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Friday, April 19, 2024

Deepika Padukone’s 82°E gets $7.5M to expand its self-care product range, team

Personal-care brand 82°E secured $7.5 million in seed funding. The startup was founded by Bollywood actress Deepika Padukone.

Deepika Padukone’s D2C personal care firm 82°E (pronounced 82 East) has raised $7.5 million in seed investment from DSG Consumer Partners and IDEO Ventures, as well as numerous ultra-high net worth individuals (UHNIs) and Padukone’s family office.

The funds are presently being used to increase the brand’s personnel, expand research and development (R&D), and introduce new items. It has an R&D centre in Bengaluru to create items in-house.

Deepika Padukone and Jigar Shah co-founded 82°E, a born-in-India-for-the-world modern self-care celebrity brand. The firm released skincare as its first category in November 2022, with the premiere goods being Ashwagandha Bounce moisturiser and Patchouli Glow sunscreen drops. 82°E delivers performance-driven goods by combining time-tested Indian components with potent scientific compounds developed in-house by R&D professionals in its own laboratory.

While researching celebrity enterprises, Jigar Shah, Co-founder, 82°E, says he learned that celebrity brands in India are still in their infancy.

Jigar Shah continued, “On the other side, there are distinct whitespaces and major customer pain points that exist across numerous consumer categories. As a result, Deepika and I envisioned creating a brand from the bottom up that utilises her influence to assist bring answers to some of these pain areas while also providing value to customers and her followers around the world. We are grateful to have received a $7.5 million Seed Round in the ideation/pre-launch stage from famous global consumer investors such as DSGCP and IDEO Ventures, among others, who believed in our vision and assisted us on our path to establish a truly scalable and consumer-centric firm.”

Co-Founder of 82°E, Deepika Padukone, said, “Jigar and I envisioned this business as an extension of my personal as well as professional life. We set out to create high-quality, high-performance items that are a true expression of my ideas and practises. We want to make self-care simple, fun, and effective for everyone. We have diligently selected, intelligently created, and extensively tested our goods to achieve long-lasting benefits with our first category of skincare products. With our debut category of skincare products, we have meticulously sourced, thoughtfully designed, and thoroughly tested our products to produce long-lasting effects,” she added. I am thrilled to have investors of worldwide reputation join us in our mission to build 82°E as a new self-care brand born in India for the globe.”

82°E has already serviced consumers in over 30 countries worldwide and has created capabilities to ship to over 200 countries in its first month of operation. In accordance with its well-thought-out product drop strategy, the firm is well on its way to launching more skincare items in the coming months. All 82°E items are only accessible through its D2C website.

Deepak I. Shahdadpuri, Founder and Managing Director, DSG Consumer Partners, said, “We’ve worked with consumer founders to build world-class enduring brands over the last decade, and with 82°E, we’re excited to collaborate with this passionate, goal-driven founding couple.  We are quite pleased by Deepika and Jigar’s unwavering passion and commitment to constructing 82°E brick by brick.”

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