Indian baby care products startup Mamaearth has announced that the company has raised $18.2 million in a new funding round led by Sequoia Capital India. The round also saw participation from existing investors Fireside Ventures, Stellaris Venture Partners, and Sharp Ventures.

The firm announced that with this transaction, some of the angel investors of the company exited with a return of over 20x on their investments. However, name of the angel investors who took the exit remains undisclosed.

The company claims to be one of the fastest Indian startups to notch up an annual revenue run rate of 100 crore. Varun Alagh, founder and CEO of Mamaearth, said: “Our vision is to create the FMCG conglomerate of the future by building brands that connect strongly with millennials and Gen Z customers using the combined power of digital marketing and ecommerce at large scale.”

Mamaearth will use the funding to acquire 5 million new customers and launch more internet-first and millennial consumer brands and to build a 500-crore brand by 2023. It is also planning to expand to parts of Southeast Asia.

Founded in 2016 by husband-wife duo Varun and Ghazal Alagh, Mamaearth, the company offers over 80 natural, toxin-free products, including bamboo-based baby wipes, lotions and face masks.

The company claims to have over 1.5 million consumers in 500 Indian towns and cities. It uses an internet-first approach to reach its target audience claims to combine in-depth research and customer feedback to create its products.