D2C homecare startup, Happi Planet, recently raised INR 8.47 Cr from Fireside Ventures to bolster its presence in the non-toxic homecare products sector. Founded in 2022 by former Procter & Gamble employees Mayank Gupta and Nimeet Dhokai, Happi Planet is dedicated to offering plant-based and non-toxic alternatives for home care and personal care needs.
What are The Expansion Plans?
The strategic funding infusion will fuel Happi Planet’s expansion strategies, focusing on both offline and online channels. The startup aims to enhance its physical footprint by reaching over 250 stores by the end of 2024. Additionally, it plans to intensify its online presence and invest in consumer education initiatives to stimulate growth.
Product Range and Market Presence:
Happi Planet’s product portfolio spans across homecare, beauty, and personal care segments. Its offerings are retailed through various online platforms like Amazon, Big Basket, and D Mart Ready, as well as offline stores like Reliance Signature. The startup has received positive recognition for its commitment to sustainability and non-toxic formulations.
Founders Mayank Gupta and Nimeet Dhokai express their excitement about the partnership with Fireside Ventures, emphasizing their mission to revolutionize the home cleaners’ market and establish Happi Planet as a household name in the next five years. Their vision aligns with the growing consumer demand for eco-friendly and chemical-free alternatives.
Ankur Khaitan, principal at Fireside Ventures, highlights Happi Planet’s unique value proposition in catering to the rising consumer awareness regarding harmful chemicals in everyday products. He underscores the significance of Happi Planet’s innovative formulations, efficacy, and competitive pricing in capturing this burgeoning market opportunity.
Happi Planet competes with other players such as Beco, The Better Home, and Koparo Clean in the sustainable health and personal care space. The funding from Fireside Ventures positions Happi Planet strategically to fortify its position in this competitive market and drive further growth.
Fireside Ventures’ Investment Strategy:
This funding round marks Fireside Ventures’ continued focus on consumer-centric investments. The early-stage VC firm, known for its expertise in identifying promising consumer brands, closed its third fund, Fireside Fund III, at $225 Mn in October 2022. The investment in Happi Planet underscores Fireside Ventures’ confidence in the startup’s potential to capture a significant share of the sustainable home hygiene products market.
The sustainable home hygiene products market in India is poised for significant growth, with projections estimating it to reach $74.05 Mn by the financial year 2026-2027. The sector is anticipated to expand at a compound annual growth rate (CAGR) of 32.90% between FY22 and FY27, driven by increasing consumer awareness and demand for eco-friendly alternatives.
Happi Planet’s recent funding infusion from Fireside Ventures marks a significant milestone in its journey to offer non-toxic and sustainable homecare solutions. With ambitious expansion plans and a focus on consumer education, the startup is well-positioned to capitalize on the growing demand for eco-friendly products in India’s homecare market.