Indian consumer goods company Marico has acquired 45% stake in men’s grooming brand Beardo. The amount of the acquisition is undisclosed. A press release issued by the company states that the equity is slated to be acquired in the duration of two years, following primary infusion and secondary buy-outs. With this acquisition, Marico is set to strengthen its portfolio and stake in the men’s grooming market currently worth $488.7 Mn (INR 3,200 Cr).
Commenting on the acquisition, Marico said, “The INR 3,200 Cr male grooming market, growing at a double digit CAGR, is a 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.”
Owned by Ahmedabad based Zed lifestyle, Beardo was founded in October 2015 by Ashutosh Valani and Priyank Shah. The startup provides hair and body-care offerings for men. The line of products introduced by Beardo takes care of all-rounded personal grooming for men as it includes products such as beard washes, beard balm, beard and hair growth oil, serum, face washes, beard and hair wax, soaps, beard combs, and more.
Beardo is currently available on India’s ecommerce sites such Flipkart, Amazon, Snapdeal and Nykaa. Beardo claims that it has successfully strengthened its presence in the online trade and scores 75% of its revenue from the same. It has also established its presence in salons across Ahmedabad, Pune, Mumbai, Surat and Delhi.
The startup backed by Suniel Shetty had raised $500K in seed funding from Venture Catalysts in September 2016. Other similar players in this segment include The Man Company and Ustaraa which deal exclusively with men’s grooming segment. In August 2016, Bombay Shaving Co., a New Delhi-based men’s grooming startup raised $600K in an angel funding round from 25+ investors.