Gurgaon-based Carmesi, a bio-degradable sanitary napkin maker, has raised $500,000 in its Pre-Series A funding led by Samrath Bedi, Managing Director, Forest Essentials, a luxury Ayurvedic beauty brand.
The new funding round also saw participation from a clutch of investors including Satveer Thakral from the Thakral Group, Mahesh Patel, Rohit Reddy, and Samir Saran. Existing investors Sunil Kalra and Arun Venkatachalam from the Chennai-based Murugappa Group have also contributed in this funding round.
“We are honored to have Samrath Bedi on board with us, and his immense expertise of successfully running a natural, high-end, retail brand will surely catapult Carmesi’s growth by many folds. It will also help us bring valuable innovation to the brand and product line in order to achieve a better connect with the Indian audience,” said Tanvi Johri, Co-founder at Carmesi.
Founded in 2017 by former Yatra employees Tanvi Johri and Rikshav Borah, Carmesi manufactures bio-degradable sanitary pads made of cornstarch and bamboo fibre. The startup has a subscription-based model and they deliver sanitary napkins on a quarterly basis, supplying 10 pads per month to customers doorstep. The dates of delivery and no of packets can be customized as per the requirement.
Samrath Bedi, Managing Director, Forest Essentials said, “Carmesi as a brand is very relevant today, both socially and environmentally. Given our long association with Women empowerment, it has been a natural fit for me to collaborate on this.” He further added, “There is a gap in the market with respect to addressing female hygiene with a safe yet environmentally-conscientious approach, and I think that this space has huge potential going forward. Not only should it be our endeavor to remove the taboo associated with a women’s menstrual cycle and health, but to also do it in a manner which is not detrimental to the planet.”
In India, the market is highly underpenetrated in rural areas that is expected to spur the growth. According to market research firm Research and Markets report, India’s sanitary market was valued at nearly $414 million in 2016 and the industry is expected to touch around $596 million by 2022, growing at a compounded annual growth rate of more than 6% during 2017-2022.
At present, Carmesi has more than 50,000 customers, which is further growing by 25% month-on-month. To accelerate the growth and reach the next level, the startup plans to use newly raised funds to expand the product line and strengthen its marketing and distribution strategy.