Global growth to weaken to 2.6% in 2019, substantial risks seen: World Bank Global Economic Prospects
Hygiene and wellness brand Pee Safe on Wednesday said it has raised Rs 30 crore in Series A funding led by Alkemi Growth Capital.
The company, which has raised USD 2 million previously (June 2017 and January 2018), will use the capital for strengthening R&D, product development and strengthening distribution of its products.
"Apart from helping with product development and other aspects, the capital infusion will help us support our talent needs in areas such as sales, marketing and finance," Pee Safe founder Vikas Bagaria told PTI.
The company will hire about 20 people by the end of the year to take its headcount to over 100 people, he added.
The company, whose product portfolio include toilet seat sanitiser, sanitary napkins and anti-pollution dust masks, is also looking at expanding its distribution nationally as well as strengthening its international presence.
"Our products are available in more than 40 cities in India, and we are working on further expanding our presence... We are also supplying to markets like countries in the Middle East, Nepal...next fiscal, we will look at expanding to America and European countries," Bagaria said.
Exports are expected to account for 15-20 per cent of its sales this fiscal, he added.
"We have been witnessing a strong growth in sales. From Rs 2 crore in sales in FY18, we grew to Rs 6 crore in FY19. For this financial year, we expect to continue the momentum and clock 2X-3X growth," Bagaria noted.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)