- AI-driven beauty platform Kult raises $20 million in Series A funding led by the M3M Family Office, with participation from Venture Catalysts.
- The company aims to scale its e-commerce presence and introduce exclusive global beauty brands, amid a rapidly growing online BPC market in India.
Kult, a technology-driven beauty startup that leverages artificial intelligence to provide personalized skincare recommendations, has raised $20 million (approximately ₹170 crore) in a Series A funding round.
The round was led by the M3M Family Office, with additional support from early-stage investor Venture Catalysts.
Founded by Karishma Singh and Ruchika Pallavi, Kult aims to enhance the online beauty shopping experience through tailored product suggestions and a visually diverse catalogue designed to suit India’s varied skin tones.
The company is currently in talks with several international brands to introduce exclusive offerings on its platform.
Payal Kanodia of the M3M Family Office stated,
“The brand was started by Karishma Singh and Ruchika Pallavi and we met the team and decided to partner with them not just as an investor but for growth as well. We will raise more fund and the target is to take the valuation to Rs 5,000 crore within 12 months.”
Aishwarya Bansal, also from the M3M Family Office, noted the growing potential of the online beauty sector.
“The beauty segment is growing and consumer is more aware now than ever. We have no plan to go offline as of now and the initial focus is to capture ecommerce business.”
India's beauty and personal care (BPC) market is forecasted to reach $30 billion by 2027, growing at a compound annual growth rate (CAGR) of 10%. The online segment alone is expected to contribute $10 billion, driven by increased digital adoption and evolving consumer behavior.
The investment in Kult reflects broader trends in the sector, where digitally native beauty brands are increasingly attracting interest from investors and legacy companies alike.
Earlier this year, skincare label Deconstruct raised ₹65 crore from backers including L’Oréal and V3 Ventures. Meanwhile, industry giants such as Hindustan Unilever (HUL) have reportedly explored acquisitions of direct-to-consumer (D2C) brands like Minimalist, which was valued at around ₹3,000 crore.
According to a report by Redseer Strategy Consultants and Peak XV Partners, brands such as L’Oréal, Mamaearth, Nivea, and Nykaa currently account for 33% of the BPC market—a figure projected to rise to 42% over the next five years.
In contrast, traditional players like HUL and Procter & Gamble are expected to see their combined market share fall from about two-thirds to 58% by 2027.
Edited by Harshajit Sarmah
