Traya Eyes ₹300 Cr Funding for Its Next Haircare Expansion

Mumbai-based haircare startup Traya is in talks to raise around ₹300 Cr (~$31 Mn) from Belgium-based investment firm Verlinvest. The deal isn’t finalised yet, and sources say the amount could still move higher.

What makes this round interesting is the price tag: Verlinvest is reportedly valuing Traya at ₹2,500-3,000 Cr nearly 8-9x its last disclosed annual revenue. That’s an aggressive multiple for a D2C brand, and it’s not based on last year’s numbers.

It’s based on where Traya is right now. The startup is said to be clocking an annualised revenue run rate of ₹900-1,000 Cr, more than double what it reported for the full previous year.

The Details

• Proposed raise ₹300 Cr (~$31 Mn), amount not yet finalised
• Investor Verlinvest (Belgium-based)
• Deal structure Mix of primary capital and secondary share sales
• Proposed valuation ₹2,500-3,000 Cr
• Implied revenue multiple 2.8-3x current annualised run rate (₹900 Cr-₹1,000 Cr), or ~7.5-9x FY25 revenue
• Implied stake Roughly 10-12% of the company, depending on final terms
• Prior round ₹75 Cr from Xponentia Capital (April 2024); existing backers include Kae Capital, Fireside Ventures and Whiteboard Capital

Why Investors Are Chasing a Haircare App

Founded in 2019 by Saloni Anand, Traya doesn’t sell shampoo off a shelf. It runs customers through a hair assessment, applies a recommendation algorithm, and routes treatment plans through doctor approval before shipping anything.

That diagnostic-first model is what separates it from typical D2C beauty brands it behaves more like a telehealth platform wearing a haircare label.

The approach appears to be working at scale. Traya reported ₹338.4 Cr in revenue for FY25, alongside a ₹22.5 Cr net loss notable because the company had actually turned profitable the year before.

That swing from profit to loss, paired with revenue nearly tripling on an annualised basis, points to a company deliberately spending to grow rather than optimising for the bottom line.

The Run Rate That’s Driving the Price

A ₹900 Cr-₹1,000 Cr annualised run rate against ₹338.4 Cr in FY25 revenue is a steep jump within a single year. If accurate, it suggests Traya’s growth has accelerated sharply in recent months likely the real reason Verlinvest is willing to pay a premium multiple.

The company is also pushing offline beyond 20 centres, a costly but common move for D2C brands trying to prove they can work outside the performance-marketing funnel that built them.

What the Valuation Is Really Betting On

A valuation built on a few months of run-rate data, rather than full-year audited revenue, is inherently a bet on momentum holding. If Traya’s growth rate cools even slightly before the round closes, that ₹2,500-3,000 Cr number gets harder to defend. The secondary component is also worth watching it suggests early investors or the founder may be taking some money off the table even as the headline story is “growth.” Rich health-and-wellness D2C multiples have burned investors before when customer acquisition costs crept up post-funding.

The Bottom Line

Until the deal actually closes, the number to watch isn’t ₹300 Cr it’s whether Traya’s run rate holds steady enough to justify the price Verlinvest is reportedly willing to pay.