WOW STORY OF THE DAY: She Built India's First Beauty Subscription Box, Then Built a Skincare Brand That Grew 14X in Two Years

Sugarbox, a Serial Founder's Education, and the Idea That Changed Everything

•⁠  ⁠Niharika Jhunjhunwala grew up in Kolkata and earned her degree from the London School of Economics. In 2014, at 25, she launched Sugarbox, India's first curated beauty subscription box, delivering themed pampering hampers to customers every month. The concept worked, and the experience gave Niharika something most beauty founders never have: a direct, sustained, data-rich relationship with thousands of Indian consumers and their skincare preferences.

•⁠  ⁠She learnt what Indian women were reaching for. She saw that consumers were increasingly aware of global ingredients like fermented rice, ginseng, Cica, and sake but that no Indian brand was translating those ancient international rituals into accessible, science-backed, affordably priced products. The gap was clear. The timing was right.

•⁠  ⁠In March 2024, she founded ClayCo Cosmetics in Mumbai. The name came from the most grounding element in nature: clay, the earth that binds everything together, a symbol of purity, nourishment, and transformation. The mission was precise: blend the world's most trusted ancient beauty rituals with modern dermatological science and make the result genuinely affordable for Indian consumers.

Start With Japan, Pioneer New Ingredients, Win the Premium Middle

•⁠  ⁠The boldest product decision ClayCo made was its debut collection: Rituals of Japan, a range built entirely around Japanese beauty traditions featuring ingredients like Rice and Sake, Azuki Beans and Koji Rice, and Sake Glass Glow Essence. Japan's skincare heritage is among the most respected in the world, built on centuries of fermentation science, natural actives, and a philosophy of skin nourishment over correction.

•⁠  ⁠By starting there, ClayCo positioned itself not as another Indian D2C brand but as a global ritual curator with Indian roots. Every product was plant-based, clinically validated through dermatological testing, and priced deliberately between ₹600 and ₹1,300, a range that occupied the premium middle ground where quality meets accessibility.

•⁠  ⁠What separated ClayCo most sharply from every competitor was its ingredient ambition. The brand introduced exosomes and retinal to the Indian skincare market, cutting-edge actives used by global prestige brands, at price points that Indian consumers had never seen them offered before. This was not affordable luxury as a positioning statement. It was affordable luxury as a formulation strategy.

•⁠  ⁠Within six months of launch, Unilever Ventures, the global VC arm of the world's largest consumer goods company, invested ₹16 crore in October 2024. Pawan Chaturvedi, Partner-Asia at Unilever Ventures, noted that the brand was elevating India's beauty landscape by introducing global rituals that celebrated individuality and innovation.

Scale and Real-World Impact

•⁠  ⁠ClayCo Cosmetics launched in March 2024 and recorded revenue of ₹5 crore in FY24, ₹33 crore in FY25, and ₹72 crore in FY26, representing a 14x increase over two fiscal years and positioning it among the fastest-growing brands in India's premium skincare segment. Total funding raised stands at $5.82 million across two rounds: ₹16 crore from Unilever Ventures in October 2024 and ₹34.6 crore led by Twenty Nine Capital Partners Ventures with participation from ICMG Global Ventures II in April 2026. Gen Funahashi, CEO of ICMG Ventures, said: "We are excited to back ClayCo as they blend Japanese beauty heritage with innovative science. This partnership perfectly embodies our vision of co-creation, bridging Japan's high-quality resources with India's booming market."

•⁠  ⁠The brand sells across its own website, Amazon, Nykaa, Myntra, Tira, Zepto, and Blinkit. New capital is being deployed toward product development, expansion into body care and hair care, and scaling supply chain and inventory infrastructure. India's beauty and personal care market is projected to reach $28 billion by 2030.

The Founders Who Have Already Built Once Build Faster the Second Time

•⁠  ⁠The sharpest lesson from Niharika Jhunjhunwala's journey is this: the founders who have already built a company carry a compounding advantage that first-time founders take years to develop.

•⁠  ⁠When Niharika built ClayCo, she was not starting from zero. She was starting from a decade of understanding what Indian beauty consumers wanted, what the market was missing, and how to build a brand that earns trust rather than simply buys attention.

•⁠  ⁠Unilever Ventures saw that in six months. Twenty Nine Capital Partners saw it in two years. A 14x revenue increase in two fiscal years confirmed it for everyone else.

•⁠  ⁠"For too long, Indian consumers who wanted truly world-class skincare had to look abroad. We built ClayCo to change that: to prove that you do not have to compromise on formulation, texture, or results when buying an Indian brand," Niharika says.

•⁠  ⁠She started with a subscription box at 25. She built a skincare brand the world's largest consumer goods company backed before it was even a year old. The rituals are ancient. The ambition is entirely her own.

Sources: Inc42, Indian Retailer, Indian Startup News, BeautyMatter, Equentis / Research and Ranking, Entrackr