Gurugram-based skin clinic KorinMi has raised Rs 10 crore from Ayurvedic beauty and skincare brand Lotus Herbal’s innovation fund. The fund has a $50 million corpus to invest in early-stage beauty and wellness startups in India.
Founded in 2024, KorinMi is a Korean beauty clinic that started with skin treatments and has now expanded to direct-to-consumer (D2C) products.
Korean beauty or K-beauty is an umbrella term for skincare, makeup and treatment that originated in South Korea and focuses on long-term skin health rather than short-term fixes.
Currently, KorinMi has three clinics in Gurugram and each has at least two doctors, a network of dermatologists and 6-7 therapists.
The company plans to use the funds to open new clinics and expand to cities such as Mumbai, Bengaluru and Hyderabad.
“We focus on both face and hair treatment. We launched our first clinic in Gurugram in October 2024 and so far we have over 3,000 clients. The treatment frequency is typically 30-45 days and to help our customers’ skincare journey we have launched a product range,” Reshbha Munjal, cofounder and CEO, told ET.
First, clients have to undergo a 3D skin analysis, followed by a doctor consultation. The startup's cofounder and COO Jenovia Daun Jung, who is a South Korean national with experience in the Korean beauty industry, oversees the treatment and consultation.
KorinMi’s D2C products are made in Korea, which the company claims are made specific to Indian skin type and weather conditions. The clinic also has equipment and products from South Korea.
In May last year, the startup raised Rs 3 crore from former Kaya Skin Clinic (UAE) CEO Vikas Agarwal and other angel investors.
Commenting on the recent funding, Nitin Passi, managing director of Lotus Herbals, said, “With this investment we wanted to diversify into other beauty and skincare segments where we currently don’t operate.”
This is the third investment under the Lotus Innovation Fund, which was launched in June 2024. The aim of the fund and these strategic investments is also to organise the fast-growing beauty sector, claimed Passi.
Lotus’ fund is the second such fund to be set up in India. In 2022, Estee Lauder-backed New Incubation Ventures launched a strategic investment fund with Nykaa to invest in early-stage startups in the beauty segment.
