Phool.co has announced that it has raised $8 million in Series A funding round. The funding was led by Sixth Sense Ventures, along with participation from existing investors, Alia Bhatt and IAN fund. With fresh funds, the company aims to scale operations, explore the untapped domestic and global growth opportunities and build its brand. Additionally, it will be rapidly scaling the research and development (R&D) efforts to replace animal leather with its invention, Fleather.
For Ankit Agarwal, founder, Phool as a brand is synonymous with luxury fragrance products on account of its unwavering focus on product experience, and ingredients. “In a short time, our modest efforts have managed to create a dent in the Indian fragrance industry. We plan to transform the global home fragrance market, and build a distinct brand with our product range. We have already made strong inroads in the rapidly growing Indian market that has been starved for good quality products. The Sixth Sense investment is a testament to our vision to build a global fragrance brand from India. I believe Vohra’s (founder) acumen and knack for unlocking opportunities will fuel our growth story in the years to come,” he added.
The under-penetrated home fragrances industry presents a large, white space to be exploited, plus a clear shift to natural and sustainable alternatives is creating a strong demand for the company’s products, Nikhil Vohra, founder and CEO, Sixth Sense Ventures, stated. “The brand’s premium and international appeal can be easily leveraged across the globe, presenting a huge untapped opportunity for Phool’s certified, Indian-origin products. A keen innovator and acute executioner, Agarwal and his unrelenting spirit has led him to build an outstanding team with multiple patents to their name. Their moonshot, Fleather is a game-changing innovation, and presents a massive potential opportunity. I am looking forward to partnering with Agarwal and the team to dominate the global market,” he highlighted.
Previously, Phool.co had raised a seed round from IAN Fund, Social Alpha (FISE), Draper Richards Kaplan Foundation (San Francisco), and IIT Kanpur.
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