FMCG-Focussed BIA Brands Buys TrueKind To Venture Into Skincare Space

Fast-moving consumer goods (FMCG)-focussed BIA Brands has bought Mumbai-based TrueKind, marking its first acquisition in the skincare space.

However, the company did not disclose the financial terms of the deal.

With this buyout, Hyderabad-and Dubai-based BIA Brands plans to roll out a host of skincare products and cosmetics, as well as to curate offerings for its youth customers.

Founded by Sudhakar Adapa and Anudeep Chappa in 2022, BIA is akin to a ‘house of brands’ – which means it builds and scales brands. The platform aims to build global brands originating from India. 

Earlier, BIA had made three acquisitions across the food and beverage (F&B) space which includes specialty coffee brand Brew & Bliss, flavoured nuts startup Nut-O-Licious and blends company La Kah Fay.

“It embodies our goal to enhance our international reach and introduce innovative products. We are setting the stage to build and foster truly global brands that originate from India, transcending geographical boundaries and consumer expectations,” said Adapa.

Recently, BIA roped in former manager of Louis Vuitton and Ferragamo, Karen Wilson Kumar as its beauty and personal care (BPC) segment’s chief executive officer.

“Leading the BPC segment at BIA Brands is an opportunity of a lifetime. Our goal is to blend the rich legacy of TrueKind with innovative approaches to meet the evolving needs of our consumers, ensuring quality, efficacy, and sustainability in all our products,” Kumar said.

Meanwhile, TrueKind, founded by Keshav Biyani and Prabhu Karthikeyan in October 2021, is a skincare brand that offers a range of products, which it claims to be vegan and cruelty free. 

Biyani expressed his confidence in BIA and said that it will carry forward the commitment of TrueKind to offer effective skincare solutions. “TrueKind is poised for great success and growth under their stewardship,” he added. 

FMCG-focussed startups in India have been gaining investors’ traction for quite sometime now.

Recently, FMCG major Unilever, through its venture capital arm Unilever Ventures, backed beauty and personal care brand WishCare by investing INR 20 Cr ($2.4 Mn). The startup said that it would use the money to amplify research and development capabilities and increase focus on formulating high-efficacy products fortified with clinically tested ingredients.

According to Inc42’s data, the beauty and personal care market size stood at $4 Bn in 2022, and is expected to reach $28 Bn by 2030 at 27% CAGR.

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