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Another D2C skincare raise. Or a signal of where consumer investing is headed. ClayCo. Cosmetics Private Limited, founded by Niharika Jhunjhunwala in 2023, has raised ₹34.59 crore in a Series A round led by Twenty-Nine Capital Partners Ventures, with participation from ICMG Global Ventures II, Singapore. The Mumbai-based brand focuses on skincare products that blend natural ingredients with modern formulations, and plans to use the capital for product development, category expansion, and working capital. The company has also reported strong growth, scaling from ₹5 crore revenue in FY24 to ₹33 crore in FY25 and ~₹72 crore in FY26. At one level, this is another D2C beauty brand raising capital. At another, it reflects where venture capital is still willing to underwrite consumer bets. Despite a crowded D2C beauty landscape, investors continue backing select skincare brands. Customer acquisition costs have risen, influencer-led distribution is saturated, and differentiation is harder. Yet the category continues to attract capital. Because when consumer brands work, they scale disproportionately. From an investor lens, this is no longer about launching another skincare line. It’s about building: • repeat behaviour • strong gross margins • brand trust in a crowded market That’s where the real filter lies. The cheque size also reflects current VC behaviour. ₹35 crore isn’t an aggressive, hype-driven bet. It’s measured capital aimed at scaling distribution, improving unit economics, and proving repeatability before larger rounds. Compared to 2021-style funding, this is far more disciplined. At a broader level, this deal highlights a shift in consumer investing. VCs are moving away from growth-at-all-costs toward brands that demonstrate retention, profitability pathways, and pricing power. The uncomfortable truth? Launching a skincare brand is easy. Building one that survives rising CAC, retains customers, and scales profitably is not. That’s exactly the gap investors are betting on. Congratulations to the teams at ClayCo. Cosmetics Private Limited and Twenty-Nine Capital. At The VC Fellowship, we focus on how investors evaluate consumer brands, unit economics, and what separates noise from scalable businesses. Apply now: https://lnkd.in/gsNZQFvH #VentureCapital #StartupFunding #D2CBrands #BeautyIndustry #SkincareIndia