ETtechHair-loss solutions startup Traya has raised Rs 75 crore in equity funding from Mumbai-based private equity fund Xponentia Capital.
The company did not disclose the valuation at which the funding closed.
Prior to this, Traya had raised almost $3 million from Fireside Ventures, Stride Ventures, Kae Capital and Whiteboard Capital.
The firm will use the funds to expand further in non-metro markets and increase research and development for its product range, Saloni Anand, cofounder of Traya, told ET. The firm will also use the funds to expand its team size, which currently sits at 800.
Traya offers a range of services targeting hair loss, including tests and consultations with dermatologists, to provide custom-made plans and products for individual customers. The average order value (AOV) per customer for its services and products is at Rs 2,500. Despite the high AOV, Anand said 70% of Traya’s sales and user base comes from non-metro markets, spurred by a lack of good dermatologists and testing centres in those regions.
The company sees 180,000 orders per month currently, and about 70% of its customer base is male, with the rest being female, Anand said. It launched a range of products and services for women in June last year, and intends to continue to expand the share of women users of its services.
“With women, unfortunately, there are multiple events and problems like postpartum hair fall, PCOS-led hair fall, and perimenopause-led hair fall that need to be solved for… Part of our R&D efforts will go into finding solutions for each of these issues (sic),” Anand said.
Currently, Traya’s entries sales come from its own online store. The firm does not sell through channels like ecommerce platforms and physical third-party stores, as that might lead to the dilution of its offering.
“Our north star is the 93% efficacy that we have achieved, and that has come not just from our products but also from the experience and support we provide to customers… for instance, 500 of our 800 employees are hair coaches, who help customers keep track of their progress (sic),” Anand said. The firm will consider opening its own outlets in the future but is currently sticking to just selling online, she added.
“Traya has developed expertise in understanding hair loss and has demonstrated success in solving it through innovative combinations of Ayurveda, Allopathy and nutrition. Our investment in Traya fits Xponentia’s thesis to back fast growing and profitable digitally native consumer brands,” said Rahul Bahri, director at Xponentia Capital.
A number of consumer brands, especially in the early stages, have been able to raise funding recently. Last month, skincare firm Foxtale Consumer raised about $14 million.
The company did not disclose the valuation at which the funding closed.
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The firm will use the funds to expand further in non-metro markets and increase research and development for its product range, Saloni Anand, cofounder of Traya, told ET. The firm will also use the funds to expand its team size, which currently sits at 800.
Traya offers a range of services targeting hair loss, including tests and consultations with dermatologists, to provide custom-made plans and products for individual customers. The average order value (AOV) per customer for its services and products is at Rs 2,500. Despite the high AOV, Anand said 70% of Traya’s sales and user base comes from non-metro markets, spurred by a lack of good dermatologists and testing centres in those regions.
The company sees 180,000 orders per month currently, and about 70% of its customer base is male, with the rest being female, Anand said. It launched a range of products and services for women in June last year, and intends to continue to expand the share of women users of its services.
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“With women, unfortunately, there are multiple events and problems like postpartum hair fall, PCOS-led hair fall, and perimenopause-led hair fall that need to be solved for… Part of our R&D efforts will go into finding solutions for each of these issues (sic),” Anand said.
Currently, Traya’s entries sales come from its own online store. The firm does not sell through channels like ecommerce platforms and physical third-party stores, as that might lead to the dilution of its offering.
“Our north star is the 93% efficacy that we have achieved, and that has come not just from our products but also from the experience and support we provide to customers… for instance, 500 of our 800 employees are hair coaches, who help customers keep track of their progress (sic),” Anand said. The firm will consider opening its own outlets in the future but is currently sticking to just selling online, she added.
“Traya has developed expertise in understanding hair loss and has demonstrated success in solving it through innovative combinations of Ayurveda, Allopathy and nutrition. Our investment in Traya fits Xponentia’s thesis to back fast growing and profitable digitally native consumer brands,” said Rahul Bahri, director at Xponentia Capital.
A number of consumer brands, especially in the early stages, have been able to raise funding recently. Last month, skincare firm Foxtale Consumer raised about $14 million.
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