EcoSoul Home secures $20 mn in funding from Accel, Bajaj Financial, others
Sustainable home essentials brand EcoSoul Home has raised $20 million (about Rs 180 crore) in a funding round led by Accel and Bajaj Financial Securities.
The Series B funding round, a mix of equity ($17 million) and debt financing ($3 million), also saw Mohandas Pai’s StartupXseed Ventures, JSW Ventures, and CK Birla Group. Venture debt was secured from Alteria Capital and SIDBI, the company said in a statement.
“The investment will enable EcoSoul to enhance manufacturing capabilities across its three production facilities in India while strengthening its omni-channel retail presence in key markets, including the United States, United Kingdom, Europe, GCC countries, and India,” it said.
With this round, Ecosoul’s cumulative funding has crossed the $50 million mark.
EcoSoul Home Co-Founder and CEO Rahul Singh said the fresh capital will be deployed towards doubling the capacity of its owned manufacturing plants and expanding production for new product lines.
The brand currently has five owned manufacturing facilities located in Muzaffarnagar (Uttar Pradesh), Sitarganj (Uttarakhand), Tumkur (Karnataka), Shimoga (Karnataka), and Raipur (Chhattisgarh). It also manufactures through 11 contract manufacturing units.
The funds will also be utilised to introduce a new brand under the EcoSoul umbrella, focusing on more value-centric, affordable mass-market products, and foray into the business-to-business (B2B) segment.
EcoSoul will also be entering new international markets, like Saudi Arabia, Oman, Qatar, Bahrain, France, Spain, Portugal and Italy. EcoSoul Home, headquartered in Noida, Uttar Pradesh, operates across over 12 countries. Approximately 75 per cent of its revenue is generated from outside India.
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