MCaffeine an India-based personal care brand with caffeine-infused products, has rased ace investor funding of $300,000 from Kaushal Agarwal - MD of Avendus Capital, Harminder Sahani - MD of Wazir Advisors, KK Mehra - ex-CTO of Capillary Technologies, Pranay Jivrajka - COO at Ola Cabs and Navjot Saini of Trafigura. India represents one of the hottest beauty markets in the world.
MCaffeine's caffeine-infused products include shampoos and face wash, "which offers a unique combination of energy and care," according to the brand. The ingredient reportedly prevents hair fall and firms the skin.
"We launched the brand with six SKUs, including face wash and shampoo. We aim ourselves for $2 million revenues with 40 SKU and multiple sales channels in a year"
The company believes that young consumers raised on Starbucks will seek out domestic brands that offer energy, particularly as "consumers are no longer in awe of imported products" and "can now discern premium from base and exotic from mundane."
"Raised fund will be used primarily on expanding the product portfolio and supply chain," said says Tarun Sharma, Founder and CEO of MCaffeine. "The major focus will be to build an analytics engine for better product selection."
"We conduct detailed focus groups and extensive product reviews. We collect both the 'stated' as well as 'revealed' preferences from a spectrum of consumers. The surveys, reviews, feedbacks have been used to train an analytics engine for product selection. This gives MCaffeine an unprecedented edge in the personal care industry. We aim to build a product range more aligned with consumers than industry leaders with fastest 'time to market' for product launches.
Sharma added, "We launched the brand with six SKUs, including face wash and shampoo. We aim ourselves for $2 million revenues with 40 SKU and multiple sales channels in a year. We have sold more than 20,000 units in less than two months and the customer response is overwhelming. We are delivering to more than 14,000 pin codes across India and are working on International shipping as well."