The Series A round was led by V3 Ventures (V Cube Ventures SA), with participation from existing investor Rukam Capital
Founded in 2023 by husband and wife duo Kakkar and Arjun Anand, the D2C startup retails a range of perfumes, with plans to introduce fragrant body care products
Fraganote’s revenue grew 5X in FY26 over FY25. It plans to achieve ₹60 Cr revenue by FY27 and with a target to complete ₹100 Cr in 18 months
D2C brand Fraganote
, which manufactures a range of perfumes and fragrances, has raised $3 Mn (about ₹28.7 Cr) in its Series A funding round led by V3 Ventures (V Cube Ventures SA), with participation from existing investor Rukam Capital. While V3 Ventures invested $2.6 Mn, Rukam Capital infused $0.6 Mn in the startup.
Fraganote had previously raised $1 Mn from Rukam Capital in its pre-series A round last year.
The startup plans to utilise the fresh capital for building its brand identity, improving omnichannel distribution, and expanding its product line beyond perfumes by introducing fragrant body wash, mist, lotion, and other body care products, cofounder Garima Kakkar said.
Founded in 2023 by husband and wife duo Kakkar and Arjun Anand, Fraganote currently has around 42 SKUs. The startup currently generates 60% of its revenue from salFraes of products from its website, 20% from sales on quick commerce platforms like Blinkit and Zepto, and 10% from ecommerce platforms like Nykaa, Myntra and Amazon.
The D2C brand is also expanding its presence in offline retail, which now contributes to 10% of its sales that come from multi-brand outlets and kiosks. Its kiosks are currently present in 14 tier I and II cities, where a lot of customers prefer to try the product before buying, Kakkar said.
Fraganote plans to scale its kiosk count to 100 by the end of the year. “The vision is a fully omnichannel brand with meaningful offline scale, a broad portfolio spanning multiple fragrance and personal care categories, and a global outlook that eventually takes India’s fragrance identity to international markets,” Kakkar said.
The startup claims to have a customer base of 3 Lakh and a 35% repeat rate. Its average order value currently stands at ₹1,500.
Fraganote positions itself as a mid-premium home grown brand. “Every fragrance is launched with a narrative, whether that’s emotional, nostalgic, or even sensory. The visuals, the music, the packaging, all the content, we create a whole world around the fragrance and use storytelling as a core product mechanic,” she said, explaining the startup’s marketing approach.
Going forward, Fraganote plans to build on this strategy by launching perfumed body care products aimed at the entire “body care ritual”. This will include hand creams, shower gels, body lotions, mists, lip serums, among others. It also plans to venture into the home and car fragrances segment in the near future.
The startup designs and formulates the products in-house, while assembly happens on a contractual basis. It sources borosilicate glass bottles and atomisers from China, while the perfumes are sourced from Europe, Middle East and India.
Kakkar said Fraganote grew 5X in FY26 over FY25, without disclosing the numbers. “We are on track now to do about ₹60 Cr revenue by FY27 and it’s our target to complete ₹100 Cr in 18 months,” she added.
The startup operates in India’s D2C fragrance space which has been seeing increasing investor interest as the segment’s market size is expected to reach $3.8 Bn by 2030, recording a CAGR of 12%.
Having now dabbled with affordable deos and cheap perfumes, Indian consumers are moving toward investing in better fragrances, a market erstwhile dominated by global brands, while gifting is also boosting demand for branded fragrances. Between 2018 and 2025, at least 30 fragrance brands entered the ecosystem, according to Inc42 research. Fraganote competes with the likes of Secret Alchemist, Pilgrim, Plum, Skinn by Titan, among others.
Source: Inc42 - Startups
