MCaffeine, which makes caffeinated personal care products, today said it has raised USD 500,000 (about Rs 3.24 crore) in funding, led by Harminder Sahni, Founder of Wazir Advisors, Mohit Bajaj (Let's Venture) and Calcutta Angels.
MCaffeine plans to utilise the pre-series A funding towards product research and development and inventory buildup, it said in a statement.
In addition to this, the firm will use the capital infusion to expand its product portfolio and go omni-channel, it added.
"We see a potential market in the young millennials, which we believe is underserved by the incumbent brands and products. Our aim is to make a compelling proposition in the consumer products market in order to drive our product and brand philosophy," MCaffeine co-founder Vikas Lachhwani said.
Tarun Sharma, co-founder of MCaffeine, said keeping operational profitability from the first day, the company has served more than 1 lakh customers till date.
"We plan to touch 1 million customers this year," Sharma added.
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