Latest news with #Kult
Fashion Network
01-05-2025
- Business
- Fashion Network
Beauty tech platform Kult raises $20 million in funding round led by M3M Family Office
Beauty tech platform Kult has raised $20 million (Rs 170 crore) in its series A funding round led by Payal Kanodia and Aishwarya Bansal from the M3M Family Office. With this investment, Payal Kanodia and Aishwarya Bansal will be joining the brand's leadership team as board members. Kult plans to utilise the funds to accelerate its growth by onboarding 700 premium products from around the world. It also plans to scale its workforce by hiring more than 200 professionals across functions like sourcing, engineering, product development, and user experience. Commenting on the investment, Payal Kanodia in a statement said, 'Kult's data-driven, customer-first, tech-led model signals the next evolution in the online beauty space—where deep personalisation and human insight converge to deliver instant, precise solutions. The strong traction from repeat users in this early stage validates the timing and necessity of launching such a sharply focused, super-niche platform.' Founded by Karishma Singh and Ruchika Pallavi, Kult is a beauty platform that uses technology and artificial intelligence to offer personalised skincare recommendations.
Time of India
29-04-2025
- Business
- Time of India
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.
Time of India
29-04-2025
- Business
- Time of India
Beauty tech startup Kult raises $20 million from M3M Family Office, other investors
Synopsis Kult has secured $20 million in Series A funding, led by M3M Family Office, to expand its AI-driven, personalised skincare platform. Targeting Rs 700 crore in sales this fiscal year, Kult plans to onboard 700 premium products and aims for 10,000 daily orders. M3M will join Kult's board
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Business Standard
29-04-2025
- Business
- Business Standard
M3M family office invests $20 million in beauty tech platform Kult
Realty major M3M's family office has invested $20 million in technology-driven beauty discovery platform Kult, taking up a 55 per cent equity stake, amid a boom in the Indian beauty market. Payal Kanodia and Aishwarya Bansal, part of the promoter family behind the M3M group, have joined the board of the start-up founded by Karishma Singh and Ruchika Pallavi. 'We have already invested $8 million as part of this round of $20 million,' Kanodia said in an interaction with Business Standard. The investment marks a substantial move by the M3M family office, which is now evaluating options for investments into start-ups across categories. India's beauty and personal care market is experiencing robust growth, projected to reach $30 billion by 2027, with the online segment constituting a substantial $10 billion. Mumbai-Thane-based Kult will compete with established players like Nykaa, Purplle, and MyGlamm to cater to the growing demand for customised skincare and beauty products as well as services. Kult's Singh said that the app aims to carve a distinct niche through its innovative AI-powered personalised skincare recommendations and inclusive shopping experience. It leverages artificial intelligence to offer tailored skincare advice and provides unique visual catalogues displaying products on diverse Indian skin tones. 'We have a panel of dermatologists and cosmetologists who will be advising customers on which products will suit their skin needs and which ones will not, by going through a product's ingredients — which no other platform provides today,' Singh said. The funding will be strategically deployed to fuel Kult's expansion plans of onboarding 700 premium products from around the globe, and aims to process over 10,000 orders daily by the end of 2025. The average ticket size is Rs 2,000. The start-up also plans to onboard exclusive brands from the US, the UK, Korea, Japan and France to give its platform an edge over rivals like Nykaa and Tira. Kult will expand its team to over 200 employees across crucial departments, including sourcing, engineering, product development, and user experience.
