In a significant development for the professional haircare industry, iluvia, a brand under Renaura Wellness Pvt. Ltd., headquartered in Bengaluru, has secured an undisclosed amount in Series A funding from Fireside Ventures and Multiply Ventures. This investment marks a crucial milestone for the company, enabling it to ramp up talent acquisition, bolster research and development, and amplify brand marketing efforts.
Founded by Nishant Gupta and Palash Pandey, both alumni of Vellore Institute of Technology (VIT), iluvia was born from a passion to deliver the best in self-care. The brand’s Research & Development division focuses on creating a diverse product portfolio tailored to professional haircare needs, including India’s first Hard Water Shampoo. Initially incubated at VIT, Renaura Wellness later secured funding from the Startups Club Incurator Network (SCIN).
Expressing their excitement, Nishant Gupta and Palash Pandey, Co-founders of Renaura Wellness Pvt. Ltd., stated, “This investment validates our vision and fuels our mission to revolutionize the professional haircare industry. With this funding, we are empowered to bolster our R&D investments while further expanding our product offerings with innovative and unique solutions for professionals as well as consumers. With Series A closed, our aim is to ramp up talent acquisition and expand our team by recruiting skilled professionals who share our passion.”
Committed to being tech-first, iluvia leads the professional haircare segment with a focus on quality and innovation. Operating in a market ripe with potential, iluvia has established its presence in over 2500 salons spanning across 70+ cities in India. With robust expansion plans, the brand aims to increase its market penetration and solidify its position as a top professional haircare brand in the country. With a passion for excellence and a vision for the future, iluvia continues to revolutionize the industry, offering salon professionals and consumers a range of premium, solution-driven products formulated to address significant gaps in the market.
Dipanjan Basu, Co-founder and Partner at Fireside Ventures, commented, “Our investment in iluvia is an endorsement of our commitment to building iconic and innovative consumer brands. The brand’s reliance on science and their meticulous R&D process is why they are seen as great innovators in personal care. We believe in their vision and are very impressed with their dedication to creating truly transformative and revolutionary products which are highly efficacious and safer for consumers.”
Sanjay Ramakrishnan, Founder & General Partner at Multiply Ventures, added, “The beauty and personal care space is growing rapidly in India, and there are many ways to cater to the market’s needs. Our thesis at Multiply Ventures has been to partner with founders who solve a large niche with research-focused, science-backed, safe products with clear deliverables on the outcome. iluvia checks all the boxes with its very focused product line-up. We at Multiply are happy to have partnered with Palash, Nishant, and the team at iluvia since the beginning. We started the journey with iluvia in the seed round and are very excited that Fireside Ventures has joined us in this journey by investing in Series A alongside us.”
iluvia offers a meticulously curated range of scientifically formulated haircare products to address diverse hair concerns while promoting overall hair health. With the global haircare market valued at over USD 83 billion in 2022, and an anticipated CAGR of 5.28% leading to USD 113 billion by 2028, the Indian Hair Care and Styling Products market stands at over USD 5.8 billion. In this landscape, iluvia’s commitment to science-backed formulations positions it as a trusted innovator operating in the premium end of the market, poised to meet the dynamic demands of the growing professional haircare market.
