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Vikas Khemani’s Carnelian invests $15 Mn in Kimirica

EntrackrEntrackr · 20d ago
Vikas Khemani’s Carnelian invests $15 Mn in Kimirica
Medial

Vikas Khemani’s Carnelian invests $15 Mn in Kimirica Carnelian Asset Management LLP, led by market veteran Vikas Khemani, has invested around $15 million in luxury vegan self-care brand Kimirica. This partnership backs both wings of the business: Kimirica Hunter (KH), the manufacturer of hotel amenities, and Kimirica Lifestyle (KL), a D2C luxury beauty brand. The proceeds will be used to scale its omnichannel retail presence, and bring self-care experience to more consumers, Kimirica said in a press release. Launched in 2013 by Mohit, Rajat, Kimi, and Rica Jain, Kimirica began as a bootstrapped startup determined to disrupt an import-heavy industry where 90% of hotel toiletries came from China. A decade later, Kimirica has brought that number down to almost zero. Today, it exports to over 70 countries and partners with more than 10,000 luxury hotels and airlines, including Marriott, Hilton, Hyatt, Accor, Leela, and Air India. Kimirica has now expanded into the D2C retail space. A vegan, cruelty-free, and fair-trade-certified company, its portfolio covers skincare, body care, fine fragrances, luxury gifting, and home & wellness. Kimirica claims that it leads the gifting and bath & body segments, and sells products on Nykaa, Amazon, Tira, and quick commerce platforms. Its retail footprint is growing rapidly, with over 10 new experiential stores set to open across India and the Middle East. The brand continues to expand into high-growth categories: from fine fragrances to its latest men's grooming line, The Gentleman.

Wow Skin Science forays into cosmetic category with launch of ‘Color Cupid’

EntrackrEntrackr · 1y ago
Wow Skin Science forays into cosmetic category with launch of ‘Color Cupid’
Medial

Body Cupid, the parent company of the personal care brand Wow Skin Science, has ventured into the cosmetics category with the launch of a new brand, Color Cupid. Designed and curated for younger demographics, Color Cupid features nearly 40 stock keeping units (SKU’s) including kajal, eyeliners, lipsticks, foundation, BB cream, primer, makeup remover, and more. “We aim to revolutionize the beauty industry by bridging the gap between your inner world and outer expression, helping you find the look that reflects who you are, without seeking validation or judgment,” said Manish Chowdhary, co-founder of WOW Skin Science. The newly launched brand will be available both online and offline with over 300 beauty advisors and more than 1,000 makeup stores. Color Cupid will focus on regions such as Delhi-NCR, Punjab, Lucknow, Mumbai, Pune, and Vadodara, the company said in a press release. That said, the GIC-backed firm already has four brands namely Wow Skin Science, Wow Life Science, Body Cupid, and Nature Derma. In 2019 the company expanded its operations to the US, increasing its global presence to 22 countries. Wow Skin Science says it draws around 10-12% of its revenue from the international market. As per startup data intelligence platform TheKredible, Wow Skin’s parent company has raised over $95 million to date including a $48 million round led by Singapore GIC in November 2022.

Ahead of mega IPO, PhonePe converts to public entity

EntrackrEntrackr · 4m ago
Ahead of mega IPO, PhonePe converts to public entity
Medial

It’s worth noting that PhonePe was the first Indian company to shift its domicile from overseas (Singapore) to India. PhonePe, the digital payments platform aiming for a $15 billion valuation in its upcoming initial public offering, has converted from a private company to a public limited company. “The members are hereby informed that, as one of the prerequisites for the process of initial public offering, the company is required to convert into a public limited company under the Companies Act, 2013,” PhonePe said in a regulatory filing with the Registrar of Companies (RoC). The name of the company will be changed from “PhonePe Private Limited” to “PhonePe Limited.” Notably, PhonePe became the first Indian company to relocate its domicile from overseas (Singapore) to India. In 2022, the Walmart-controlled firm completed this reverse flip, paying over Rs 8,000 crore (around $1 billion) in taxes as part of the process. Media reports indicate that PhonePe plans to initiate its IPO process in the first week of March and has brought on board Kotak Mahindra Capital, JP Morgan, Citi, and Morgan Stanley as advisors. Led by Sameer Nigam, PhonePe last secured $100 million in December 2023 as part of a $1 billion funding round, at a pre-money valuation of $12 billion. Walmart remains the majority shareholder, while other notable investors include Microsoft, General Atlantic, Tiger Global, Ribbit Capital, TVS Capital, Tencent, and the Qatar Investment Authority. PhonePe is the largest player in the UPI ecosystem, commanding over 47% of the market share by transaction volume. The company reported revenue of more than Rs 5,000 crore in FY24, while reducing losses by 28.6% to Rs 1,996 crore in the same period.

