Cureskin secures USD 20 million in Series B funding led by HealthQuad with participation from existing investors including JSW Ventures, Khosla Ventures and Sharrp Ventures

· The fresh funding further fuels the Company’s vision to widen access to quality dermatological care in India leveraging AI built over millions of datasets

· Cureskin aims to disrupt the large and growing skin and hair care industry in India by providing high-quality, customised solutions through a comprehensive digital-first platform

Bengaluru, 13 March 2024: Cureskin, an AI-driven dermatology platform that provides clinically validated skin & hair health solutions, has raised Series B funding of USD 20 million. The round was led by India’s leading digital health-focused venture capital fund, HealthQuad along with participation from existing marquee investors including JSW Ventures, Khosla Ventures and Sharrp Ventures. The latest investment brings Cureskin’s total funding to USD 26 million, further fuelling its vision to widen access to quality dermatological care in India.

India grapples with a significant shortage of access to qualified dermatologists, leaving millions without quality skin care. At the same time, there is a significant and growing demand for such a solution in India due to its young and aspirational demographic.

Cureskin is expanding the skin and hair care market by bridging this gap by leveraging AI to scale the reach of dermatologists. Through its mobile app, Cureskin has treated over 15 Lakh customers so far for various conditions such as acne, hyper-pigmentation, post-acne issues, hair loss etc, with over 80% of customers in Tier 2 and 3 regions.

“We are delighted to have earned the backing of HealthQuad alongside our existing partners”, expressed Guna Kakulapati, CEO and Co-founder of Cureskin. “This investment reaffirms the growing demand for accessible expertise and quality care to solve skin & hair problems for people in India. These funds will help further enhance our AI capabilities, accelerate our growth and expand solution offerings. We aim to provide optimal skin and hair health to millions of individuals across the country.”

The domestic market is flooded with many beauty and personal care brands making it difficult for consumers to make product choices that are right for their skin and can effectively solve their concerns. Cureskin stands apart by offering dermat-prescribed, continuously-monitored, high-efficacy personalised solutions to every consumer at affordable prices.

Dr. Pinak Shrikhande, Managing Director, HealthQuad said “Lack of qualified dermatologists in Tier 3+ towns and lack of product knowledge leads to ineffective self-treatments. Cureskin is a comprehensive digital-first platform focused on customised skin and hair care treatments solving for the lack of access to dermatologists with a deep AI-led diagnosis while providing high-quality outcome-driven regimens at affordable prices. We are proud to be partners in Cureskin’s journey to create impact as it scales.”

“We are excited to be part of Cureskin and are deeply aligned with its vision of creating impact through widening access to qualified dermatological care pan-India. With more than 70% of the Company’s users currently coming from Tier 3+ locations, Cureskin is aligned with HealthQuad’s mission of solving the accessibility, affordability and quality issues in healthcare in India. We remain committed to partnering with transformational digital-first companies creating impact for the underserved,” added Charles–Antoine Janssen, Chief Investment Officer, HealthQuad.

JSW Ventures Managing Partner Sachin Tagra said, “The company has demonstrated exemplary execution capabilities. This capital will help the company continue scaling its operations, innovate further on AI development to build a stronger technology moat, and expand its distribution capabilities.”

Veda Corporate Advisors acted as Exclusive Advisors to Cureskin for the transaction.