New Delhi: Actor Rashmika Mandanna has invested in Plum, the vegan beauty and personal care brand announced on Thursday (June 23). The Pushpa: The Rise movie actor has also come on board as the brand ambassador of the Thane-based company. However, the details of the investment such as the invested amount and equity issued to the celebrity. According to the company, the partnership with Mandanna will help create new pathways for customer acquisitions. The brand will reportedly aim to improve its presence among the Gen Z and millennial audiences.
Plum had raised funds for the first time in 2018. However, so far, the company has moped up more than $50 million from various institutional investors. It recently raised $35 million in a funding round led by A91 Partners in March 2022. (ALSO READ: Samsung Australia fined $9.7 million over false water-resistance claims)
CEO and Founder of Plum Shankar Prasad said that since the first funding round, the brand has grown nearly 15x. He noted that the brand is delighted to have Rashmika on board as the company looks forward to reinforcing its brand connect with consumers. “She is a popular youth icon and fits very well with the brand ethos of Plum, with her real, approachable persona,” he was quoted as saying in a report by BusinessLine. (ALSO READ: Plastic industry can accommodate 1 lakh Agniveers: Plastindia Foundation)
Plum is currently aiming to double its annual recurring revenue (ARR) over the next 12 months. The brand must be hoping that the new deal with the popular actor will help it increase its revenues.
“At a current ARR of about ₹300 crores on a net revenue basis, Plum’s goal is to double that number over the next 12 months. We plan to expand our online presence and offline footprint across India and further scale up production, launch innovative new products and employ great talent,” he was quoted as saying.