MCaffeine, a personal care startup working on an e-commerce model, has raised $300,000 in its seed funding round, from a group of angel investors including Harminder Sahni, Kaushal Aggarwal, Krishna Mehra, Pranay Jivrajka, and Navjot Singh Saini.
With fresh capital coming in, the company is planning to mainly use money for expanding its product portfolio and for the development of its R&D and analytics department. It also plans to focus more on analytics engine for better product selection.
After spending 9 months on R&D, MCaffeine was founded by Vikas Lachhwani and Tarun Sharma in October 2016. Prior to founding this startup, Vikas served as the Senior Vice-President of Operations and Growth at Zoomcar. He also founded Trusanga, and worked with Mu Sigma in its early days. On the other hand, Tarun served as the Head of Operations for Box8 and led its multi-city expansion from scratch.
Vikas Lachhwani, Founder and President of MCaffeine, said:
We conduct detailed focus groups and extensive product reviews. We collect both the ‘stated’ as well as ‘revealed’ preferences from a spectrum of consumers. The surveys, reviews, feedbacks have been used to train an analytics engine for product selection. This gives MCaffeine an unprecedented edge in the personal care industry. We aim to build a product range more aligned with consumers than industry leaders with fastest ‘time to market’ for product launches.
The company claims itself to be a digital first brand and has scaled aggressively. It launched the brand with just 6 SKU’s including face wash and shampoo. Now, it is aiming for $2 million revenues with 40 SKU and multiple sales channels in a year.
Tarun, co-founder of the company, says that they have sold more than 20,000 units in less than two months and the customer response is overwhelming. The company is now delivering to more than 14,000 pin codes across India and the team is working on International shipping as well.