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Exclusive: Mahesh Bhupathi backed Scentials to raise fresh funds from existing investors

Entrackr · 23d

D2C wellness startup Scentials has raised Rs 34.6 crore (approximately $4 million) in a mix of debt and equity led by Indus Way Emerging Market Fund with the participation of TIW Private Equity. The board at Scentials has passed a special resolution to issue 89,200 Series A1 CCPS and 18,59,000 optionally convertible debentures to raise Rs 34.6 crore or $4 million, its regulatory filing accessed from the Registrar of Companies shows. Indus Way Emerging Market Fund led the round with Rs 32 crore while TIW Private Equity participated with Rs 2.6 crore. According to the filings, the funding will be used to meet the growth objectives and to strengthen the financial position. The funding came after a hiatus of four years for the Mumbai-based company. Scentials has raised around $10 million to date, including $6 million in 2021 led by TIW Private Equity. Founded in 2017, Scentials designs, develops, manufactures, and distributes products through multiple celebrity-backed brands across deodorant, fragrances, and skincare categories. The company has yet to post its annual results for FY24; Scentials recorded a 20.5% year-on-year decline in its scale to Rs 18.22 crore in FY23, compared to Rs 22.92 crore in FY23. Moreover, it recorded a loss of Rs 38.46 crore in FY23.