Deepika Padukone’s self-care brand 82°E has raised $7.5 million in seed funding led by DSG Consumer Partners and IDEO Ventures. The round also saw participation from angel investors.
The company will utilise the newly-raised capital to grow its team, scale research and development, and launch new products, it said in a statement.
Founded by Deepika Padukone and Jigar Shah, 82°E launched its skincare products Ashwagandha Bounce moisturiser and Patchouli Glow sunscreen drops in November 2022.
“We are fortunate to have raised a $7.5 million seed round at the ideation/pre-launch stage from revered global consumer investors such as DSGCP and IDEO Ventures among others who have believed in our vision and have guided us in our journey to build a truly scalable and a consumer-centric business,” said co-founder Jigar Shah.
Co-founder Deepika said, “I am honoured to have investors of global repute join us in our vision to establish 82°E as a modern self-care brand born in India for the world.”
Since its launch last first month, 82°E claims that it has already served consumers in over 30 countries globally and has built capabilities to ship to over 200 countries.
Deepak Shahdadpuri, Founder and Managing Director of DSG Consumer Partners, and an investor in the brand, said, “Over the last decade, we’ve worked with consumer founders to build world-class enduring brands, and with 82°E we are excited to partner with this passionate, goal driven founder duo. We are highly impressed by Deepika and Jigar’s uncompromising dedication, and commitment to building 82°E brick by brick.”
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