This is the third spherical of investment raised by the company so far and the fresh funds will be utilised for scaling up R&D capabilities, increasing distribution throughout virtual channels, developing operations, brand building and organisational scale up, the company stated in a statement.

“mCaffeine plans to penetrate the market aggressively by giving more emphasis to a customer-driven approach, especially for the young millennials of India, with premium offerings,” Pep Technologies said.

Commenting on the fresh round of funding, mCaffeine co-founder and CEO Tarun Sharma said, “In this round,we had three term sheets and chose Amicus Capital as we loved the long term, product focused approach of the fund. We are extremely happy to have them alongside us while we build mCaffeine from Rs 100 crore to Rs 500 crore brand in the next three years.”

Amicus Capital co-founder and Partner Sunil Theckath Vasudevan said, “Amicus Capital has a strategy of investing in emerging consumer brands with sharp positioning and strong online presence.”

“Within a short period, the founders have built mCaffeine into a leader in personal care products based on a very unique proposition of caffeine based products.”

Pep Technologies Pvt Ltd, which owns caffeine-based skin and hair care brand mCaffeine, on Monday stated it has raised Rs forty two crore in a Series B investment spherical from a consortium of buyers led by Amicus Capital along with RPSG Ventures and present investor Telama Investments.

Pep Technologies, which goals to make mCaffeine a Rs 500-crore brand in the subsequent 3 years, stated a majority of the funding has come from Amicus Capital and RPSG Ventures.

The company had last raised finances in June 2019, whilst it received $2 million (almost Rs 15 crore) in a Series A investment spherical from a group of investors led by RPSG Ventures.

The company stated its merchandise are presently available at 18,000 pin codes throughout India and it plans to substantially boom its on-line and offline presence.