New Delhi: TIW Private Equity (TIW PE) on Tuesday said it has invested close to USD 6 million (about Rs 43.7 crore) in Scentials Beauty Care and Wellness, co-founded by former tennis professional Mahesh Bhupathi.
Scentials has previously raised Rs 25 crore funding from Unilever Ventures, the venture capital arm of global FMCG major Unilever.
With the latest funding, Scentials plans to expand its product offerings and strengthen its distribution network across the country.
“Building beauty businesses with influencers have created a lot of value in the west and after Unilever Venture, we are proud to have TIW believe in this opportunity in India and will continue exploring growth categories,” Scentials co-founder Mahesh Bhupathi said in a statement.
Founded in 2017 by Bhupati and Jinesh Mehta, Scentials designs, develops, manufacture and distribute beauty and personal care brands (deodorants, fragrances and skincare categories) that are driven by India’s top celebrities, including Salman Khan, Virat Kohli and Lara Dutta.
Scentials said it is currently focusing on expanding its products range in deodorants, fragrances and skincare categories, where it already has a strong presence.
The company plans to launch new product variants to give customers a broader choice and target niche customer requirements.
Scentials said the team continues to work on new product formulations and given that product R&D is a huge strength area for the company, it is adding more muscle to it.
Scentials said it is expanding its distribution network across India and consistently adding more retail touchpoints through general trade and modern trade channels.
The goal is to make all of its products available for customers at their nearby stores in all major cities of India, driving convenience and access, it added.
The company continues to expand distributor partnerships and also expand its own sales and marketing team.
Online channel is also a major thrust area where it plans to spend significant marketing budget, expanding its customer reach across the country, it said.
The investment in Scentials reflects TIW’s investment philosophy of backing first-generation entrepreneurs who are seeking active capital to scale their organisation and drive growth, the statement said.
The fund works closely with the management and helps scale the business through its operative consultant approach primarily focusing on consumption-driven sectors across FMCG, media, education, digital platforms, financial services and real estate.
“We are very excited to partner with Scentials in its journey towards sustainable growth, backing it with significant investment. The company offers a unique and powerful value proposition with brands envisioned by top celebrities and superior quality products crafted by a team of specialists,” Mohit Ralhan, Managing Partner and Chief Investment Officer at TIW PE said.