New Delhi, Oct 18 (IANS): Gurugram-based D2C makeup brand Belora Cosmetics, which dreamt to become a Rs 500 crore brand in the next couple of years, is reportedly shutting down its operations amid severe funding crunch and not being able to raise fresh funds.

Founded in 2019 by Ainara and Akaljyot Kaur, the company raised funds from Peak XV Partners’ Surge, DSG Ventures and a few angel investors.

However, it has failed to either "raise follow-on capital or attract potential buyers", reports Entrackr, citing sources.

"Belora tried to raise capital from new and existing investors including Surge but the efforts didn’t materialise," the report said, quoting one of the sources.

Belora’s website has also not been functional for the past few weeks.

"The Site is getting upgraded, we will relaunch soon. Thank You," reads a message.

Belora or Surge did not comment on the report.

The company offered "vegan and toxin-free makeup and skincare products, including lipsticks, moisturisers, kohl and eyeshadows". It had roped in Bollywood actor Kiara Advani as its brand ambassador.

The company’s annual revenue stood at Rs 15 crore in FY22. It was yet to file its FY23 numbers.

Belora Cosmetics in September last year said it aims to become a Rs 500 crore brand in the next 3-4 years. The brand was present in 100 store-in-stores and planned to open another 100, and reach 500 such stores in 2023, according to media reports.