Local buyout fund TIW Private Equity has invested nearly $6 million (Rs 43 crore) in Scentials Beauty Care and Wellness Pvt. Ltd, which mainly offers beauty products endorsed by celebrities.
Scentials was launched by former ace tennis player Mahesh Bhupathi and Jinesh Mehta in 2017. It focuses on developing beauty brands across fragrances, skincare and colour cosmetics.
“Building beauty businesses with influencers has created a lot of value in the West and, after Unilever Venture, we are proud to have TIW believe in this opportunity in India,” said Bhupathi.
The company had launched cricketer Virat Kohli’s One8 brand in the fragrance category in January 2019 and followed it up with skincare label Arias from Bhupathi’s wife, actor and model Lara Dutta.
The firm’s products are available in both offline and online stores.
The company had raised Rs 25 crore in its Series A round of funding from Unilever Ventures, the venture capital arm of consumer goods giant Unilever Plc, in 2019.
TIW invests across sectors including FMCG, media, education, digital platforms, financial services, real estate and manufacturing, the statement said.
In September 2019, it acquired a majority stake in Digital Refresh Networks Pvt. Ltd for $6 million.
The PE firm’s portfolio companies include Kaunis Marketing Services, which works with international beauty brands; and Plovio Value Chain Solutions, which helps remove intermediaries from the supply chain.
The broader beauty and personal-care segment has attracted a slew of investors over the past few years.
In November last year, Manash Lifestyle Pvt. Ltd, which operates beauty products and services marketplace Purplle.com, raised $1 million in funding from Spring Marketing Capital.
The same month, VCCircle reported that venture capital firm and growth equity investor Sequoia Capital had made an early-stage investment in a skincare brand.
In September, personal care brand mCaffeine raised $5.7 million in its Series B round of funding led by homegrown mid-market private equity firm Amicus Capital.
In November, VCCircle also reported that US-based asset management firm Fidelity Management & Research Company, LLC had come as a new investor in beauty and lifestyle omnichannel company Nykaa.