Synopsis
D2C fragrance brand Fifth Sense has raised Rs 6.3 crore in pre-seed funding led by OTP Ventures. The startup, founded by IIM Kozhikode alumni, offers premium, climate-adapted fragrances. This funding round saw participation from Sadev Ventures, ISV Capital, and angel investors, signaling growing investor interest in the evolving perfume market.Listen to this article in summarized format
Founded by IIM Kozhikode alumni Bharat Gupta and Prateek Gupta, the startup is positioning itself as a premium fragrance brand with climate-adapted formulations
“We have crafted our scents based on ‘who you want to be today,’ rather than focusing purely on ingredients and formulations,” said Gupta, who is CEO, in a statement.
The fragrance space is already drawing early investor interest. Verlinvest-backed V3 Ventures is in talks to invest Rs 20–25 crore in Fraganote, while Phitku is looking to raise Rs 18–20 crore from DSG Consumer Partners, as reported by ET in February 2026.
Fifth Sense’s debut collection features four fragrances: The Boyfriend Shirt, The Chosen One, Still Here, and The Athlete In You. The startup claims these are formulated with over 25% oil concentration, designed to perform effectively in Indian weather conditions.
The perfumes market, valued at around Rs 4,000 crore in 2022, is expected to grow to Rs 8,000 crore by 2027. It is broadly divided into four segments: international premium, international mass, domestic premium, and domestic mass.
Deodorants and perfumes have largely attracted private equity interest so far, with venture capital participation remaining limited as the category continues to evolve.
In 2021, KKR acquired a 54% stake in Vini Cosmetics for $625 million, valuing the company at $1.2 billion. The Fogg maker reported Rs 1,200 crore in revenue in FY25, up 16% year-on-year.
Meanwhile, Bellavita, which focuses on more affordable perfumes, has raised funding from domestic PE firm Ananta Capital. The company surpassed the Rs 500-crore revenue mark during the last fiscal year.
