- The funding will be allocated to enhancing talent acquisition efforts, strengthening research and development initiatives, and intensifying brand marketing campaigns.
Bengaluru, 15 February 2024: In a significant development for Renaura Wellness Pvt. Ltd., headquartered in Bengaluru, their professional haircare brand, iluvia, has successfully secured Series A funding from Fireside Ventures and Multiply Ventures. This funding milestone marks a pivotal moment for the organization, enabling it to recruit top talent and expand its brand reach.
Founded by VIT alumni Nishant Gupta and Palash Pandey, iluvia was born out of a shared passion for delivering exceptional self-care solutions. With a focus on research and development, iluvia has pioneered innovative products tailored to the unique needs of professional haircare, including India’s first Hard Water Shampoo. Incubated at VIT and later receiving support from Startups Club Incurator Network (SCIN), Renaura Wellness has now received a significant boost with the Series A funding.
Expressing their enthusiasm, Co-founders Nishant Gupta and Palash Pandey emphasized the investment’s validation of their vision to revolutionize the professional haircare industry. With this funding, they aim to amplify their research and development efforts, diversify their product offerings, and strengthen their team with skilled professionals who share their passion.
With a commitment to leveraging technology, iluvia leads the professional haircare segment, prioritizing quality and innovation. Already present in over 2500 salons across 70+ cities in India, the brand is poised for further expansion, aiming to solidify its position as a top professional haircare brand in the country. Committed to excellence and future-oriented, iluvia continues to redefine the industry, offering salon professionals and consumers a range of premium, solution-driven products addressing market needs.
Dipanjan Basu, Co-founder and Partner at Fireside Ventures, praised iluvia’s dedication to science and its transformative product lineup, aligning with Fireside’s ethos of supporting innovative consumer brands. Similarly, Sanjay Ramakrishnan, Founder & General Partner at Multiply Ventures, highlighted iluvia’s focused product lineup and its acceptance in salon networks and among end consumers.
As iluvia presents a meticulously curated range of scientifically formulated haircare products, it aims to tap into the rapidly growing global haircare market, projected to reach over USD 113 Billion by 2028. With a market value exceeding USD 5.8 Billion, the Indian Hair Care and Styling Products market offers ample opportunities for iluvia, positioning the brand as a trusted innovator in the premium segment, ready to meet the dynamic demands of the professional haircare market.
Submitted by PR Agency
