Back News / D2C skincare brand Ras Luxury Oils raises $2 million funding from Sixth Sense
D2C skincare brand Ras Luxury Oils raises $2 million funding from Sixth SenseJuly 4, 2022
Mumbai: Ras Luxury Oils, a direct to consumer (D2C) luxury skincare and personal care brand, has raised $2 million in a funding round from Sixth Sense Ventures, the company said.
It said it would use the funds to develop and launch new product categories, expand deeper into marketplaces, and establish an international presence.
Founded in 2017 by three women — Shubhika Jain, Suramya Jain and Sangeeta Jain — Ras Luxury Oils claims it has seen 20x growth in the past two years.
“There is a white space within luxury skincare as a category in India, and it is growing 2-3x faster than the personal care category because it is brand-starved. Furthermore, skincare brands from India are underrepresented globally. We believe that with such a dynamic, young and strong leadership team, Ras has the ability to create a strong niche for itself,” said Nikhil Vora, founder and CEO of Sixth Sense Ventures.
Sixth Sense Ventures is currently investing out of its third fund, SSIO III, which has completed 24 investments, including bets on Parag Milk, Nobel Hygiene, Fraazo, Open Secret, Stylam, GoodDot, Neeman’s, Rage Coffee, Design Cafe and Bira 91.
It said it is targeting the global clean beauty and skincare market, which is worth $54 billion and growing at a 13% compound annual growth rate (CAGR).
Currently, Ras’ website contributes 85-90% of its revenue. It also sells through online marketplaces such as Nykaa and Amazon, and has partnered with various high-end spas and salons.