial Officers (CFOs) to reduce the time lag between the announcement of financial results and the publication of full annual reports, which is aimed at enhancing investors' confidence. Additionally, CFOs have been encouraged to deepen their engagement with audit committees and auditors, ensuring more collaborative and accountable financial disclosures, Sebi Whole Time Member Ananth Narayan said at an event here. Apart from highlighting the vital role CFOs play in upholding public trust, Narayan spoke about recent trends in capital formation, the opportunities and risks ahead, and the importance of co-creating effective regulations to foster sustained capital growth. Advt Advt "Currently, the gap between annual results and full annual reports ranges between 70-140 days. The full report with notes to accounts, internal controls report, audit key matters, and CARO (Companies Auditor's Report Order) disclosures is vastly more informative. Shortening this gap would significantly enhance transparency for investors," he the ETCFO NextGen 2025 event on Friday, he stressed the need for CFOs to facilitate audit committees and auditors in shaping the audit plan for the year and suggested that auditors should participate in audit committee meetings beyond just discussing their specific he further said, would help boost trust and open more channels of communication among to Narayan, the role of the CFO has evolved dramatically from being a record-keeper to becoming a forward-looking value architect."When you (CFO) sign off on financial statements, it's not a routine formality. It's a solemn promise that what's presented is a true and fair view of the enterprise's financial health. That promise is the bedrock of capital markets. If that trust is broken, the damage can be immense," he stressed that CFOs must go beyond mere compliance with accounting standards and embrace their underlying principles, not just the letter, but the spirit of the pointed out the rapid growth of India's securities market ecosystem, which has expanded from 4.2 crore unique investors in March 2020 to 13 crore at present. Mutual funds alone account for 6 crore unique investors, nearly triple the number from six years ago. In FY 2024-25, mutual funds mobilised a record Rs 6 lakh crore in equity-oriented risk-seeking FPIs held Rs 71 lakh crore in equity assets in India as of May the same time, he emphasised the importance of safeguarding investor trust. He cautioned against Type I errors, such as governance failures, tech breakdowns, fraud, and manipulation that can severely damage this trust. Equally, he warned of Type II errors, where excessive regulation might stifle innovation and growth. As AI, automation, and energy-related technological shifts accelerate, nurturing business creation becomes more vital than Narayan noted, there have been breaches of trust resulting in Type I errors. These include instances of funds being siphoned off from listed entities, sharp accounting practices around asset and investment valuations that mislead the public, and insider trading involving undisclosed information being exploited for personal gain at the expense of retail also cautioned against the pitfalls of over-regulation, which could lead to Type II errors and hamper genuine capital called on CFOs and auditors to act as active partners in shaping fair and balanced rules. He pointed out that Sebi's consultative processes, including advisory committees, public consultations, and regulatory working groups, are designed to include expert input, and suggested it might be time for CFOs to formally organise their voices for representation in these concerns about current valuation practices, Narayan said there is a risk or at least a perception of "valuation shopping", where entities seek out the most favourable valuations."Just as Credit Rating Agencies (CRAs) now disclose rating histories and are held to standards, it may be time for valuers to disclose assumptions, sensitivity ranges, and track records, and be held accountable for egregious deviations," he added. Join the community of 2M+ industry professionals. Subscribe to Newsletter to get latest insights & analysis in your inbox. All about ETLegalWorld industry right on your smartphone! Download the ETLegalWorld App and get the Realtime updates and Save your favourite articles.
India Today
13 minutes ago
- India Today
ED raids 25 locations in Rajasthan, Gujarat in Nexa Evergreen money laundering case
The Enforcement Directorate (ED) on Wednesday conducted raids at 25 locations across Jaipur, Sikar, Jhunjhunu and Ahmedabad in connection with the Rs 2,676 crore Nexa Evergreen ED's Jaipur Zonal Office carried out the searches under the Prevention of Money Laundering Act (PMLA), 2002, targeting key accused Ranveer Bijarniya, Subhash Bijarniya and their associates. The accused allegedly orchestrated a massive Ponzi scheme that defrauded thousands of unsuspecting to investigators, the accused lured people by claiming their money would be used to develop infrastructure under the Prime Minister's Dholera City Project in Gujarat. Investors were promised either residential plots or exceptionally high returns within short periods. The accused structured the scheme using multi-level marketing strategies and elaborate referral reward programs to expand their reach. The fraudulent incentives included commissions for recruiting new investors, level-based incomes and luxury gifts such as laptops, bikes and cars upon reaching certain investment thresholds. The officials informed that some early investors received small returns, helping build trust in the scheme. However, the payments stopped suddenly in January 2023. The accused then shut down offices and disappeared, leaving thousands of victims, many of whom had invested life savings or borrowed money, in financial distress. advertisementPolice complaints surged as the scale of the scam became the June 12 raids, the ED seized cash amounting to Rs 2.04 crore, froze over Rs 15 crore held in bank accounts and cryptocurrency wallets and confiscated numerous incriminating documents and digital devices. Authorities suspect large-scale laundering of investor money through shell companies and crypto channels. Forensic and financial investigations are ongoing to trace the full extent of fund Nexa Evergreen scam is being described as one of India's most complex real estate-related Ponzi schemes in recent years. As more victims come forward, the financial impact is expected to grow, prompting ED and other agencies to intensify their probe into associated entities and Watch
