DSG Consumer Partners, IDEO Ventures, and other prominent angel investors have provided $7.5 million in seed funding for actor Deepika Padukone’s self-care brand, 82°E.
82°E will use the money to hire more people, expand research and development, and introduce new products. Deepika Padukone and Jigar Shah co-founded the Indian-inspired, globally relevant, modern self-care celebrity brand 82°E.
The company’s first product line, a line of skincare items including a moisturizer called “Ashwagandha Bounce” and a sunscreen in the form of “Patchouli Glow” drops, was released in November. 82°E’s formulations combine Indian ingredients with scientific compounds, a process overseen by in-house research and development experts.
“While doing his research on celebrity brands, he observed that celebrity brands in India are still at an infancy stage,” said co-founder and growth strategy leader Jigar Shah. But there are a lot of unfilled needs and pain points among consumers in a lot of different market segments.
So, Deepika and I talked about starting a brand from scratch that would use her status to address these problems and help her fans all over the world.
We were able to secure a $7.5 million seed round during our company’s incubation/pre-launch period thanks to the support of prominent global consumer investors like DSGCP and IDEO Ventures, who shared our vision and helped pave the way toward creating a business that is both highly scalable and focused on the needs of its target audience.
Introduction to the Product
“Jigar and I envisioned this brand as an extension of my personal as well as professional journey,” Deepika Padukone, Co-Founder, of 82°E, said in a statement about the establishment of the company. We set out to make products that are both true to my values and better in quality and performance than the competition.
Our mission is to help people take care of themselves in a way that is satisfying and easy. Our first line of skin care products has been carefully researched, made, and tested in the clinic to make sure they are of the highest quality and last the longest.
Having such well-known investors on board makes it easier for us to reach our goal of making 82°E a leading self-care brand with roots in India that is known around the world.
As of the end of the first month since its launch, 82°E had shipped to over 200 countries and had served customers in over 30. Brand X is planning to expand into additional skincare offerings within the next few months. 82°E’s direct-to-consumer (D2C) website, 82e.com, is the only place to buy any of the company’s
A statement from DSG Consumer Partners’ founder and managing director, Deepak I. Shahdadpuri, on their investment in 82°E reads, as follows: “Over the last decade, we’ve worked with consumer founders to build world-class enduring brands, and with 82°E, we are excited to partner with this passionate, goal-driven founder duo.”
We admire Deepika and Jigar for their dogged determination to build 82°E from the ground up.