Sahil Dharia, founder and chief executive officer of Soothe HealthcareS
Image: Madhu Kapparath
oothe Healthcare, a homegrown personal hygiene company, has raised another Rs 100 crore in an extended Series C round led by Gulf Islamic Investments (GII), Northern Arc and KKR-backed Incred. The latest funding for the maker of Paree brand of sanitary pads comes within a month of raising Rs 130 crore, which was led by A91 Partners. The latest round, which has swelled the Series C kitty to Rs 230 crore, also involved a secondary transaction in which Sixth Sense Ventures sold its partial stake to GII
The company plans to use the funds to fuel its growth plans, expand manufacturing
capabilities, beef up capex
, and invest aggressively in marketing and distribution. The back-to-back funding, underlines Sahil Dharia, founder and chief executive officer of Soothe Healthcare
, will help the company focus more on high-quality personal hygiene products. “We are passionate in becoming a trusted personal hygiene brand and a leading player in the hygiene industry,” he adds. The company recently rolled out baby diapers—Super Cute’s—which has grown over 2x over the last year
The new backers are content with the pace of growth of Paree, and the opportunity in a vastly under-penetrated personal hygiene market in the country. “We are excited to invest in a category leader,” Mohammed Alhassan and Pankaj Gupta, joint CEOs of GII, said in a press release. As a socially-conscious investor, GII recognises the underpenetrated personal hygiene
market in India, it added in the statement. India, with one of the world’s highest women
and infant populations in the world, still lags global peers in usage and adoption of personal and disposable hygiene products.
For Bama Balakrishnan of Northern Arc, the funding aligns with the focus of the fund in supporting businesses and products that benefit women customers. “We are delighted to fund a business meeting feminine hygiene requirement across the country,” he adds.