Introduction:
In the bustling startup ecosystem of Chennai, a cosmetic dermatologist is on a mission to transform the skincare industry. Dr. Renita Rajan, the founder of Chosen, has secured a $1.2 million seed round from friends and family to fuel her startup’s growth and expand its innovative product line tailored specifically for Indian skin types. With a valuation of $19 million and ambitious plans for the future, Chosen is poised to make waves in the skincare market.
Dr.Renita Rajan’s Journey:
Dr. Rajan’s journey began in 2020 when she founded Chosen to address the unique skincare needs of Indian consumers. As a cosmetic dermatologist, she recognized that many existing products in the market were not optimally formulated for Indian skin types. Determined to bridge this gap, she leveraged her expertise and cutting-edge technology to develop a range of highly effective skincare solutions.
“Our focus at Chosen is to create innovative skincare products through patents and advanced formulations,” Dr. Rajan explains. “We understand that Indian skin has distinct characteristics, and we aim to provide tailored solutions that cater to those specific needs.”
Chosen’s Growth and Challenges:
Over the past four years, Chosen has built an impressive multi-channel ecosystem, offering 34 stock-keeping units (SKUs) of cosmetic products. The startup’s dedication to research and development has been a key driver of its success. Dr. Rajan and her team are constantly exploring new ways to integrate cutting-edge technologies, such as Internet of Things (IoT), into their skincare solutions.
However, the path to success was not without its challenges. Like many startups, Chosen faced obstacles in scaling its operations and ensuring a robust supply chain. Dr. Rajan acknowledges, “Building a startup from the ground up is never easy. We had to navigate through various hurdles, from sourcing quality ingredients to streamlining our manufacturing processes.”
Future Plans and Funding:
Despite the challenges, Chosen’s unwavering commitment to innovation and quality has paid off. The startup’s products have gained a loyal customer base, with users raving about the visible improvements in their skin health. Chosen’s achievements have not gone unnoticed, as evidenced by the $100,000 grant it received from Peak XV Partners through the SPARK program for women entrepreneurs.
With the recent $1.2 million seed round, Chosen is now gearing up for the next phase of growth. Dr. Rajan outlines her plans, stating, “This seed funding allows us to expand our team, improve our supply chain capabilities, and introduce new products. We aim to launch 12 more SKUs over the next 18 months, further strengthening our product portfolio.”
Looking ahead, Chosen has its sights set on securing a pre-series funding round of $10-20 million later this year. The startup is actively exploring partnerships with B2B sectors such as hospitality, health, travel, and leisure to expand its distribution channels and reach a wider audience.
“We are excited about the opportunities that lie ahead,” Dr. Rajan shares. “By partnering with various industries, we can bring our innovative skincare solutions to more people and make a positive impact on their skin health. We are confident that our upcoming funding round will propel us to new heights.”
Timeline:
- 2020: Chosen is founded by Dr. Renita Rajan in Chennai
- 2020-2024: Chosen develops and launches 34 SKUs of cosmetic products
- 2023: Chosen receives a $100,000 grant from Peak XV Partners through the SPARK program
- 2024: Chosen raises $1.2 million in a seed round from friends and family
Takeaways:
Chosen’s success story highlights the importance of identifying market gaps and developing targeted solutions. By focusing on the specific skincare needs of Indian consumers, Dr. Rajan has positioned her startup for success. The seed funding serves as a testament to the potential of Chosen’s innovative approach and sets the stage for further growth and expansion.
As Chosen continues to push boundaries in the skincare industry, it serves as an inspiration for aspiring entrepreneurs. Dr. Rajan’s journey demonstrates that with passion, expertise, and perseverance, it is possible to build a thriving startup that makes a meaningful impact on people’s lives.
