Personal care brand mCaffeine has raised $15-20 million in a new round of funding to fuel its organic expansion plans and also evaluate inorganic growth opportunities, said two people aware of the development.
It has received commitments from new investor Singularity AMC and existing institutional backer Amicus Capital, the people cited above said on condition of anonymity. A spokesperson for Singularity confirmed the deal but did not disclose details.
Singularity AMC, backed by investor and former Reliance Capital executive Madhusudan Kela, set up Singularity Growth Opportunities Fund-1 (SGOF-I) to provide growth capital to technology-driven companies.
mCaffeine is also in advanced talks with a few startups for an acquisition in beauty care, cosmetics and male grooming spaces.