Plum Taps Rothschild for Record $100 Million Fundraise

Plum, the direct-to-consumer beauty brand, has hired Rothschild & Co to manage a $75-100 million fundraising round, two people familiar with the matter said. If completed, it would be the largest single fundraise by an Indian beauty and personal care brand.

The company has started reaching out to both existing and new investors, the people said, asking not to be named because the discussions are private. The process is still early. Proceeds are expected to strengthen Plum's offline presence and fund new product launches.

Plum has raised over $50 million in institutional funding to date. Its last round was a $35 million Series C in March 2022 led by A91 Partners, with participation from Unilever Ventures and Faering Capital. That round valued the company at about $250 million.

Pureplay Skin Sciences, Plum's parent, reported revenue of ₹418.6 crore in FY25, up 22.5% from a year earlier. Net profit was ₹24.7 crore, its first full year of profitability, compared with a net loss of ₹84.1 crore in FY24, according to Tracxn data.

The fundraise comes as investor interest in India's beauty and personal care market heats up. Redseer Strategy Consultants estimates the sector will grow to $40 billion by FY30 from about $23 billion in FY25, making it the country's fastest-growing retail category over the next five years.

Large cheques have become common. Online beauty retailer Purplle raised $180 million in Series F in October 2024. Good Glamm raised about $150 million in Series D in 2021, though that round was milestone-based and the second tranche never came.

Plum competes with a new generation of digital-first brands like Mamaearth, Minimalist, Foxtale and Sugar Cosmetics, as well as established multinationals including Hindustan Unilever, L'Oréal India and Procter & Gamble. Consolidation is accelerating. In January 2025, Hindustan Unilever acquired a 90.5% stake in Minimalist at a pre-money enterprise valuation of ₹2,955 crore. In June 2026, L'Oréal signed a deal to buy a majority stake in Innovist, parent of Bare Anatomy and Chemist at Play, in a deal estimated at around ₹4,000 crore.

Unilever Ventures, an investor in Plum, is part of Unilever's corporate venture arm. The parent company, Unilever PLC, carries an Alpha Score of 57/100, labeled Moderate.

Redseer estimates that more than 150 new-age beauty brands will generate over ₹100 crore in annual revenue by FY31, together accounting for 25-30% of India's beauty and personal care market.