82°E, the direct-to-consumer personal care startup founded by Bollywood star Deepika Padukone, has successfully raised Rs 50 crore ($6 million) in an extension of its seed funding round. The latest infusion of capital comes from both new and existing investors, marking the company’s first significant investment round.
The board at 82°E approved a special resolution to issue 50,000 Series Seed 2 CCPS (Cumulative Convertible Preference Shares) at an issue price of Rs 100 each, aimed at raising the required Rs 50 crore.
Deepika Padukone and her family’s investment company, KA Enterprises LLP, are expected to be key participants in this funding round. They may be joined by additional investors. The funds will be allocated towards general corporate purposes, as well as for the company’s growth and expansion initiatives.
82°E previously secured $7.5 million in December 2022 during its initial seed round, which saw contributions from Padukone’s family office, IDEO Ventures, and DSG Partner.
Offering a comprehensive range of skin and body care products for both men and women, 82°E’s portfolio includes cleansers, face masks, moisturizers, sunscreen, and more. The brand has witnessed significant growth, with its operating income reaching Rs 22.82 crore in the first nine months of FY24 (March 2023 to December 2023).
About 82°E
Founded in 2021 by Deepika Padukone, 82°E is a modern Indian self-care brand committed to making self-care a simple, joyful, and effective part of everyday life. The company aims to deliver high-quality, accessible personal care products that cater to the diverse needs of its customers.
