- The beauty and personal care brand has acquired fresh funding of $50 million from Charyscapital.
- The fresh funding will be used to scale up to become the number one brand in the toxin-free space within the larger FMCG sector.
- ·The company’s new objective is to create an offline presence by making products available at retail shops to reach more customers.
An India-focused private equity firm based in Port Louis, Mauritius ChrysCapital has announced that it has invested $50 million in WOW Skin Science India and acquired a significant minority stake in the company.
The transaction that has taken place is a combination of primary raise by the company for growth initiatives, and a secondary sale by existing shareholders.
Set up in 2014 by brothers Manish and Karan Chowdhary, WOW Skin Science is one of the fastest-growing newborn beauty and personal care brands which is available on e-commerce platforms, with its website, as well as brick-and-mortar stores, said the company.
“We are extremely pleased to announce ChrysCapital’s investment in WOW, and welcome ChrysCapital to the WOW Skin Science family. We are excited to build a long-term, and mutually beneficial, partnership with ChrysCapital over the coming years. The foundation of this relationship is our shared goal of creating sustainable value at WOW by creating a house of brands, accelerating growth, hiring talent, institutionalizing the organization, and expanding WOW’s presence in the Beauty and Personal Care category. We also look forward to working closely with Enhancin, ChrysCapital’s portfolio operations group, to achieve these goals,” said Manish Chowdhary, co-founder of WOW.
With the fresh funding, the company will build an effective and efficient distribution model to scale up operation to become the number one brand in the toxin-free space within the larger FMCG sector, said the company in a statement.
“ChrysCapital is excited to partner with WOW Skin Science in its growth journey towards becoming a formidable house of brands in beauty and personal care. The founders have demonstrated a robust historical track record by significantly outperforming the industry growth while demonstrating superior capital efficiency. WOW’s unique positioning of toxin-free beauty regimes centered around natural ingredients (apple cider vinegar, onion, vitamin C) at an affordable price point has created strong resonance with a fast-growing millennial demographic. We are looking forward to helping WOW grow multi-fold by further increasing online penetration, driving pan-India offline expansion, and launching new brands in adjacent categories,” said Ashish Agrawal, managing director, ChrysCapital.