Clensta Raises INR 5 Crore From N+1 Capital The platform will utilize the funds for scaling up the upcoming products for homecare category
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
IIT Delhi partnered startup Clensta, becomes one of the first companies to receive INR 5 crore as funding from N+1 Capital. This fast-growing startup providing innovative personal care and home care solutions has recently had a strategic tie-up with the pharma brand Cipla for its first commercialized products waterless bodybath and waterless shampoo. Clensta is now all set to utilize the funds raised from N+1 for scaling up the upcoming products for the homecare category.
"N+1 is sector agnostic and the qualifying criteria are actually steady-state, as well as growing startups and MSEs with minimum monthly revenue of INR 50 lakh, and at least 30 per cent gross margin. Having said that, the fund is currently working with SaaS startups and some direct-to-consumer (D2C) startups," said Rahul Chowdhury, managing partner, N+1 Capital.
Clensta had a strategic partnership with Cipla where it's been planned to have twenty-time business growth in the next five years, expanding to 7000 hospitals and four lakh pharmacies with a team of 500 people.
"While we appreciate the progress, what really matters at this point of time is scalability of the developed products. We already have a strong B2B2C presence with more than 500 hospitals and over 25000 retail outlets including pharmacies, as now our business demands to penetrate through the D2C channels as well, this debt fund helps us grow further and reach out to consumers at a faster pace. Also, provide us the opportunity to expand offline as well online covers all important aspects of the sales channel. It's a great opportunity that venture capitalist firms like N+1 have introduced revenue-based fund in India which is most popular in the west and are providing the startup ecosystem a thrust to move forward," remarked Puneet Gupta, chief executive officer, founder, Clensta International.
Clensta aims to develop environment compassionate products that benefit all. The company has received recognition from The Honorable President of India, and also across the U.S. Embassy New Delhi (Nexus: The Innovation Hub), The Indian Biotech community, BIRAC, Ministry of Chemical and Fertilizer, and Falling Wall Venture, the company shared.
