The Manipal Group’s (TMG) incubated EKAM (Aromee branding Pvt. Ltd.) has announced that it has raised roughly INR 4.8 Cr. in an angel round of funding that was led by prominent angel investors Gopal Srinivasan (Chairman of TVS Capital Funds), Narayan Ramachandran (Chairman of Teamlease Services), N. Lakshmi Narayanan (ex-CEO of Cognizant Along with The Manipal Group, other investors in the round include Vishal and Avani Davda, who were previously the CEO of Starbucks India, Deep and Mohit Bajaj, founders of Sirona Hygiene, an award-winning femtech D2C start-up, and Deep and Mohit Bajaj. Working capital, marketing campaigns, and the creation of new products will all benefit from the money.
EKAM is an accessible luxury brand that sells high-end consumer goods for the home and the body. Its product line includes, among other things, essential oils, scented candles, body mists, diffusers, and therapeutic experiences for the aspirant new-age millennials. For occasions like weddings, engagements, housewarmings, and corporate gifting, EKAM also has wonderful gifting items. EKAM sells its goods on its website as well as on well-known online stores like Amazon, Flipkart, and others.
“EKAM’s success in the D2C arena with high conversion rate and repeat purchase frequency signals high resonance with consumers,” said Ms. Aarti Koya, CEO of EKAM, in response to the investment. We plan to expand by introducing the most cutting-edge and fashionable fragrance goods to the Indian market at a pricing point that is suitable for our millennial clients. I’m thrilled to have them join the board of EKAM as like-minded, accomplished investors who are familiar with the D2C market.
As e-commerce expands, the $1 billion or so Indian fragrance market is anticipated to grow by 15-20% to reach $2 billion by FY25. EKAM has the first-mover advantage because there are currently very few established businesses in the D2C industry in this market. Through product innovation, premium product quality that meets international standards, improved customer experience and engagement, and higher brand awareness, EKAM hopes to gain a sizeable market share in this sector.
TMG founded EKAM to utilize its corporate advantage of creating international consumer businesses to establish a world-class brand in personal fragrances and home scents in India. In the following two years, the brand wants to grow to a profitable INR 100 Cr sales brand and pursue worldwide expansion.
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