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Clensta on-boards JM Financial as investment banker, aims to grow 150% in the next Fiscal

Posted On : 2023-12-07 12:35:57( TIMEZONE : IST )

Clensta on-boards JM Financial as investment banker, aims to grow 150% in the next Fiscal

Personal care brand Clensta, backed by Parineeti Chopra has appointed JM Financial, a leading investment banking firm in India, as its investment banker to fuel its expansion initiatives. JM Financial will guide the brand on its future fund-raising initiatives.

JM Financial is one of the oldest and most respected financial institutions in India having made a name for themselves by being part of marquee IPOs of new-age companies such as Nykaa, Mamaearth, IdeaForge and Zaggle.

Clensta has been constantly expanding its business this year, having strengthened its leadership team by onboarding Ashish Mishra as co-founder and CBO along with Parineeti Chopra as partner and key investor for Clensta. The brand is now looking at leveraging an omnichannel playbook offering an optimal category mix. The brand not only commands a strong online and offline presence in the Indian market but has also organically expanded internationally.

"Our tie-up with JM Financial is part of a series of strategic decisions taken by us following Clensta's association with actor Parineeti Chopra as an investor and hiring Ashish Mishra (ex-Mamaearth, VLCC)) as our co-founder and CBO. We hope to deepen and broaden our omni-channel distribution to include the retail, online, international and alternate markets while securing large-ticket deals in the institutional and export segments. We are on the right trajectory and feel this is a good time to bring in a partner like JM Financial. With them coming in, we now look forward to focusing on building our business while continuing to grow under the leadership of Ashish" said Puneet Gupta, Founder, Clensta.

Earlier this year, Clensta had raised INR 75 crore in a Pre-Series B funding round led by TradeCred and co-led by the Royal Family of the UAE and Parineeti Chopra, among other investors. Clensta grew 100% in FY23 and is on track to grow 150% in the next fiscal.

Shares of JM Financial Limited was last trading in BSE at Rs. 86.86 as compared to the previous close of Rs. 87.23. The total number of shares traded during the day was 270529 in over 2305 trades.

The stock hit an intraday high of Rs. 87.73 and intraday low of 86.17. The net turnover during the day was Rs. 23460172.00.

Source : Equity Bulls


JMFinancial INE780C01023 InvestmentBanker Clensta PersonalCare ParineetiChopra