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FMCG major Marico has acquired about 45 per cent stake in men's grooming brand Beardo, the company said in a statement.
While, the company has not disclosed the amount, sources close to the deal said that it was around Rs 50-60 crore.
Ahmedabad-based Beardo is a men’s grooming brand and start-up that sells beard oils, beard waxes, soaps and other grooming products. It is owned by Zed Lifestyle Pvt. Ltd. Beardo was founded in 2015 by Ashutosh Valani and Priyank Shah. The company received $500,000 in seed funding in September 2016 at a valuation of Rs 40 crore, led by New York hedge fund manager Raj Vazirani. Mumbai-based Venture Catalyst is also an early investor in the company.
“The equity stake shall be acquired over a period of two years through primary infusion and secondary buy-outs,” Marico said in a statement.
Marico's acquistion of Beardo also helps the former strengthen its position in the Rs 3,200-crore men's grooming market that is still small compared to women's grooming and is growing fast. Marico already sells men’s hair gel and men’s deodorant under the Set Wet brand.
“It fast-forwards our journey towards nurturing a future-ready male grooming portfolio and brand in the online and salon space,” Marico CEO Saugata Gupta, said in a statement.
“We are impressed with the founders and the velocity of growth of the business since inception,” he said.
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