Personal care brand WOW Skin Science on Friday said India-focused private equity firm ChrysCapital will invest USD 50 million (around Rs 373 crore) in the company for a significant minority stake.
"ChrysCapital has agreed to invest USD 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," WOW Skin Science said in a statement.
Manish Chowdhary, Co-founder of WOW said from being a digital-first brand, the company''s vision now is to scale up to become the number one brand in the toxin-free space within the larger FMCG sector.
Wow Skin Science was founded in 2014, by brothers Manish and Karan Chowdhary.
Ashish Agrawal, Managing Director, ChrysCapital said WOW Skin Science 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," he added.
PricewaterhouseCoopers and J Sagar Associates (JSA) advised Wow Skin Science while Quillon Partners advised ChrysCapital.
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