PeeBuddy Maker Sirona Bags $3 Mn In Series A; Looks To Strengthen R&D
NB Ventures and Indian Angel Network (IAN) participated in the Series A round
Its product portfolio includes PeeBuddy, pain relief patches, degradable sanitary pads
The feminine hygiene products market was valued at INR 3,266 Cr in 2020
Feminine hygiene products brand Sirona Hygiene has raised $3 Mn in a Series A funding round from NB Ventures and Indian Angel Network (IAN) to expand its business and strengthen its research and development (R&D).
"Sirona has successfully developed a range of products that women of all age groups trust while addressing their regular intimate hygiene needs. The current investment should help further scale the distribution and market growth of the brand portfolio across India and beyond," lead investor from the company's angel round, Vikar Kuthiala, has said.
Founded in 2015, by Deep and Mohit Bajaj, Sirona Hygiene provides products in the area of menstrual hygiene. Its product portfolio includes stand-and-pee device PeeBuddy, pain relief patches, natural colour degradable sanitary pads, degradable sanitary disposal bags and menstrual cup kit. The company claims that it has sold more than 2 Mn units for its PeeBuddy device and 500K units of its menstrual cup product.
Further, Sirona claims to have witnessed a growth rate of 100% year-on-year growth for the past three years and is profitable since 2019. "At Sirona, we stand committed to solving unaddressed intimate and menstrual hygiene issues faced by women with our innovative products. This funding is a noteworthy milestone for us as we see it as an external validation of our work," Sirona Hygiene cofounder Deep Bajaj said.
The company had raised $450K back in 2017, followed by a bridge round of $250K in 2019. With this, the feminine hygiene products brand has raised $3.7 Mn to date.
According to the Feminine Hygiene Products Market in India 2020 report, there are approximately 335 Mn menstruating women in India, of which less than 41% have used hygienic menstruation protection methods. For this, Indian government as well as several private players have carried out awareness drives to educate women on menstrual awareness.
The feminine hygiene products market was valued at INR 3,266 Cr in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 16.87% during the 2021 - 2025 period, to reach a value of INR 7,020 Cr by 2025. Improved awareness regarding feminine hygiene and the benefits of using hygienic personal care products are expected to propel market growth.
Few other brands operating in the segment are Sanfe that raised pre-Series A in February 2020, Heyday, ToiKit, and Alkemi Venture Partners-backed PeeSafe.