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The Indian skincare market, valued at $3 billion in 2023, is expected to grow at a rate of 14.6% annually, reaching $13 billion by 2034.
SkinInspired, a skincare brand founded in 2022 by Piyush Jain, an FMCG veteran, and Dr. Prashant Agrawal, a dermatologist, has raised Rs 12.25 crore (about $1.5 million) in its seed funding round. This funding was led by Unilever Ventures and included notable angel investors like Arjun Vaidya, co-founder of Dr. Vaidya’s.
The company plans to use the funds to advance research and development, enhance marketing efforts, and improve its market strategy.
SkinInspired offers a range of skincare products such as face washes, serums, sunscreens, and moisturizers, all made with unique active ingredient blends. They emphasize high performance and safety in their formulations.
SkinInspired has also launched what it claims to be India’s first refillable skincare line, featuring special airless jars and pumps. This design aims to maintain product effectiveness and promote sustainability, which is a new approach in the Indian skincare market. The brand focuses on clean beauty and transparent skincare practices.
Piyush Jain, the CEO of SkinInspired, stated that the brand combines effective ingredients with luxurious textures and functional packaging, aiming to make a global impact in skincare.
Unilever Ventures' Pawan Chaturvedi highlighted that dermaceutica brands are rapidly growing, both in India and internationally, and expressed excitement about partnering with SkinInspired, which has quickly gained recognition from consumers and dermatologists.
Dr. Prashant Agrawal, the co-founder and Chief of Products, mentioned that SkinInspired is committed to improving skincare efficacy, user experience, and transparency through informative social media content.