Leading new-age personal care brand WOW Skin Science has raised $50 million from $50 million from ChrysCapital.
In a statement issued, WOW Skin said, “ChrysCapital has agreed to invest $50 million in the company for a significant minority stake.”
“The transaction is a combination of a primary raise by the Company for growth initiatives, and a secondary sale by existing shareholders,” the statement said.
Founded in 2014 by duo brothers Manish and Karan Chowdhary, WOW Skin Science is a new-age beauty and personal care company that develops and markets all-natural products at affordable price points, with a sharp focus on customer satisfaction.
Speaking on the funding, Manish Chowdhary, Co-founder of WOW said, “We are extremely pleased to announce ChrysCapital’s investment in WOW, and welcome ChrysCapital to the WOW Skin Science family. ChrysCapital is a leading India-focused private equity firm with deep experience and a proven track record across sectors, including Consumer. 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,” Manish added.
Commenting on the investment, Ashish Agrawal, Managing Director, ChrysCapital said, “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.”
“We look forward to helping WOW grow multi-fold by further increasing online penetration, driving pan-India offline expansion, and launching new brands in adjacent categories,” it added.