Chennai-based skincare start-up CHOSEN has raised $1.2 million in a seed funding round from friends and family. This funding follows an equity-free grant of $100,000 from Peak XV Partners as part of the SPARK program for women entrepreneurs.
Founded by cosmetic dermatologist Dr. Renita Rajan, CHOSEN focuses on developing skincare products through patents and cutting-edge formulations while expanding into IoT-led skincare solutions. Now in its fourth year, CHOSEN plans to utilise the funds to grow its headcount and enhance its supply chain capabilities.
“This seed round provides us with the flexibility to strategically expand our operations and explore new areas for growth. Our next step is to explore partnerships with B2B sectors such as hospitality, health, travel, and leisure to expand our distribution channels. Our goal is to secure pre-series funding of $10 to $20 million later this year,” said Dr. Renita Rajan, founder of CHOSEN.
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CHOSEN currently offers 34 SKUs, with 12 more in the pipeline and additional products slated for launch within the next 18 months.
“At CHOSEN, we are committed to creating long-term, safe, and effective wellness solutions. Our products are designed to provide lasting benefits, reflecting our dedication to quality and innovation,” Dr. Renita Rajan added.
With a headcount of 130 and plans for further recruitment, CHOSEN is poised for significant growth, projecting a 2x increase in scale this fiscal year, as per a company statement.
India is home to lots of skincare start-ups. According to a Kings Research analysis, the size of the worldwide skincare market was estimated to be $135.23 billion in 2022 and is expected to rise at a CAGR of 7.25% from 2023 to 2030 to reach $234.10 billion. Some of the skincare start-ups in India include Mamaearth, mCaffeine, Sugar Cosmetics, Purplle, and others.
