Biomaterial and home fragrance start-up Phool has raised $8 million in a series A round led by Sixth Sense Ventures. The round also saw participation from existing investors actor Alia Bhatt and IAN fund.
Earlier, Phool.co had raised a seed round from IAN Fund, Social Alpha (FISE), Draper Richards Kaplan Foundation (San Francisco), and IIT Kanpur. The fragrance-focussed start-up is know for products such as incense sticks made from temple flowers. It has also developed a vegan alternative to animal leather material made from flowers called Fleather. It plans to use the funds to scale up operations, expand into new opportunities and support its R&D efforts to scale up Fleather. The company added it “has raised this round to build depth in the $23 billion global home fragrance market, and enter the aromatherapy-based personal-care category.”
The digital first brand said that it has clocked a growth of 130 per cent year-on-year. It has also signed pilots with some of the leading fashion houses for expnnsion Fleather.
Build a distinct brand
Phool’s Founder, Ankit Agarwal said, “ Phool as a brand today is synonymous with luxury fragrance products. We plan to transform the global home fragrance market, and build a distinct brand with our product range. We have already made strong inroads in the rapidly growing Indian market that has been starved for good quality products. The Sixth Sense investment is a testament to our vision to build a global fragrance brand from India. ”
Strong demand
Nikhil Vohra, Founder and CEO of Sixth Sense Ventures, said, “The under-penetrated home fragrances industry presents a large, white space to be exploited. Plus a clear shift to natural and sustainable alternatives is creating a strong demand for Phool’s products. The brand’s premium and international appeal can be easily leveraged across the globe, presenting a huge untapped opportunity for Phool’s certified, Indian-origin products.”