Exclusive: Deepika Padukone’s direct-to-consumer startup, 82°E, is preparing to secure new funding.

Direct-to-consumer personal care startup 82°E is set to secure Rs 50 crore, equivalent to $6 million, in an extension of its seed round from both new and existing investors. This marks the first investment round for the Deepika Padukone-led company this year.

The board of 82°E approved a special resolution to issue 5 million series seed 2 CCPS at an issue price of Rs 100 each, raising Rs 50 crore, as shown in regulatory filings from the Registrar of Companies (RoC). KA Enterprises LLP, an investment entity owned by Deepika Padukone and her family, is expected to participate in this round, with potential involvement from other investors. The newly acquired funds will be used for expansion, growth, and general corporate purposes.

Previously, the company raised $7.5 million in its seed round in December 2022, led by DSG Partner and IDEO Ventures, along with Padukone’s family office. According to TheKredible, a startup data intelligence platform, Padukone and her family office hold a 59.6% stake in the company, with actor Ranveer Singh holding 5.32%.

Founded in 2022 by Padukone and Jihar Shah, 82°E offers a wide range of skin and body care products for both men and women, including cleansers, face masks, moisturizers, and sunscreen. The company showed significant growth in the first nine months of FY24, with revenue from operations reaching Rs 22.82 crore between March and December 2023, up from Rs 11 crore in FY23. However, the firm reported a loss of Rs 25.1 crore at the EBITDA level during the same period.

82°E competes with brands such as Plum, mCaffeine, Wow Skin Science, and the publicly traded company Mamaearth.