Delhi-NCR based startup Koparo, founded in 2020 by Simran Khara, has achieved remarkable growth since its last funding round of $750K last year. Now, the direct-to-consumer (D2C) brand has secured a Pre-Series A funding of $1.5 million led by Saama Capital, with participation from Fluid Ventures, M Venture Partners, and renowned industry experts such as Rajesh Sawhney, Sridhar Sankararaman, and Ramesh Menon. Existing investor DSG Consumer Partners also joined the round.
With the infusion of funds, Koparo aims to strengthen its offline presence, build its brand, and drive product innovation. The startup has experienced exponential growth, expanding tenfold since its previous funding round.
Koparo offers a range of 15 home cleaning products, including core cleaning essentials, specialty cleaning items, and accessories. Its revenue streams comprise 40% from direct sales through its website, while the rest is generated through leading e-commerce platforms and partnerships with major retailers like Reliance Retail and Modern Bazaar.
Recognizing the increasing demand for its products, Koparo intends to launch new variants of its best-selling items, catering to diverse cleaning needs in modern Indian households. Additionally, the company plans to introduce kitchen and home cleaning accessories to complement its existing offerings.
Expanding its reach into the laundry vertical, Koparo will soon launch pet-friendly laundry products. The startup has also introduced a kennel wash specifically designed for pet owners. Over the next 18-20 months, Koparo aims to achieve an eight-fold increase in revenue by focusing on its core product range, expanding its distribution network, and venturing into new sub-categories.
Koparo’s ambitious goals align with the significant growth potential of the Indian household cleaning market. According to an IMARC report, the market reached $7.5 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 18.9% over the next five years. Notable competitors in this market include industry giants like Reckitt, Hindustan Unilever, and BB Homes.
The D2C sector in India is thriving, with over 50,000 digital-first brands operating in the market. Despite the challenges posed by the funding winter, which affected various startup segments in India, D2C brands have experienced positive growth. In fact, bridge-stage D2C brands raised $26.4 million in funding in Q2 2022, marking a substantial 101% quarter-on-quarter growth.
According to a recent study by Inc42, the Indian D2C market is estimated to grow at a CAGR of 24% between 2021 and 2030. The study also highlights the tremendous market opportunity, projecting a total addressable market of $300 billion by 2030.
Simran Khara, the founder of Koparo, expressed confidence in the startup’s ability to deliver innovative cleaning solutions aligned with the evolving needs of modern Indian households. With the support of prominent consumer investors, Koparo aims to establish itself as a leading player in the industry, offering effective cleaning products that are free from harsh chemicals.
As Koparo continues its growth trajectory, it exemplifies the potential of the Indian startup ecosystem and its ability to disrupt traditional markets with innovative D2C offerings. With a strategic focus on expansion, product diversification, and tapping into emerging sub-categories, Koparo is set to make a significant impact on the home cleaning industry in India.