According to the announcement made by the firm, Ras Luxury Oils, a direct to consumer (D2C) luxury skincare and personal care brand, was successful in raising $2 million in a fundraising round led by Sixth Sense Ventures.
The company said that it planned to utilise the cash to develop and launch new product categories, penetrate deeper into markets, and build a presence internationally.
Ras Luxury Oils was established in 2017 by three women: Shubhika Jain, Suramya Jain, and Sangeeta Jain. The company says it has had growth equivalent to 20 times in the previous two years.
There is an unfilled niche in the luxury skincare market in India, and as a result, the market is expanding at a rate that is two to three times faster than the growth of the personal care market. In addition, Indian skincare products have a smaller market share than those from other countries. According to Nikhil Vora, founder and CEO of Sixth Sense Ventures, “We feel that with such a vibrant, youthful, and powerful leadership team, Ras has the capacity to develop a solid niche for itself.”
Sixth Sense Ventures is currently making investments using the proceeds from its third fund, known as SSIO III. This fund has already made 24 investments, including wagers on companies such as Parag Milk, Nobel Hygiene, Fraazo, Open Secret, Stylam, GoodDot, Neeman’s, Rage Coffee, Design Cafe, and Bira 91.
According to the company, its primary focus is on the world’s clean beauty and skincare sector, which is now valued at $54 billion and expanding at a compound annual growth rate of 13% (CAGR).