Female and baby hygiene D2C brand Soothe Healthcare has raised INR 130 Cr ($17.5 Mn) in Series C round from A91 Partners. The latest funding round included a secondary transaction where Sixth Sense Ventures offered a portion of its shares to A91.
Established in 2012 by Sahil Dharia, Soothe Healthcare started out by developing sanitary napkins items and launched a lineup under its flagship brand Paree. Last year, it entered the diaper category with Super Cute’s, a baby diaper brand. It will utilize the assets for marketing activities and extend its distribution channels for the two of its product offerings.
In the past, the company has raised assets from Symphony International Holdings and Mumbai-based consumer store Sixth Sense Ventures amongst other backers. Sixth Sense had invested in Soothe through two assets and will continue to hold the shares from its second round of investment in the startup.
In 2015, Indian badminton player Saina Nehwal had invested in Soothe and became the brand ambassador for its items. The startup also supplies sanitary napkins for state and central government programs under the National Health Mission.
India’s sanitary napkins market already has various trendy brands, with any semblance of Niine, Nua, Carmesi, PeeBuddy, Pee Safe Heyday, and others, other than the brands created by FMCG giants like Procter and Gamble (Whisper) and US napkins major Stayfree. Other than napkins, many of the Indian D2C brands including Niine are also developing diapers, while several are also competing with any semblance of Mosaic Wellness’ Bodywise, Azah, Mamaearth, and others in the broader female or feminine hygiene items market.
The target market for the Indian feminine hygiene D2C brands has filled lately from the metros and Tier 1 urban communities to Tier 2 urban communities as well. According to a Research and Market report, the hygiene item market in India has valued at INR 32.66 Bn in 2020. It is required to develop at a CAGR of 16.87% between 2021-25, reaching INR 70.20 Bn by 2025.
Commenting on the funding, Dharia said, “Paree is among a select few offline brands to achieve an INR 100 Cr top line in four years since launch. With this investment from A91, we’re on a solid track to achieve our goal of a significant market share in the next few years.”