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.