“Our vision is to create the FMCG (fast-moving consumer goods) conglomerate of the future by building brands that connect strongly with millennials and Gen Z customers using the combined power of digital marketing and e-commerce at large scale,” said Varun Alagh, founder and CEO of Mamaearth. “Sequoia India’s investment at this stage of our journey validates this vision of building a global brand of the future.”
Ishaan Mittal, principal, Sequoia Capital India LLP said that out of India’s $15 billion personal care market, online channels contribute to only 3-5 per cent.
“With 15-20 per cent of Indian shoppers influenced digitally and expected to double in next 7-8 years, digital-first brands have the potential to redefine the architecture of tomorrow’s FMCG companies,” said Mittal. “Varun’s (Alagh) vision is to ride these market tailwinds to create a multi-brand, cross geo FMCG company over the next decade.”
Mamaearth said some early angels have exited the company in this round with a return of over 20X on their initial investment.
The Gurugram-based firm has launched a range of over 80 natural products and has reached over 1.5 million customers in 500 Indian cities. These products are available across major e-commerce platforms such as Amazon, Nykaa and Flipkart.
“From day one we have ensured we listen to our consumers and provide products which they were looking for. This led us to develop and launch over 80 products in under three years,” said Ghazal Alagh, co-founder at Mamaearth.