Chennai-based skincare startup CHOSEN has reportedly raised $1.2 million in a seed funding round from friends and family mainly. This is according to a media release issued on Thursday. The funding after an equity-free grant of $100,000 awarded by Peak XV Partners under the SPARK program which backs women entrepreneurs.
Founded by Dr. Renita Rajan, CHOSEN plans to use this new capital to beef up its workforce and look to expand its supply chain capabilities. Now with 130 employees, the company will hire more to help it achieve its growth goals. Dr. Rajan said the strategic vision for the company and articulated it as, “Our next step is to explore partnerships with B2B sectors like hospitality, health, travel and leisure to expand our distribution channels. Our goal would be securing pre-series funding of $10 to $20 million later this year.”
CHOSEN emphasizes newfangled skincare products while using patented formulations and cutting-edge technology. This company is also exploring IoT-led skincare solutions that go in line with the goal of redefining personal skincare through technology. In today’s competitive market, CHOSEN presents 34 distinct stock-keeping units while the company has been working on 12 more. The company would be introducing them all within the next 18 months, hence, it’s aptly on the right track with its commitment to continuous innovation.
This is going to be an exciting and thrilling period for CHOSEN as it looks to double the scale in the current fiscal year. B2B partnerships are going to become an area of strategic focus and help unlock new distribution channels and customer engagement for the brand. The brand is going to try and capture emerging trends in the skincare market.
In a competitive market where the industry in the skincare sector continuously evolves, CHOSEN follows the latest trends of product formulation by strongly emphasizing technology to set new standards in the market. The recent funding and future initiatives now put CHOSEN in a solid position to tackle the competitive marketplace while trying to achieve its vision of making personalized skincare accessible to a more significant number of users.
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