The Investor Turned Founder
Radhika Agarwal spent nearly five years at Blume Ventures, backing consumer technology founders and building Lead Tribe, a programme supporting high-potential women founders . In 2025, she made the transition from venture capitalist to entrepreneur, founding Neothera, a science-led skin health company. In August of that year, before the company had even launched its product, it secured ₹9 crore in a pre-seed round led by Blume Ventures .
The move marks a full-circle journey. Agarwal, who was a Forbes 30 Under 30 Asia honouree in 2023, is now being backed by the very firm she used to work for .
The Funding Round
The ₹9 crore pre-seed round was led by Blume Ventures, with participation from Barbershop Fund, the investment syndicate led by Bombay Shaving Company founder Shantanu Deshpande; Consumer Collective; Veltis Capital; and marquee angels including Arjun Purkayastha (SVP & Managing Director, Reckitt), Malika Sadani (Founder, The Moms Co.), Mukul Rastogi (Founder, Classplus), and Diksha Pandey (Founder, Samosa Party) .
The round was raised at the idea stage, before product launch, reflecting the strength of investor conviction in the company's vision .
The Problem Neothera Is Solving
Most skincare solutions focus on managing visible symptoms like acne, pigmentation, and breakouts. Neothera is built on a different premise: chronic skin conditions cannot be solved through products alone .
The company combines root-cause diagnostics to identify underlying triggers, behavioural interventions to modify habits that contribute to skin issues, nutritional guidance to address dietary factors, doctor-backed protocols for clinical validation, AI-powered support for personalised care, and targeted clinical formulations designed for sensitive and acne-prone skin .
Neothera launched with an integrated 8-week acne care programme that combines these elements into a comprehensive treatment model .
Nearly Two Years of Research
The company launches after nearly 20 months of research, formulation development, testing, and beta trials conducted alongside dermatologists, nutrition experts, and formulators . Neothera developed its initial portfolio entirely in-house and worked with early users through pilot programmes to refine its treatment protocols before launch .
Where the Capital Will Go
The funding will be used to strengthen technology capabilities and AI-powered support, expand the product portfolio, invest in research and development, grow the clinical and scientific team, and scale customer acquisition across India .
Blume Ventures' Conviction
Blume Ventures has been a prominent early-stage investor in India, with over US$900 million in assets under management and a portfolio that includes startups such as Battery Smart, Cashify, Classplus, Purplle, Servify, Slice, and Spinny . The firm recently announced the initial close of its Fund V at $175 million, with a target of $250-275 million, and has already begun deploying capital across health-tech, B2B AI, consumer, fintech, and deep-tech sectors .
The Bottom Line
Neothera's ₹9 crore pre-seed round is a signal that investors are betting on a shift in how skin health is approached in India. Instead of selling products that manage symptoms, the company is selling a comprehensive care model that addresses root causes. And with a founder who understands both consumer insight and operational rigour, it is well-positioned to build in a category that has long been dominated by symptom-focused solutions.