KKR-owned Leap India converts to public company, appoints independent directors

EntrackrEntrackr · 1m ago
KKR-owned Leap India converts to public company, appoints independent directors
Medial

Exclusive: KKR-owned Leap India converts to public company, appoints independent directors Logistics solutions startup Leap India is all set to convert into a public company, signalling plans to file for an initial public offer (IPO). LEAP India was reportedly eyeing a Rs 1,000 crore IPO in 2022, but the plans were later delayed after the entity was acquired by KKR. The board of Leap India passed a resolution to change its status to a public company and rename it from “Leap India Private Limited” to “Leap India Limited”, as per its regulatory filing accessed from Registrar of Companies (RoC). In line with regulatory requirements, the company has also appointed Harinarayanan Nair and Sanjiv Gupta as independent directors to strengthen its board and governance structure as it transitions into a listed entity. With over 30 years of experience in the logistics sector, Nair has held key positions at multiple companies including Wipro Pari, Signode, and ITW India. Gupta, Founder and Chairman of Bluwheelz, has also held leadership roles at Coca-Cola and SpiceJet. Founded in 2013 by Sunu Mathew, Leap India specializes in supply chain solutions, providing services such as equipment pooling, packaging, inventory management, transportation, and repair and maintenance. It caters to clients across industries including e-commerce, consumer durables, beverages, and automotive. According to startup data intelligence platform TheKredible, Leap India has raised over $180 million to date including a $63 million round raised in December 2024 led by KKR with the participation of Sixth Sense Ventures, FirstBridge India and others at a valuation of $600 million. KKR holds a controlling stake of 78.64% in the Mumbai-based firm. The global investment firm acquired the majority stake in Leap India in 2023 through a combination of primary and secondary investments. In January this year, Leap India acquired supply chain company CHEP India Private Limited (CIPL). The acquisition involved the transfer of CIPL’s assets, customer base, and team to Leap India. For the fiscal year ended March 2024, Leap India reported a 44% increase in operating income to Rs 365 crore from Rs 253 crore in the previous fiscal. Its profit also surged 4X to Rs 37 crore during the same period.

Clinikally amasses 1.5 Mn customers within three year of launch

EntrackrEntrackr · 8m ago
Clinikally amasses 1.5 Mn customers within three year of launch
Medial

The dermatology and wellness industry in India is experiencing rapid growth, driven by increasing awareness of skincare, modern lifestyles and the influence of social media. With the vast array of products available in the market, professional guidance and personalized consultations are becoming essential to determine what works best for individual skin and hair needs. To address this problem, Clinikally, a digital healthcare platform, is transforming dermatology in India with its innovative telehealth solution that connects patients with leading dermatologists. Founded in 2022 by Arjun Soin, Clinikally provides skin, hair, and health supplement products, featuring verticalized online pharmacy with over 5,000 SKUs across 250 brands. The company leverages advanced AI systems to deliver personalized product recommendations by analysing user purchases, prescription histories, and demographic details. The company is backed by the likes of Y-Combinator, TribeCapital, Arash Ferdowsi (Dropbox founder), and Kunal Shah. Clinikally claims to have served over 1.5 million customers, reaching more than 500 cities and 18,000+ pin codes pan India. Notably, the split between skin and hair is 60% and 40% respectively. For the growth prospects, Clinially plans to launch its Android and iPhone apps and expand into the nutrition and weight-loss markets, and establish warehouses in major urban hubs across Tier-1 cities. Clinikally is also preparing to pilot omnichannel-user engagement models in select cities to redefine how Indians approach skin and hair care, offering expert dermatological solutions.

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