Singapore’s GIC invests $48 million in personal care brand Wow Skin Science
- ByStartupStory | June 16, 2022
Wow Skin Science, a personal care company, has received Rs 375 crore ($48 million) from Singapore-based GIC (Waverly Pte Ltd). The ChrysCapital-backed startup announced its funding last month without announcing the amount.
According to a regulatory filing with the Registrar of Companies (RoC), the board of Wow Skin has made a specific decision to allocate 3,168 CCDs at a difficulty value of Rs 11,83,702 per share to raise Rs 375 crore or $48.7 million. Following the capital injection, GIC will own 17.24% of the company’s total share capital on a fully diluted basis.
Wow Skin has raised funding at a net cash valuation of $275 to $280 million. According to reports, the company was in discussions to raise $400-$420 million for a modern sphere. ChrysCapital invested $50 million in the Bengaluru-based startup in April last year for a 35% interest.
Wow Skin is a beauty and personal care brand available on e-commerce sites like Amazon, Flipkart, and Nykaa, and was founded by Manish and Karan Chowdhary. In addition to brick-and-mortar stores, it sells through its own website.
Wow Skin was also examining merger and acquisition options during a fundraising slowdown, and it began negotiations with Reliance Retail for an acquisition. The new fundraising, on the other hand, indicates that the company will continue to operate autonomously.
It is also active in the United States, in addition to India. Wow Skin competes with brands such as mCaffeine, Plum, Juicy Chemistry, and MamaEarth, to name a few. Wow Skin has yet to release annual financial statements for FY22, however, according to the company’s annual financial statements, income from operations increased 15.6 times to Rs 100 crore in FY21 from Rs 6.4 crore in FY20.
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