Venture Catalysts And 9Unicorns Invests In The Switch Fix The clean and conscious personal care brand will utilize the funding to expand its product range
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Integrated incubator and accelerator Venture Catalysts has recently made a Seed investment of $145,000 in The Switch Fix that offers specialized plant-based products that are sustainable. The round was led by accelerator fund 9Unicorns and Kushal Khandwala, director, KIFS Group.
"Our journey so far has been made possible due to our customers desire to lead a sustainable lifestyle. There's no doubt that sustainability is the future and we're glad to be stepping into the future with 9Unicorns and Venture Catalysts. With the funds received, we will further grow our tribe of climate warriors and make specialized and sustainable personal care even more accessible," said Rhea Shukla, co-founder and chief executive officer, The Switch Fix.
The Switch Fix has created plant-based shampoo bars which are sulfate-free, paraben-free, phthalate-free and free of chemicals derived from petroleum or animals. So far, the brand has introduced 7 shampoo bars that address a wide range of problems such as hair fall caused by pollution, flakiness caused by stress and pollution, and dryness and frizziness caused by soaring heat and humidity. The Switch Fix's offerings also include conditioners, scalp treatments, hair serums and essential skincare, the company shared.
"Most of the growth registered previously has been on the back of organic WoM from our loyal customers. We're happy that through the funds acquired in this round, we will be able to add to our range of specialized products, increase awareness around the need to live sustainably and make the switch even simpler," stated Abhishek Kumar, co-founder and chief operating officer, The Switch Fix.
"The Indian Hair Care Market is currently valued at $3.3 billion and is estimated to reach $5 billion by 2025, growing at a CAGR of 7 per cent – 10 per cent during the forecast period (2020 - 2025). Moreover, there is an ever-increasing demand for clean, environmentally-friendly, sustainable hair care products that cater specifically to the needs of Indian consumers. The Switch Fix is well-positioned to turn this high-potential opportunity into tangible success and we are pleased to offer them our support," added Dr. Apoorva Ranjan Sharma, co-founder and president, Venture Catalysts.
The Switch Fix's unique positioning aligns itself with the urban youth's values, as 89 per cent believe that they would be able to address climate change more actively if companies offered them sustainable solutions, the platform claims.
