As self-care brand 82 East completes one year and aims to reach the Rs 100-crore ARR mark soon, founders Deepika Padukone and Jigar Shah talk about their R&D, playing to their strengths, and more
Jigar Shah and Deepika Padukone, co-founders, 82 East
Following the Covid-19 pandemic, health and wellness became more important to a lot of Indians, with consumers paying more attention to ingredients and formulations. Consequently, a flurry of startups emerged in the beauty and personal care (BPC) segment to cash in on the trend. Actor and investor Deepika Padukone, too, decided to launch her own skincare brand with a vision to marry Indian ingredients with science-based compounds. She discussed the idea with her fund manager and venture capitalist, Jigar Shah, who had just joined her investment entity, Ka Enterprises.
After two years of planning and research, Padukone and Shah launched direct-to-consumer (D2C), self-care brand 82 East in November 2022. “The uniqueness of our formulations sets us apart in not only the highly competitive Indian market but also on a global scale,” says Shah. The formulations are made by in-house scientists at the company’s R&D centre in Bengaluru, while the products are manufactured by third-party companies. “I'm the first one to try any product. Anything that is out there in the market today, rest assured that I have tried it on first and will give my feedback. And then it goes into trials,” Padukone tells Forbes India.
82 East has launched 12 products— inaugural products such as Ashwagandha Bounce moisturiser and Patchouli Glow sunscreen were priced Rs 2,700 and Rs 1,800, respectively—following which they have also launched travel-friendly mini versions.
According to a 2023 report by McKinsey, the beauty industry, including skincare, fragrance, makeup, and hair care, generated around $430 billion in global revenue in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 6 percent through 2027. 82 East is on its way to reach a Rs 100-crore annual run rate (ARR) very soon, claims Shah, and has shipped to about 50 countries so far. Currently, between 5 and 10 percent of sales are from the international market.
In December 2022, 82 East raised $7.5 million in a seed round led by DSG Consumer Partners, IDEO Ventures, and several ultra-high net worth individuals (UHNIs). The founders are targeting a Series A round in 2024. “We are delighted with our investment and very proud of the team for achieving incredible results in just its first year. Jigar's commitment to business-first principles and Deepika's profound grasp of brand and design collectively position this brand to evolve into a truly global brand from India that we will all be proud of,” says Deepak Shahdadpuri, founder and managing director of DSG Consumer Partners.