CureSkin, a brand specializing in beauty and personal care, has successfully secured $20 million in its Series B funding round, with Healthquad leading the investment. The funding round also attracted contributions from JSW Ventures, Khosla Ventures, and Sharrp Ventures.
To date, the company has raised a total of $26 million, which includes a $5 million Series A in March 2022. CureSkin was part of the Y Combinator Summer Batch in 2017.
According to a press release, the newly acquired funds will be allocated towards further developing its AI capabilities and expanding its range of solutions.
CureSkin, established in 2017 by Guna Kakulapati, Ramakrishna Rajanna, and Dr. Charu Sharma, leverages technology to diagnose skin conditions such as acne, hyperpigmentation, and hair loss with remarkable precision. It then recommends a customized treatment kit and care plan for each user.
Operating out of Bengaluru, CureSkin has aided over 1.5 million users, employing over 10 million skin pixels to identify as many as 2,000 different facial attributes to accurately address user concerns.
The company also noted that approximately 80% of its current user base is located in tier II and III cities.
In terms of financial performance, CureSkin reported a revenue of Rs 35.46 crore from operations in FY23, a significant increase from Rs 2.57 crore in total revenue in FY22, as per TheKredible, a startup data intelligence platform. However, the company’s losses widened to Rs 28 crore from Rs 2.57 crore during this period.
Post-Series A funding, CEO Guna Kakulapati retained a 28% stake in the company, with Ramakrishna Rajanna holding 12%. Among its investors, JSW Ventures owned a 10.4% stake, while Khosla Ventures held 8% following the last funding round. For more information, refer to TheKredible.
CureSkin faces competition from several companies, including Clinikally, which also participated in Y Combinator’s accelerator program and secured $2.6 million in funding in September of the previous year.
