HairOriginals, a D2C hair extensions brand, has raised $5 million funding in a Series A round; according to a company’s statement today, February 5. The funding round was co-led by 12 Flags Consumer Holdings and Anicut Growth Fund along with participation from Lenskart’s Peyush Bansal.
With the fresh funding, the company has raised a total of $7.2 million to date.
HairOriginals was founded in 2018 by IIT graduates Jitendra Sharma & Piyush Wadhwani. The company offers ethically sourced , 100 per cent natural hair extensions designed to empower individuals to express their unique beauty. With a 3X year-on-year growth and a target of growing multi-fold in the next 24 months, the brand’s vision is to become the world’s most innovative hair makeover brand, setting new benchmarks in quality and customer love.
It plans to use the fresh funds to expand try-at-home services by bringing on-demand hair extension home service to 40 cities, establish 25-30 company-owned experience centres in the next 12 months and bolster R&D Capabilities by creating innovative, best-in-class products for a global audience.
The startup claims to have partnered with more than 1,400 salons. It featured on Shark Tank India Season 1, and also has centres in North America.
Commenting on the investment, Rakesh Kapoor, ex-Reckitt Benckiser Global CEO said, “We are inspired to invest in businesses that truly make a difference. Hair Originals offers a range of hair extension products, providing instant transformations that not only enhance appearance but also boost confidence, leaving people excited about their new look.”
Dhruv Kapoor, partner, Anicut Capital commented, “India has been the global leader in export of human hair. While India exports more than 85 per cent of raw human hair, China captures a majority of the value-added market by selling to global markets in the form of hair extensions and wigs. HairOriginals is capturing value in India by building an omnichannel brand of premium hair extension products through supply chain and manufacturing focus. We resonate with Jitendra’s singular focus of building a high-quality hair Extensions brand from India for the world and are excited to partner with him on this journey”
Previously, the company raised $1.5 million in seed funding from Anicut Capital and other investors.
