₹355 crore as part of its Series C financing round led by Accel Partners, along with participation from existing investors, including Amazon.
Just as the purchase of a new lipstick gives women a feel-good factor, in that sense, any indulgence by a consumer during an economic crisis can be termed as the lipstick effect, said Yuvika Singhal, an economist at QuantEco Research. “The first lockdown heavily curtailed consumption in both non-essential goods and services as India imposed the most stringent lockdown globally.
The impact of this was a rise in spending on products related to health and personal care, home improvement, electronics, apparel, among others—in a reflection of the classic ‘lipstick effect’ taking hold.