PARIS — KKR is taking a controlling stake in Vini Cosmetics by investing 46 billion rupees, or $625 million, within the Indian private care and sweetness firm.
The firm’s founder group, led by Darshan Patel, Vini’s chairman and joint managing director, and Dipam Patel, the corporate’s joint managing director, and Sequoia Capital will promote a majority stake to world funding agency KKR.
The cofounders will proceed to carry a big minority stake in Vini and work with KKR on the subsequent section of the group’s progress.
Another current investor, WestBridge Capital, is to accumulate a bigger stake from the founder group, to extend its minority shareholding, in keeping with KKR in a press launch. No particular sizes of the varied shares had been revealed.
Darshan Patel will stay chairman of Vini’s board and Dipam Patel is to be appointed vice chairman of the board.
Vini was based in 2010 and manufactures, markets and distributes branded deodorants, cosmetics and toiletries underneath its flagship model FOGG, in addition to OSSUM and GlamUp, amongst different labels.
With roughly 700,000 gross sales factors, 3,000 sellers and a gross sales employees of 1,200, it boasts one in all India’s largest private care distribution networks. Vini additionally trades overseas, in 50 nations, with a spotlight in South Asia and the Middle East.
“Vini has experienced remarkable growth over the last 11 years, but we believe we are in the early stages of what our brands can deliver as consumer demand for high-quality personal care products continues to explode in India, South Asia and other fast-growing markets around the world,” Darshan Patel mentioned within the assertion.
“KKR has a proven track record of investing in the growth of some of India’s most innovative and disruptive homegrown champions, as well as in leading consumer and personal care companies globally. We look forward to leveraging their global platform, resources and operational expertise to take Vini to the next level by expanding our e-commerce platform, growing new product categories and broadening our distribution networks,” he added.
“Vini has established itself as one of the fastest-growing personal care companies in India, and the strong consumer brand loyalty for FOGG and its other personal care products is truly impressive,” mentioned Gaurav Trehan, a accomplice at KKR.
“Darshan and Dipam are industry pioneers, and we are excited to work with them and their team to capture new growth opportunities stemming from a young, emerging middle class that increasingly seeks upgraded products,” he added. “Our investment in Vini also underscores KKR’s long-term commitment to support India’s innovative and dynamic companies as they become leaders in their industries.”
KKR’s funding is being made by means of its Asian Fund IV. KKR has invested about $5.7 billion in India since 2006. Over the previous 12 months, that features investments in omnichannel eyewear retailer Lenskart, retailer Reliance Retail, small enterprise lender Five Star and pharmaceutical merchandise firm JB Chemicals.
The Vini transaction is predicted to shut in July.
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