India: ChrysCapital to invest $50m for a significant minority stake in WOW Skin Science

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Homegrown private equity firm ChrysCapital is investing $50 million for a significant minority stake in personal care brand WOW Skin Science India Limited.

The transaction is a combination of a primary raise by the company for growth initiatives, and a secondary sale by existing shareholders, WOW said in a statement on Thursday.

On partnering with ChrysCapital, Manish Chowdhary, co-founder of WOW, said, “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, institutionalising the organisation, 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.”

Founded in 2014 by brothers Manish and Karan Chowdhary, WOW Skin Science claims to focus on natural, plant-based, sustainable ingredients and materials that are free from harsh chemicals. Its products are available across e-commerce platforms, its own website, as well as brick-and-mortar stores.

The company aims to maintain its growth momentum by capitalising on its loyal customer base, expanding penetration across channels, and further developing its portfolio of brands and products.

“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,” Ashish Agrawal, managing director, ChrysCapital said.

ChrysCapital, established in 1999, has seen a spate of investments and exits over the past few years. Its most recent investment was in Gujarat-based drug manufacturer Corona Remedies through a secondary transaction. Late last month, it also took part in FirstCry’s $315-million funding round.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.