On May 16, ETtech announced that GIC was in talks to take a significant minority stake in D2C beauty and personal care brand Wow Skin Science for $75 million.
The deal would give the ChrysCapital-backed company a post-money valuation of $400-420 million, we reported earlier.
The company declined to comment on the amount raised and the valuation it accrued in the new round.
Last year, ChrysCapital acquired around 35% stake in Wow for $50 million, valuing it at Rs 900 crore.
Wow plans to invest new funds in brand development, recruiting talent and accelerating its innovation pipeline through a combination of organic launches and selective inorganic investments.
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“We at Wow are thrilled to welcome GIC on our journey to becoming a house of beloved brands. This investment will allow us to generate sustainable yet disruptive growth and strengthen our organization with top-notch talent,” Wow Skin Science co-founder Manish Chowdhary said in a statement.
Founded in 2014 by brothers Manish and Karan Chowdhary, Wow Skin Science sells toxin-free beauty products made with natural ingredients in categories including skin, hair, nutritional supplements, bath & body, and wellness. be. It retails on e-commerce platforms, its own website, as well as physical stores.
Fit & Glow Healthcare, the parent company of Wow, was chosen as the winner in the Bootstrap Champ category at the 2019 Economic Times Startup Awards. At the time, the company had not raised any external capital.
“We are also grateful for the continued partnership with ChrysCapital which has been instrumental in our growth journey. We look forward to building a future-ready organization with our investors,” added Chowdhary.
Wow competes with D2C clean beauty and natural beauty brands such as Plum, EarthRhythm, Juicy Chemistry, Organic Harvest, mCaffeine, Beardo, Mamaearth and Bombay Shaving Company.