82°E, a self-care brand co-founded by actor Deepika Padukone, announced on Wednesday that it has received $7.5 million (approximately Rs 60 crore) in seed funding from DSG Consumer Partners and IDEO Ventures. The round was also attended by a few angel investors.
The new funds will be used to expand 82°E’s team, expand its research and development (R&D) unit, and launch new products.
“We set out to launch products which are high-quality, high-performing and an authentic reflection of my beliefs and practices. In this endeavour, we aim to make the practice of self-care simple, joyful and effective for all,” said Padukone.
Padukone and Jigar Shah founded 82°E last month, with skincare as its first category.
82°E also intends to launch more self-care products in the coming months, according to co-founder Shah. He is in charge of the company and its growth strategy.
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