In a significant move, signalling renewed investor confidence, Airblack, the Gurugram-based online makeup and beauty learning platform, has successfully raised $4 million in its pre-series B funding round. This funding, led by the Michael & Susan Dell Foundation, comes after a hiatus of 17 months for the innovative company.
According to reports from the Registrar of Companies, the board at Airblack passed a resolution to issue 10 equity and 4,467 pre-series B CCPS at an issue price of Rs 71,162 each, aiming to raise Rs 32 crore or $4 million. Michael & Susan Dell Foundation took the lead in the round, contributing Rs 16.32 crore, with Elevation Capital and Info Edge (via Beacon Trusteeship) each participating with Rs 6.33 crore. Blume Ventures (via Catalyst Trusteeship), Thadani, and Pawar Family Trust also invested in the funding round.
The raised capital is earmarked for various purposes, including working capital requirements, general corporate needs, and expanding Airblack’s business operations. The funds will support the company’s vision for growth and innovation in the competitive beauty and makeup learning sector.
Following this funding round, Elevation Capital emerged as the most significant external stakeholder in Airblack, holding a 27.07% share. Info Edge and Michael & Susan Dell Foundation follow with 13.49% and 8.63% shares, respectively. Founder Videt Jaiswal commands an 18.74% share, while the firm’s ESOP pool is 21.56%.
Airblack’s journey began as a travel company, but the onset of the pandemic prompted a strategic pivot to the beauty segment. The company has raised approximately $11 million, reflecting its resilience and adaptability in the dynamic business landscape.
Airblack faces the evolving landscape without one of its close competitors, Vah Vah, led by Muthukaleeshwaran Subbiah and Shailesh Daxini. Reports suggest that Vah Vah has been shuttered, with over 150 employees laid off in July this year. This development positions Airblack as a notable player in the beauty learning space, poised for further expansion and impact.
