Mumbai, Dec 15 (PTI) Personal care products maker Vedic Cosmeceuticals on Wednesday said it has raised Rs 25 crore from Sixth Sense Ventures, which will be deployed for business expansion and research activities.
The 17-year-old company, which manufactures facial care, hair care, baby care products and soaps for over 50 brands globally, is aiming to expand its outreach to newer markets and clients, and expand on its research and development activities with the new funds, its founder Mohit Goel said.
“Currently, the company has a monthly production capacity of 300 metric tonnes and we aim to upscale to 1,000 metric tonnes shortly,” he added.
Nikhil Vora, founder and chief executive of Sixth Sense, said the beauty and personal care industry is a USD 13-billion opportunity in India and expected to nearly double to USD 25 billion by 2025.
“With emergence and proliferation of direct-to-consumer beauty and personal care brands, contract research and manufacturing in the sector becomes critical,” he said.
Currently, it manufactures for leading Indian cosmetic brands including Nykaa, Moms Co, Sirona and Arata, and 20 per cent of their current production is exported to Europe, according to an official statement. PTI AA HRS hrs
