Dermo Cosmetics start-up SkinQ, a provider of dermatologically tested solutions for melanin-rich skin, has successfully secured a substantial seed investment of Rs 3 crore, led by Inflection Point Ventures (IPV). Other contributors include Venture Catalysts and Super Angels, marking a significant milestone in SkinQ’s journey to bring cutting-edge dermo-cosmetics solutions to a global market, the company announced in a release on Thursday
This latest funding announcement solidifies SkinQ’s position in the market and is poised to propel the company into a new phase of growth. The secured capital will be strategically utilized for new product launches, research and development initiatives, team expansion, and brand enhancement.
SkinQ, founded by dermatologist Dr. Chytra V Anand, is committed to empowering individuals with melanin-rich skin, enhancing their confidence and well-being. The company recently earned a finalist spot at the prestigious Beauty & You awards by Estee Lauder & Nykaa in November ’23.
Inflection Point Ventures (IPV), a prominent angel investing platform with over Rs 650 crore investments across 200+ deals, spearheaded the seed investment. Ivy Chin, Partner at IPV, remarked, “By embracing the melanin-rich skin of Indians, SkinQ aims to revolutionise skincare by recognizing the unique needs of Indians. By addressing the distinct requirements of the melanin-rich skin, SkinQ has the potential to captivate the hearts of millions, who can truly appreciate the difference in its products.”
SkinQ’s Co-Founder & CEO, Meera Iyer, with her background in Chemistry and Biotechnology, and an MMS in Marketing, brings strategic acumen to the venture. The infusion of funds from IPV is poised to drive SkinQ’s aggressive expansion plans, disrupting the traditional skincare market with a unique focus on melanin-rich skin.
Dr. Chytra Anand, Founder of SkinQ, stated, “Everyone deserves to have healthy glowing skin and access to best-in-the-class solutions celebrating the diversity and uniqueness of Indian skin and melanin-rich skin. With over 2/3 of the world’s population being Melanin rich there is an underrepresentation with only 8% of skin solutions solving for them globally.”
“The alliance with IPV & our investors is a strategic enabler in our quest to redefine the skincare paradigm through a fusion of scientific ingenuity and technological innovation. This capital infusion is pivotal in augmenting our research and development bandwidth, enriching our bespoke product portfolio, and amplifying our outreach to a discerning customer base,” Dr. Chytra added.
SkinQ has achieved notable operational milestones, reporting month-over-month revenue growth and expanding its distribution channels. It is the first Indian Origin Dermo Cosmetics brand retailing in Dermatology offices and MedSpas in the USA, the release added.
The Dermo Cosmetics market in India is on a substantial growth trajectory, expected to rise from $188 million in 2021 to $450 million by 2030. Globally, the industry was valued at $51 billion in 2021, forecasted to reach an impressive $130 billion by 2030, indicating significant expansion and potential for the coming years.
About SkinQ
Founded by Dr. Chytra V Anand, SkinQ focuses on delivering skincare solutions based on individual skin needs for Skin of Colour concerns. Combining scientific research with innovative technology, SkinQ aims to set new standards in the skincare industry with proprietary novel formulations.
