New Delhi, May 29 -- Luxury perfume brand manufacturer Fraganote Fragrances Pvt Ltd, which is backed by venture capital firm Rukam Capital, is set to raise a fresh round of funding from investors, VCCircle has learnt.
The New Delhi-based firm, launched in 2024 by husband-wife duo Garima Kakkar and Arjun Anand, makes and markets its brand Fraganote, offering him, her and unisex perfumes through its online platform in the Rs 1,000-2,000 price range.
Its perfumes, inspired by travel, memories and everyday fragrances, are packaged under quirky labels such as Drunken Cake, Devil's Berry, Sinful Rose, Caramel Loaded Popcorn, Not Just Mango and Baked Vanilla, to name a few.
According to a source familiar with the development, the perfume maker is set to raise approximately Rs 32 crore ($3.4 million) in its Series A round.
V3 Ventures, the venture capital arm of Belgian investment company Verlinvest, is likely to lead the round with Rs 25 crore in the firm. Existing VC firm Rukam Capital may invest the rest of the amount, the source said.
In July 2025, in a pre-Series A round, the firm raised around Rs 8 crore from Rukam Capital Fund II Trust through preferential allotment.
According to media reports, Fraganote is targeting Rs 100 crore in revenues within the next 18 months amid global expansion plans.
VCCircle's queries to Fraganote, Rukam Capital and V3 Ventures were not answered at the time of the publishing of this article.
Market research firm IMARC pegged the Indian perfume market at $1.25 billion in 2025 and projected that the market will expand to $2 billion by 2034. The report cited rising disposable incomes, increasing urbanisation, growing consumer awareness about personal grooming and luxury fragrances, and expanding online and physical retail infrastructure as factors driving the growth.
In April, fragrance brand Fifth Sense raised Rs 6.3 crore from OTP Ventures. Meanwhile, several D2C brands such as The Bombay Shaving Company, The Souled Store, Giva, and Plum have added fragrances to their existing core product portfolios.
Published by HT Digital Content Services with permission from VC Circle.