Business

Swanrose Inc eyes $5 mn funding

Healthcare start-up Swanrose, which currently has operations in the U.S. and India, plans to raise $5 million as it looks to expand operations in West Asia, and launch five new products in the current year, a senior company official said.

“We've invested a significant amount so far, personally. We were very fortunate because the company did so well in the first two-three months, and we were able to just put that capital back into the company,” Roshini Sanah Jaiswal, CEO of U.S.-headquartered Swanrose Inc said.

Ms. Jaiswal, who is also the promoter of Jagatjit Industries — the makers of Aristocrat whisky — added that Swanrose was now looking to raise $5 million to fund expansion.

“We started the company in April last year. Coming from a distillery background, we started manufacturing alcohol-based sanitisers, which we were providing to government institutions and government bodies...there was a huge scarcity of sanitisers in the U.S. as well. So we started exporting… and in the first three months of exporting sanitisers, we had a revenue of $2.2 million,” she said.

The company has now unveiled a sanitiser which it claims needs to be used just once a day. The product, Ms Jaiswal said, had got U.S. FDA registration and DCGI clearance in India.

“This is the first product. We have five more products in the healthcare space that we will launch in this year. These will include those in the laundry segment and surface disinfectants. We currently have products in R&D which are in the cosmeceuticals segment,” she said.

For the current financial year, the company is projecting revenue of about $50 million from the U.S. and India markets. It plans to gradually expand to West Asia as well.

“For R&D, we envision [spending to be] about $500,000-600,000 annually. We are using an R&D firm based out of the United States,” she said.

Ms. Jaiswal said one of the biggest target segments for the company’s 24-hour sanitiser in India will be hospitality businesses and corporates, in addition to end consumers. The company will also be approaching private schools in the country.


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Printable version | Jun 22, 2021 5:41:49 PM | https://www.thehindu.com/business/swanrose-inc-eyes-5-mn-funding/article34379352.ece

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