Dermocosmetics startup SkinQ has successfully raised Rs 3 Crore in Seed Funding Round led by Inflection Point Ventures. Investors from Venture Catalysts and Super Angels also participated in this round.
SkinQ, which was founded by Dr. Chytra V Anand and Meera Iyer, offers dermatologically tested solutions tailored specifically for melanin-rich skin.
“The alliance with IPV & our investors is a strategic enabler in our quest to redefine the skincare paradigm through a fusion of scientific ingenuity and technological innovation,”Dr. Chytra V Anand said
The funds will be allocated to new product launches, research and development, expanding the team, and enhancing the brand.
“By embracing the melanin-rich skin of Indians, SkinQ aims to revolutionize skincare by recognizing the unique needs of Indians. By addressing the distinct requirements of the melanin-rich skin, SkinQ has the potential to captivate the hearts of millions, who can truly appreciate the difference in its products.”– Ivy Chin, Partner, Inflection Point Ventures
In November of this year, the startup was selected as a finalist for the Beauty & You awards presented by Estee Lauder and Nykaa. In the Vogue Beauty Awards and Elle Beauty Awards, its sunscreens were recognized as the top 4 and 5 best, respectively.
Rapid growth is being seen in the dermocosmetics market in India, with predicted figures indicating a jump from $188 million in 2021 to $450 million by 2030.