Clensta Taps JM Financial for Expansion and Fundraising
By siliconindia | Friday, 08 December 2023, 11:48 IST
Clensta, a personal care brand backed by TradeCred, has engaged the services of JM Financial, an investment banking firm based in Mumbai, to assist in its expansion and fundraising initiatives. JM Financial, known for guiding emerging companies through public listing processes, has previously advised prominent entities such as Honasa Consumer, Ideaforge, and Nykaa. Headquartered in Gurugram, Clensta recently secured Rs 75 crore in pre-Series B funding from TradeCred, with additional investment coming from the UAE Royal Family and Actor Parineeti Chopra, among others. Supported by TradeCred, the company holds a diverse investment portfolio across sectors including Mensa Brands and Furlenco.
Founded in 2016 by Puneet Gupta, the brand initially introduced a waterless bathing solution and has since amassed a total funding of Rs 105 crore, with contributions from investors such as IAN, IAN Fund, IPV, VCats, Hem Securities, IIT Delhi, and US-AID. Clensta's product range has expanded to encompass a diverse selection of sustainable and cost-effective wellness, hair care, skincare, eye care, lip care, fragrance, and body care products, all meticulously researched and developed at IIT-Delhi.
"Our collaboration with JM Financials is part of a strategic series of decisions following Clensta's association with actor Parineeti Chopra as an investor, and the appointment of Ashish Mishra (formerly with Mamaearth and VLCC) as our Co-Founder and CBO", stated Puneet Gupta, Founder of Clensta. "We aim to broaden our omni-channel distribution by including retail, online, international, and alternative markets, while securing significant deals in institutional and export segments".
Clensta is focused on expanding its omni-channel presence and entering international markets organically, intending to strengthen its growth trajectory. The company experienced a 100% growth in FY23 and anticipates a 150% increase in the upcoming fiscal year. "We believe we're on the right path and view this as an opportune moment to bring in a partner like JM Financials", added Gupta. "With their involvement, we look forward to concentrating on business expansion while continuing to grow under Ashish's leadership".
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