D2C startup Onesto Labs gets USD 2.5million funding from 72 ventures
Among the existing investors, Sauce VC and Arihant Patni of Patni Family Office participated in the round along with angel investors like Suhail Sameer (BharatPe CEO), Ramakant Sharma (Livspace founder) and Rajeev Chitrabhanu (Magnetic founder). The fresh funds will be used to boost the company’s R&D capabilities, hiring, branding and marketing.
“The investment will help us double down on R&D activities and expand our manufacturing and distribution capabilities,” said Rohit Chawla, Founder and Chief Executive Officer at Onesto Labs.
Onesto was founded in 2018 by Rohit Chawla, Sifat Khurana and Vimal Bhola. Rohit Chawla is armed with a solid skillset of brand development and strategy. Sifat Khurana is an alumnus of NIFT Bangalore and heads the marketing and branding team. Vimal Bhola comes has a vast experience in R&D with cosmetic companies such as Johnson & Johnson and Unilever.
Onesto’s brands sell personal care products on their websites and platforms like Amazon India and Nykaa. India’s first ceramides based skincare brand, Chemist at Play’s products are bio-compatible, bio-effective and enriched with botanical activities. Bare Anatomy aims to solve concerns by putting data-driven tech and advanced scientific research.
The company’s business has seen a high growth since the beginning of the Covid-19 pandemic and it is targeting annual recurring revenue of ₹ 60crore in the next 18 months from 12 crores at present.
India’s direct-to-customer brands, mainly in the beauty and personal care segment have been gaining attention among buyers and risk investors. The pandemic has boosted the business of online brands as it has increased digital adoption by consumers and led them to buy these products. Most of these companies had a funding round in the past three months.