SkinQ is a personalized skincare startup. It has raised about Rs. 3 crore in seed funding, which Inflection Point Ventures led. In this seed funding, Venture Catalysts and Super Angels also participated.
This is an essential step for SkinQ to complete its mission to revolutionize skincare, especially for melanin-rich skin.
SkinQ: Helping to empower people with melanin-rich skin
This startup is founded by the famous dermatologist Dr. Chytra V. Anand. It is focused on boosting melanin-rich skin. Also, SkinQ is aimed at enhancing the overall confidence and well-being of such individuals. The startup is working to elevate the skin quotient of around 10 million customers in the upcoming years via its clinically trusted solutions.
As per Dr. Anand, the founder of SkinQ, ‘Every person deserves to have the best glowing skin and complete access to the best solutions celebrating the uniqueness of Indian skin as well as melanin-rich skin. With more than 2/3 of the global population, being melanin-rich means underrepresentation, with around 8% of skin solutions offering them.’
SkinQ’s founders and it’s capital utilization
This startup is led by Dr. Chytra Anand, along with Meera Iyer, who is the co-founder. Dr. Anand is a globally acclaimed dermatologist and an expert in the skin of color. Whereas, Iyer has a background in chemistry, marketing, as well as biotechnology. She contributes her strategic acumen.
As per the startup, the raised capital will benefit product innovation, development, better research, team expansion, and better market presence.
According to Dr. Anand, ‘The alliance with IPV and the investors is a strategic move to redefine the skincare paradigm via the combination of scientific ingenuity and technological advancement. This is an important step in augmenting the research as well as the development bandwidth of the startup. It is also going to benefit in enriching the product portfolio and enhancing the customer base.’
The growth of SkinQ
As per the startup, it has witnessed robust month-on-month growth in its revenues. Plus, it is enhancing its distribution channels.
It is claiming that they are the initial Indian-origin Dermo Cosmetics brand that is going to retail in dermatology offices and MedSpa located in the USA. The brand has been renowned in the beauty industry and has received various accolades for its sunscreen. Plus, the startup has been a finalist in various beauty awards.
The landscape of the dermo-cosmetics market
The dermocosmetics market in the country is booming. The projections indicate a complete growth from $188 million in 2021 to $450 million by 2030. Also, the market is booming globally and is expected to reach around $130 billion by 2030.
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