82°E, a D2C personal care startup founded by Bollywood superstar Deepika Padukone, has announced that it has raised $7.5 Mn in seed funding from DSG Consumer Partners and IDEO Ventures, along with multiple ultra-high net worth individuals (UHNIs) and Padukone’s family office.
The company is using the funds to grow its team, improve research and development (R&D), as well as introduce new products. It has an R&D center in Bengaluru where it creates products.
Established in 2021 by Deepika Padukone and Jigar Shah, 82°E is a skincare-based personal care brand that debuted in November 2022.
Shah stated that the funding was raised earlier in the year and a majority of it has already been put towards 82°E’s research and development, as well as expanding their team. The company employs approximately 35 people at this time.
In a statement, Shah stated to Inc42-
“We raised this funding round pre-product, pre-revenue, pre-launch. When I went to the investors, all I had was a conversation. I did not even have a PPT or a deck, no product or revenues to show. It was an idea at that time (at the time of the funding).”
Padukone also said-
“Jigar and I envisioned this brand as an extension of my personal as well as professional journey. We set out to launch products which are high-quality, high-performing and an authentic reflection of my beliefs and practices.”
She further added-
“With our launch category of skincare products, we have rigorously sourced, carefully crafted and clinically tested our products to achieve lasting results. 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.”
Shah stated in an interview with Inc42 that, even though celebrity brands have been around for decades, they are only now beginning to take off in India. He said that the personal care space is competitive but most products don’t cater to luxury audiences. He said-
“But we see different trends which are there globally as well as in India. The first trend we see is premiumisation and the second trend is digitisation. The premium segment is where we see clear whitespace, where there is no clear winner. That’s where we want to play.”
The co-founder of 82°E says that the startup’s two initial products – one for hydration and one for protection – were chosen based on multiple factors, including what season it would launch in. While talking about the product choice, Shah said-
“Our solution to that is to simplify the entire world (of skincare), to go back to basics and focus on fundamentals of skincare. What we found out through research and conversation with our R&D experts is that if you focus on hydration and protection, a lot of skin health is taken care of. That is the story we’re trying to build.”
The cofounder said that 82°E is following a “drop” strategy and will release more products in the future.
Shah said that the brand achieved its month-one target in five-and-a-half days, shipping to 30 countries but didn’t share specifics of how 82°E has fared in the market. The cofounder revealed that 82°E is anticipated to reach an annual revenue rate (ARR) of INR 100 Cr within the next six to eight months.
In recent years, Bollywood celebrities have been launching their startups or investing in other companies because the country’s startup ecosystem has exploded. Earlier this week, Aryan Khan– Shah Rukh Khan’s son– made his entrepreneurial debut by launching the vodka brand D’YAVOL.
The 82°E team aims to offer personalized solutions and give a luxurious touch to the Indian skincare market. With Deepika Padukone back on board, the startup promises to bring something unique and transformative.
The future looks promising for 82°E. How this news story unfolds remains to be seen. We will keep you updated as more information becomes available. Stay tuned!
Shivendra Tiwari is an Engineer and an MBA in Marketing. He is the Content head at Marketing91 and a thorough Online Marketing enthusiast. Shivendra loves to follow different brands and study their Business and Marketing tactics.