Noida-based Soothe Healthcare, the maker of Paree brand of affordable sanitary napkins, has secured an undisclosed amount in angel funding from the company's advisor, Anil Gupta.
Gupta, who had been advising Soothe Healthcare on business and go-to-market strategy for the last six months, has now come in as a strategic investor and will be part of the board of directors as well.
"A lot of focus has been on tech area and marketplaces and many venture capitalists are also focusing here. I feel we need to encourage entrepreneurs in the manufacturing space," said Gupta, a former president and head of Reliance Infrastructure who is also advisory board member of private equity firm Partners Group.
This is the first tranche from a Rs 5 crore corpus that Soothe is looking to raise from angel investors and HNIs, said Sahil Dharia, managing director, Soothe, adding that Gupta will help bring in more investors before the company goes to the market to raise a Series -A round of funds.
"His experience with heading and running large corporations and multi-generation product planning is valuable as Soothe wants to capture a large market share and opportunity in the space," said Dharia.
The company will use the money to ramp up marketing and branding activities, including a television commercial, in its existing markets for Paree.
The Paree brand of sanitary napkins is sold across 3,000 retail touch points in Maharashtra and Kerala.
