Carnelian Invests $15 Mn in Kimirica to Drive Rs 1,000 Cr Revenue Target
- ByStartupStory | August 12, 2025
Carnelian Asset Management LLP, led by market veteran Vikas Khemani, has invested approximately $15 million in Kimirica, a leading player in both the B2B and D2C segments of the beauty and personal care market.
The fresh capital aims to support Kimirica’s plan to grow its revenue from Rs 300 crore to Rs 1,000 crore within the next three to four years. The investment spans Kimirica Hunter (KH)—India’s largest manufacturer of hotel amenities—and Kimirica Lifestyle (KL), a fast-growing direct-to-consumer luxury beauty and personal care brand.
Founded in 2013 by Mohit Jain, Rajat Jain, Kimi Jain, and Rica Jain, Kimirica emerged as a domestic alternative in an import-heavy hotel toiletries market once dominated by Chinese imports. Today, it exports to over 70 countries and partners with 10,000+ luxury hotels and airlines, including Marriott, Hilton, Hyatt, Accor, Leela, and Air India.
Kimirica has also established a strong presence in the D2C space, offering skincare, body care, fine fragrances, luxury gifting, and home & wellness products. The company plans to expand its retail footprint with 10+ experiential stores in India and the Middle East.
To meet rising global demand, Kimirica is building a 6 lakh sq. ft. integrated manufacturing facility in Indore with an annual capacity of Rs 1,500–2,000 crore, targeting markets in the USA, Middle East, and Europe. Over 55% of its workforce is women, with indirect employment for more than 3,000 people across India.
Calling Kimirica “one of the finest companies I’ve ever seen, both in infrastructure and vision,” Vikas Khemani praised the founders’ clarity and disciplined execution.
Co-founder Mohit Jain described the partnership as a shared vision “to bring Kimirica’s self-care experience to more consumers, faster than ever,” while Rajat Jain highlighted the opportunity to strengthen global hospitality reach and explore new growth avenues.
John Hunter, Partner at Kimirica Hospitality, noted the company’s “10X value creation” since 2017 while upholding quality and global standards.
Carnelian’s strategic support is expected to provide both financial strength and operational expertise, potentially positioning Kimirica for a future IPO.
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