Deepika Padukone, a Bollywood actress, is planning for further growth of her personal care startup called 82°E with another financing round. In seed-funding continuation, the corporation aims to raise Rs50 crores ($6 million) marking its first investment period of 2024.
Entrackr reported that this funding follows a successful initial seed round in December 2022 where DSG Consumer Partners, IDEO Ventures and Padukone’s family office invested $7.5m into the business. KA Enterprises LLP will be involved in the latest round of funding along with potential other investors as it is co-owned by Padukone and her family. The funds raised will go towards expansion plans, growth initiatives and general corporate purposes.
Launched in 2022 by Deepika Padukone and Jihar Shah, 82°E offers an array of skincare products including cleansers, face masks, moisturizers, sunscreens among others that can be used by both genders.
For the first nine months of FY24 however, the company experienced significant growth rates; sales from operations for March through December were at Rs 22.82 crore which could be compared to an operating income amounting to Rs11 crore for FY23 only. Nevertheless despite this revenue increase 82°E still remains non-profitable as it made EBITDA loss of Rs 25.1 crore over the same period.
Meanwhile on work front Deepika Padukone is doing Kalki 2898 AD scheduled for release on June 28th ,2024. The actress would also feature in Singham Again which is set for Diwali release in 2024.
