Westbridge Capital in talks to acquire majority stake in Vini Cosmetics

By

Maverick Martins

Published
Sep 10, 2019

Vini Cosmetics, maker of Fogg deodorants, is in talks with its existing strategic investor Westbridge Capital to raise funds as the latter looks to increase its stake in the personal care firm.
 

Westbridge wants to acquire a majority stake in the country’s leading deodorant making company. It currently has a share of around 20 percent and wants to buy an additional 30 percent, the Economic Times reported citing anonymous sources.
 
"The due diligence process is currently ongoing and is likely to conclude in a month. While Sequoia is expected to make a complete exit, the promoters will shed about 15 percent of their holding," a source told the paper. Sequoia currently owns 17 percent in the company.

“Westbridge would want to build Vini into a large consumer goods company by acquiring brands and possibly tapping the public markets at a later stage,” another source added.
 
Vini Cosmetics Private Limited was incorporated in 2009 and is based in Ahmedabad, Gujarat. Apart from Fogg, Vini has brands like White Tone, Glam Up, Pretty24, Prepair, and Ossum.
 
The company had posted a turnover of around Rs 950 crore ($132.6 million) during the last financial year.  It is looking to double its revenue and is aiming for an annual turnover of Rs 2,000 crore in the next four to five years.