L Catterton forms new India JV with former HUL chief to invest in consumer-focused firms

L Catterton's Asia partner and head of India Anjana Sasidharan (left) and former HUL executive Sanjiv Mehta (right)

Consumer-focused private equity firm L Catterton’s Asia unit is launching a new India-focused joint venture in collaboration with former Hindustan Unilever MD & CEO Sanjiv Mehta to deepen its investment in the fastest-growing economy of the world.

“With India now having the world’s largest population and generating high GDP growth, there has never been a better time to deepen our commitment to the market,” said L Catterton’s global co-CEO Michael Chu in a statement.

Mehta will serve as the executive chairman of the company effective from April 4, 2024, and will be involved with the investment firm’s Asia unit and other global fund platforms.

He has an experience of several decades in the consumer-focused industry, with the most recent being with Hindustan Unilever where he served as the chairman, managing director and the chief executive officer between 2013 and 2023. He also led Unilever’s South Asia unit.

This move follows a similar trend among the world’s biggest investors and sovereign wealth funds, which are putting billions of dollars in India, attracted by strong economic growth and political stability.

L Catterton, which manages assets worth $35 billion, has invested around $600 million in India, along with Japan and China, the company said. As of today, the firm backs companies such as Jio Platforms, Sugar Cosmetics and pet food company Drools.

“The long-term tailwinds that are shaping India’s consumers will continue to create many exciting opportunities across consumer categories where we can leverage our experience of building over 275 brands across the world,” said L Catterton Asia partner and head of India Anjana Sasidharan.