New Delhi [India], Mar 18 (ANI): Marico has acquired 45 percent stake of one of the most renowned brands today in the men's grooming segment, Beardo.
The acquisition has happened for an undisclosed amount and the equity is slated to be acquired in the duration of two years, following primary infusion and secondary buy-outs.
Owned by Ahmadabad based Zed lifestyle, Beardo has been funded by Venture Catalyst, the leading seed investment and innovation platform in India.
"We recognized the stellar potential of Beardo during the preliminary stages of its seed investment. I would personally congratulate the founding team and am further excited at the prospect of newer opportunities opening up for the brand. We shall be closely watching their growth and scale in the times to come," said co-founder Venture Catalysts, Dr. Apoorv Ranjan Sharma.
The line of products introduced by Beardo takes care of all-rounded personal grooming for men. For the beard, it offers growth oil, wax and shampoo, along with wax and serum for hair and lotion, soap and face wash for the ultimate skin care.
After raising a seed funding worth USD 500,000, Beardo has been successful in further strengthening its presence in the online trade, scoring 75 percent of its revenue from the same.
"The Rs. 3,200 crore male grooming market growing at a double digit CAGR, is strategic category for Marico. Marico views this investment in Zed Lifestyle as a stepping stone towards its ambition of strengthening its presence and widening its portfolio in this segment," said Marico. (ANI)