Gangtok: In a groundbreaking achievement for Sikkim’s entrepreneurial landscape, Agapi Sikkim, a sustainable skincare brand, reached a historic milestone by attracting a $1 million valuation through a substantial equity infusion from renowned investors. This achievement not only propels Agapi as a leader in eco-conscious skincare but also marks the first Foreign Direct Investment (FDI) in a women-led startup in the state of Sikkim.
Founded by Rinzing Choden Bhutia, a local from Gangtok, Agapi Sikkim is not only dedicated to redefining skincare through eco-conscious practices but also focuses on empowering marginalised indigenous women. Rinzing and co-founder Varsha Shrestha established the company with the mission to showcase Sikkim’s rich natural resources to the world. Featuring locally sourced Himalayan ingredients, Agapi’s handcrafted skincare line sets a new global standard for quality and sustainability.
Agapi has already made significant strides by securing contracts with prestigious hotel chains such as JW Marriott and Taj Hotels. The brand’s products are now available in stores across North-East and West Bengal. With the infusion of funds from this landmark investment, Agapi aims to expand its product range and accelerate its growth trajectory, aspiring to become one of India’s top natural skincare brands.
Rinzing, Founder and CEO of Agapi, expressed her excitement, stating, “Our mission is to empower, uplift, and redefine skincare while preserving the unique heritage of Sikkim. With this funding milestone, we are thrilled to have the opportunity to bring our vision to life.”
The investors in this historic funding round include influential local figures in Sikkim, notable venture capital firms, and global impact investors. Notable contributors include Japan-based Arun Seed and Ahaana Ventures, as well as the significant participation of Alsisar Impact, a leader in fostering entrepreneurship across the Himalayas and hinterlands of India.
Agapi’s journey aligns with the ‘place-based’ incubation model pioneered by Alsisar Impact, which has successfully catalysed several for-profit, scalable, and sustainable startups in the Himalayan region. Anuj Sharma, founder of Alsisar Impact, a staunch supporter of Agapi since its inception, commented, “Agapi’s journey is an inspiring testament to the power of sustainable entrepreneurship from the Himalayas led by locals, for global markets.”
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Sonali Mehta-Rao, founder of Ahaana Ventures and a key figure on Agapi Sikkim’s Board of Directors, emphasised the significance of this achievement, stating, “This marks a pivotal moment in reshaping perceptions of women entrepreneurs from indigenous communities in the startup investment landscape, heralding a new era of investment and entrepreneurship.”
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