PARIS — Unilever Ventures is leaning further into India with new beauty investments in the country.
Secret Alchemist, among India’s first clean fragrance indie brands, has raised $3 million in a seed funding round that was led by Unilever Ventures. DSG Consumer Partners also participated.
The seed round included primary and secondary capital. Inflection Point Ventures, or IPV, had backed Secret Alchemist previously.
The funding will be used to expand the brand’s portfolio, strengthen its formulation and research-and-development capabilities, as well as build leadership and teams. Secret Alchemist in a statement also said it will invest in scaling its presence and distribution as it continues to operate as an India-first label with ambitions worldwide.
“Clean has already become a norm in beauty globally, and we are beginning to see fragrance follow the same trajectory. Secret Alchemist is well-positioned to lead this emerging category in India,” said Pawan Chaturvedi, a partner and head of Asia at Unilever Ventures, in a statement.
Secret Alchemist was founded by Ankita Thadani, Akash Valia and Samantha Ruth Prabhu in 2022. It is based on aromatherapy and essential oils, beginning with ailment-led wellness solutions. Now it is primarily a fragrance brand, blending aromatherapy with modern perfumery. It’s billed to bridge wellness, scent and self-expression.
“We have believed in the clean fragrances opportunity for many years,” said Hariharan Premkumar, managing director and head of India at DSG Consumer Partners. “With Secret Alchemist, we found a strong founding team in Ankita and Akash with deep product capabilities. They are building high-quality fragrances at attractive price points.
Fragrances from Secret Alchemist.
Courtesy of Secret Alchemist
“The brand is backed by a celebrity founder, who is not just lending her name but is a power user and deeply involved in building the product,” he added. “Given the significant under-penetration of the fragrances category in India, we are highly bullish on the long-term potential of the brand and the category.”
“Globally, ‘clean’ has become a baseline in beauty and personal care, and fragrance is naturally moving in that direction,” said Thadani. “With Secret Alchemist, our focus is on building perfumes that are ingredient-led, well-formulated and uncompromising on quality.
“We are among the first in India to openly publish full ingredient and allergen disclosures in perfumery, because for us, clean means being honest,” she continued. “This investment allows us to deepen product innovation and strengthen our R&D capabilities in line with that belief.”
Prabhu continued: “As Secret Alchemist evolves, this feels like the right moment for us. It gives us the opportunity to build more deeply on what matters: clean ingredients, thoughtful formulations and fragrances people genuinely enjoy using every day.”
Valia noted clean fragrance is having strong traction around the globe and that India is ready for brands originating with that mindset.
In a separate deal, Unilever Ventures also recently invested in the luxury Indian skin care brand SkinInspired alongside Lotus Herbals Pvt. Ltd., through its beauty and personal care investment arm, Lotus Innovation Fund, and Spring Market Capital, which led the round, among other investors. The series A round was reported to be equivalent to $2.9 million.
In a LinkedIn post, Lotus Herbals lauded SkinInspired for “its differentiated, research-driven product approach and a clear commitment to delivering high-performance skin care tailored to Indian consumers.”
“We strongly believe that leadership in the Indian beauty and personal care market will be driven by differentiated innovation, proven scientific application and scalable brand-building,” it continued.
Strategics keep sharpening their focus on India as a next frontier for beauty.
Early last year Unilever’s India unit, Hindustan Unilever Ltd., said it was acquiring Minimalist, a premium beauty brand born in the country. It’s part of a broader company strategy.
During a call with financial analysts and journalists about third-quarter 2025 results on Oct. 23, Fernando Fernandez, Unilever’s chief executive officer, reiterated the group’s plans to focus on beauty and wellness, with an emphasis on two major markets.
“We’re shaping a brand portfolio that’s built for the future — with more beauty, well-being and personal care, prioritizing our growth in the U.S. and India,” he said.
