Actor Rashmika Mandanna invests in beauty brand Plum
Vegan beauty and personal care brand Plum on Thursday said that actor Rashmika Mandanna has come on board as an investor and brand ambassador. This comes at a time when the brand aims to double its annual recurring revenue (ARR) over the next 12 months.
The brand said this partnership with the Pushpa: The Rise famed actor will enable it to create new pathways for customer acquisitions, especially with the Gen Z and millennial audiences. It did not reveal the quantum of investment.
Shankar Prasad, CEO, and Founder of Plum said that since the first funding round in 2018, the brand has grown nearly 15x. “We are delighted to have Rashmika on board as we look forward to reinforcing our brand connect with consumers. She is a popular youth icon and fits very well with the brand ethos of Plum, with her real, approachable persona,” he added.
Expanding online presence
“At a current ARR of about ₹300 crore on a net revenue basis, Plum’s goal is to double that number over the next 12 months. We plan to expand our online presence and offline footprint across India and further scale up production, launch innovative new products and employ great talent,” he added.
The brand is sold across key e-commerce marketplaces such as Amazon, Flipkart, Nykaa, and Purplle. It is also available in over 250 towns and cities in India, through nearly 1,000 assisted retail outlets, and over 10,000 unassisted outlets.
Mandanna’s investment follows a $35 million funding round led by A91 Partners in March 2022. So far, Plum has raised over $50 million from consumer-focused institutional investors.
June 23, 2022