Closing its third round of institutional funding, Nua has raised $7.1 million in a pre-series B funding round,led by existing investor, Lightbox Ventures. Former President, Global Foods, Home & Personal Care at Unilever, Vindi Singh Banga and Kamini Banga of the Banga family office as well as Kae Capital also participated in the funding round. The brand also added Global Indian Icon, Deepika Padukone as an investor who will work closely with Nua to ideate and create new wellness solutions.
Ravi Ramachandran, CEO, and Founder, Nua, said, “Our approach from the beginning has been to focus on building holistic solutions comprising safe products, tailored content, and a community that women can lean on for all things wellness. This approach has really paid dividends. Despite all the challenges of 2020, we were able to accelerate our growth completely on the back of a highly loyal customer base. Yet, we feel we have merely scratched the surface. This round of funding will help us further invest in our community, new products, and technology as we continue to scale up the brand.”
With Nua, women can enjoy recurring doorstep deliveries of sanitary pads and other healthcare products at their chosen frequency, buy products on their terms, and be a part of a deeply engaged online community. The company also focuses on challenging taboos around menstruation by leveraging its vibrant online community and customers, of over 4 Lakh women.
Prashant Mehta, Partner at Lightbox said, “Since inception, Nua has displayed a deep understanding of women’s evolving needs for wellness. They’ve pioneered the subscription model for menstrual products in India that lends itself perfectly to this category. This was possible due to the strong community they’ve built on trust, giving consumers a deeper connect with the brand. We are confident of the team’s approach and capabilities to change this category for the better.”
“Women’s health, particularly in a country like India which has cultural taboos about menstrual health, has been neglected for far too long. The potential impact of Nua could be revolutionary”,said Vindi Banga.
Earlier this year, Nua also launched the second leg of its Project Prerna in partnership with Rotary Club, PRIDE and Magic Bus. Through the program, Nua supplied menstrual personal hygiene product kits to over 15,000 frontline women workers in Maharashtra and rural India. , Project Prerna was originally launched at the beginning of the COVID-19 pandemic where Nua distributed 300,000 sanitary pads to 30,000 women in low-income neighbourhoods of Mumbai and Maharashtra.
Nua had previously raised $4 million in 2019fromLightbox Ventures and Kae Capital .
Categories: Venture Capital