Marico has acquired a 45 per cent stake in men's grooming brand Beardo, which sells beard oils, beard waxes and soaps among others, for an undisclosed sum. The company will acquire the equity over a two-year period through primary infusion and secondary buy-outs.
Owned by Ahmadabad-based Zed lifestyle, Beardo has been funded by Venture Catalyst, an investment and innovation platform in India.
''It certainly feels like an achievement to have another immensely promising company from Venture Catalysts' portfolio successfully cutting through the acquisition deal. We recognised 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,'' Venture Catalysts co-founder Dr Apoorv Ranjan Sharma said.
Beardo was founded in Ahmedabad in 2015 by Ashutosh Valani and Priyank Shah, and later in 2016 the company received a seed funding of $500,000 led by New York hedge fund manager Raj Vazirani. Beardo has strengthened its presence in the online trade, with about 75 per cent of its revenue from the same.
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.
The Rs3,200-crore male grooming market, growing at a double digit per annum, is strategic category for Marico. The comany views this investment in Zed Lifestyle as a stepping stone towards its ambition of strengthening its presence and widening its portfolio in this segment, Marico said in a statement.