The clean and conscious personal care brand will utilize the funding to expand its product range
Venture Catalysts, India’s first and largest integrated incubator and accelerator, has recently made a seed investment of $145K in The Switch Fix, which offers specialised plant-based products that are sustainable. The round was led by accelerator fund 9Unicorns and Kushal Khandwala, Director of KIFS Group.
With its unique ‘wild tamed by science’ approach, The Switch Fix has created plant-based shampoo bars which are sulfate-free, paraben-free, phthalate-free and free of chemicals derived from petroleum or animals.
So far, the brand has introduced 7 shampoo bars that address a wide range of problems such as hair fall caused by pollution, flakiness caused by stress and pollution, and dryness and frizziness caused by soaring heat and humidity. The Switch Fix’s offerings also include conditioners, scalp treatments, hair serums and essential skincare.
Speaking on the fund raise, The Switch Fix Cofounder and CEO Rhea Shukla said the company’s journey so far has been made possible due to its customers desire to lead a sustainable lifestyle.
“There’s no doubt that sustainability is the future and we’re glad to be stepping into the future with 9Unicorns and Venture Catalysts. With the funds received, we will further grow our tribe of climate warriors and make specialized and sustainable personal care even more accessible,” said Rhea Shukla.
Sharing his insights, The Switch Fix Co-founder and COO Abhishek Kumar added that most of the growth registered previously has been on the back of organic WoM from its loyal customers.
“We’re happy that through the funds acquired in this round, we will be able to add to our range of specialised products, increase awareness around the need to live sustainably and make the switch even simpler,” said Abhishek Kumar.
Commenting on the investment, Venture Catalysts Co-founder and President Apoorva Ranjan Sharma said the Indian Hair Care Market is currently valued at $3.3 billion and is estimated to reach $5 billion by 2025, growing at a CAGR of 7% – 10% during the forecast period (2020 – 2025).
“Moreover, there is an ever-increasing demand for clean, environmentally-friendly, sustainable hair care products that cater specifically to the needs of Indian consumers. The Switch Fix is well-positioned to turn this high-potential opportunity into tangible success and we are pleased to offer them our support,” said Apoorva Ranjan Sharma.
The Switch Fix’s unique positioning aligns itself with the urban youth’s values, as 89% believe that they would be able to address climate change more actively if companies offered them sustainable solutions.
Venture Catalysts is India’s first integrated incubator. It invests $250K – $1.5 Million in early-stage startups that have potential to create enduring value for over a long period of time.
Venture Catalysts brings a lethal combination of Capital, Mentoring and Business Network to help investee companies to succeed. Their innovation provides value to startups through its extensive angel network, funding, community, services and co-working facility.