Vanity Wagon, one of India’s largest and most penetrated clean beauty marketplaces, raised approximately USD 2 million in a pre-Series A funding round at an estimated valuation of USD 8 million.
The pre-Series A funding round was co-led by Lotus Herbals Private Limited, with Lotus Herbals as the lead investor and Agility Ventures Partners as co-investors. Inflection Point Ventures, Venture Catalysts, and notable HNIs also participated.
The funds will be used by the Delhi-based startup to strengthen its market position and invest in brand building, expanding its private label portfolio, offline retail, technology, and marketing and sales-driven strategies.
Vanity Wagon, which debuted in 2018, is India’s first information-oriented clean beauty ecosystem. It is a one-stop shop for all of the beauty needs, where one can shop clean beauty and wellness products all in one place, saving time and money on product discovery while also gaining access to authentic brand-sourced products. Vanity Wagon, co-founded by Naina Ruhail and Prateek Ruhail, operates in a $1 billion market.
In the previous Seed funding round in 2021, Vanity Wagon raised $1 million.
Co-Founder Naina Ruhail, Director & Co-CEO, Vanity Wagon, said, “Our vision is to build a sustainable and a legacy brand in the beauty segment which will only be strengthened by this investment. Furthermore, our strategy to go omnichannel, co-own more clean beauty brands, and expand internationally is what a part of this investment will be deployed in. The beauty market and the e-retail market are going through an interesting time, where every enterprise is trying to establish a market presence, and with learnings of 4 yrs and a robust team, we are definitely going to continue reinforcing our hold on the Clean Beauty Market.”
Nitin Passi, Chairman & Managing Director, Lotus Herbals, said, “Lotus has been India’s pioneer beauty brand synonymous with green, clean, ethical and natural products in skincare, haircare and makeup for three decades. Our brand ethos has always been simplicity, honesty and transparency. What is exciting for us is that several niche categories in the beauty industry in a similar domain have emerged, some of which can be scalable in the foreseeable future. We have drawn a strategy of partnering with passionate founders who resonate with our philosophy of ‘non-toxic’ beauty.”
Passi stated that he’s genuinely excited about their new adventure with Vanity Wagon, India’s largest clean beauty e-commerce platform. Whether eco-conscious or discerning, today’s consumers pay close attention to safety, efficacy, ethical practises, and sustainability pillars before making a purchase decision. He is pleased that, with renewed zeal, they will be able to cater to such audiences.
Dhianu Das, Co-Founder, Agility Ventures, said,” Vanity Wagon allows investors an opportunity to be a part of one of the fastest-growing industries — Beauty. The industry has seen several unicorns and also several companies that have outgrown the market constantly, and still, the market continues to grow. This signifies a strong future for not only beauty but for commerce as a whole”.
Vanity Wagon uses cutting-edge technology to build the largest clean beauty community, and they are building a holistic company with multiple revenue streams centered on beauty, as well as having the largest team in the clean beauty marketplace segment. In the next two years, Vanity Wagon intends to be worth Rs 500 crore.
According to Statista, the global clean beauty market will exceed $54 billion by 2027.
With the launch of 5 new international brands in India, the clean beauty and wellness company has onboarded 350+ brands on the portal, with 15 percent being international. With acquired brands, it hopes to increase sales by 5x.