iluvia, a professional haircare brand under Renaura Wellness Pvt. Ltd., has secured a Series A funding from Fireside Ventures and Multiply Ventures. This investment represents a crucial milestone for the organisation as it will play a pivotal role in the company’s efforts to assemble a high-caliber team and to fuel its brand expansion initiatives.
Founded by Nishant Gupta and Palash Pandey, both alumni of Vellore Institute of Technology (VIT), iluvia was created from a passion to deliver the best in self-care. The brand’s Research & Development division focuses on developing a diverse product portfolio tailored to professional haircare needs, including the development of India’s first Hard Water Shampoo. Initially incubated at VIT, Renaura Wellness later secured funding from Startups Club Incurator Network (SCIN).
Speaking on the milestone, Nishant Gupta and Palash Pandey, Co-founders, Renaura Wellness Pvt. Ltd. said, “This investment validates our vision and fuels our mission to revolutionize the professional haircare industry. With this funding, we are empowered to bolster our R&D investments while further expanding our product offerings with innovative and unique solutions for professionals as well as consumers. With Series A closed, our aim is to ramp up talent acquisition and expand our team by recruiting skilled professionals who share our passion.”.
Committed to being tech-first, iluvia stands at the forefront of the professional haircare segment with a dedication to quality and innovation. Operating in a market teeming with potential, iluvia has established its presence in over 2500 salons spanning across 70+ cities in India. With robust expansion and growth plans, the brand is gearing up to increase its market penetration and solidify its position as one of the top professional haircare brands in the country. With a passion for excellence and a vision for the future, iluvia continues to revolutionize the industry, offering salon professionals and consumers a range of premium solution-driven products formulated to address huge need-gaps in the market.
Dipanjan Basu, Co-founder and Partner, Fireside Ventures added, “Our investment in iluvia is an endorsement of our commitment to building iconic and innovative consumer brands. The brand’s reliance on science and their meticulous R&D process is why they are seen as being great innovators in personal care. We believe in their vision and are very impressed with their dedication to creating truly transformative and revolutionary products which are highly efficacious and safer for consumers. At Fireside, our quest is on for brands that have an inherent value of goodness ingrained in every aspect of the product and iluvia is a perfect match.”
Addressing the achievement, Founder & General Partner at Multiply Ventures, Sanjay Ramakrishnan said, “The beauty and personal care space is growing rapidly in India and there are many ways to cater to the market’s needs. Our thesis at Multiply Ventures has been to partner with founders who solve a large niche with research-focused, Science-backed, safe products with clear deliverables on the outcome. iluvia checks all the boxes with its very focused product line-up. The distribution of the professional range of products via the salon networks and the acceptance of the same by the salon owners and the end consumers has been very encouraging. We at Multiply are happy to have partnered with Palash, Nishant, and the team at iluvia since the beginning. We started the Journey with iluvia in the seed round and are very excited that Fireside Ventures has joined us in this journey by investing in Series A alongside us.”
iluvia presents a meticulously curated range of scientifically formulated haircare products to address diverse hair concerns while promoting overall hair health. The global haircare market valued at over USD 83 Billion in 2022, with an anticipated CAGR of 5.28% leading to USD 113 Billion by 2028*. The Indian Hair Care and Styling Products market stands at over USD 5.8 Billion**. In this landscape, iluvia’s commitment to science-backed formulations positions it as a trusted innovator operating in the premium end of the market and poised to meet the dynamic demands of the growing professional haircare market.
