Wow Skin Science, a prominent direct-to-consumer (D2C) beauty and personal care brand, is seeking to raise $65-75 million in primary capital from both new and existing investors.
The company is expected to secure this funding at its previous valuation of $400 million, achieved when GIC invested $48 million in 2022, according to sources familiar with the matter.
“The company has initiated talks with certain Japanese and Middle East-based funds for a new funding round,” said one insider. “Securing capital at a flat valuation in the current market is a significant achievement.”
Investment bank Investec has been appointed to oversee the fundraising process while consulting firm KPMG is conducting vendor due diligence, another source added. “It is early days, and the final contours of the fundraise will be decided in the months to come.” The company’s existing investors are expected to participate pro-rata in the new round.
A Wow Skin Science spokesperson declined to comment. Queries sent to Investec and KPMG did not elicit any response.
In 2021, ChrysCapital acquired approximately 35% of Wow Skin Science for $50 million, valuing the company at $125 million. The company has since demonstrated impressive growth, posting a 40-50% increase in revenue in FY24, up from ₹320 crore in FY23. “As it contains its burn and approaches profitability, investor interest has surged,” noted the first source.
Wow Skin Science’s growth mirrors the substantial post-COVID-19 expansion in India’s beauty and personal care sector, particularly in the D2C segment. Factors such as rising disposable incomes and the expansion of quick commerce and omnichannel approaches have driven this growth.
Founded in 2014 by brothers Manish and Karan Chowdhary, Wow Skin Science specializes in toxin-free beauty products crafted from natural ingredients. Their offerings span skin care, hair care, nutritional supplements, bath and body, and wellness categories.
The company’s distribution channels include e-commerce platforms, its website, and physical retail outlets, with around 40,000 retail touchpoints across four brands: WOW Skin Science, WOW Life Science, Body Cupid, and Nature Derma. Additionally, Wow Skin Science has a presence in the US, the Middle East, and the European Union. The company has been aggressive in expanding both its product categories and geographic footprint.
As Wow Skin Science moves forward with its fundraising efforts, it continues to reflect the dynamic growth of India’s beauty and personal care sector, positioning itself for further expansion and success.
