Beauty and personal care quick commerce startup Firi raises $3 million led by 360 One Asset
The company plans to use the funds to expand into makeup, fragrances and other beauty categories and add more dark stores as it plans to deepen its operations in Gurugram, cofounder Vivek Madani told ET.
Gurugram-based startup Firi, which operates a quick commerce platform for beauty and personal care products, has recently secured $3 million in funding led by 360 One Asset, with support from Better Capital, Kunal Shah, and other angel investors. The company's primary focus is on expanding into makeup, fragrances, and other beauty categories while enhancing its existing dark stores in Gurugram. This strategic move comes as part of their plan to deepen their operations in the city.
Firi's founder and CEO, Vivek Madani, emphasized that the company is dedicated to offering high-quality products that consumers purchase repeatedly, regardless of their price point. The company conducted a successful pilot in January 2023, which led to a full-scale launch in September of the same year. In the coming months, Firi intends to add two more dark stores in Gurugram before venturing into other cities.
The startup was co-founded by former Uber India executives Madani and Karishma Rathaur in 2022. They employ artificial intelligence (AI) to analyze over 50 million reviews and curate a list of approximately 3,000 top-quality beauty products from leading BPC brands on their platform. Their approach differentiates them from competitors by focusing on a carefully selected range of products rather than offering an extensive catalog.
Abhishek Nag, the head of venture capital at 360 One Asset, highlighted the unique value proposition of Firi, stating that the company is creating a differentiated model for beauty commerce by relying on AI-led discovery, comprehensive product research, and swift fulfillment. This strategy aims to foster trust among consumers while simultaneously providing a more efficient distribution channel for high-quality beauty brands.
This substantial investment in Firi's growth comes at a time when numerous startups are making their mark in the vertical quick commerce sector. Notably, BazaarNow, a Tier-2 focused quick commerce platform founded by former Zepto executives, recently raised $8 million led by Peak XV Partners. Additionally, Instafix, a 30-minute doorstep smartphone repair service startup, secured approximately Rs 8 crore, with co-investment from Titan Capital and 8i Ventures in May.
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