Baypure Lifestyle Pvt. Ltd which operates the skincare brand Deconstruct, has raised $2 million in a seed round, led by Kalaari Capital with participation from Beenext.
Kalaari Capital made the investment in Deconstruct through its flagship program CXXO. The funding round also saw participation from Flipkart co-founder Binny Bansal.
The company looks to use the funds for research and development, expansion, hiring and marketing initiatives and expand the product range from 15 to 50 products in the next 12-18 months. It is also exploring its presence in a few international markets such as UAE and some Southeast Asian markets.
In an email interaction, founder and chief executive of Deconstruct, Malini Adapureddy said the company is also looking to increase awareness about the right formulations needed to address specific skincare concerns among women in India.
According to a statement, Deconstruct is looking to expand its product on quick commerce platforms such as Dunzo, Swiggy and BigBasket. The company has also recently forayed into the body care segment with a range of gender-neutral body care products.
Deconstruct is witnessing a repeat order of 50% and within 16 months of inception, the company is witnessing 25% -30% month-on-month growth. Deconstruct aims to reach Rs 100 crore in revenue over the next 2 years. About 30% of the orders come in from the top 8 metros and 70% from the rest of India, Adapureddy said.
Founded in early 2021 by Adapureddy, the brand currently has 20 SKUs (stock-keeping units) across face washes, moisturizers and serums. Adapureddy is an alumnus of IIT Kharagpur and INSEAD.
We started this after spending years of being exposed to deluding marketing tactics and decided it was time to launch a skincare brand that showcased efficacious results. We set ourselves apart by offering skincare products with formulations and actives, that are designed to target specific skincare concerns,” Adapureddy said.
Deconstruct is the fifth portfolio company for Kalaari’s flagship program, the venture firm has allocated $10 million annually to fund 8-10 women entrepreneurs in the first cohort of CXXO. The program aims to level the playing field for women founders in India’s startup ecosystem.
“Deconstruct has a proven product market fit with evidence-based skincare to educate customers around formulations and their impact. Strong customer love for the products, as well as capital-efficient growth, makes us believe that the brand is poised to scale rapidly over the next few years,” said Vamshi Reddy, partner at Kalaari Capital.