KKR invests $625M in Vini Cosmetics, acquires majority stake

KKR, the global private equity major, will invest $625 million for a majority stake in Vini Cosmetics, a personal care and beauty products company with its flagship brand of Fogg deodorant. Sequoia Capital is an investor in the company.

Under this transaction, the founder group of Vini Cosmetics – Darshan Patel and Dipam Patel, and Sequoia Capital will sell their majority stake to KKR.

In addition, existing investor WestBridge Capital will acquire a further stake from the founder group to increase its shareholding in Vini.

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According to a statement, the co-founders will continue to hold a significant stake in Vini and collaborate with KKR for the next phase of the company’s growth. Darshan Patel will continue as the Chairman of Vini’s board and Dipam Patel will be Vice-Chairman.

Founded in 2010, Vini manufactures, markets and distributes its branded deodorants, cosmetics and toiletries through its flagship brand FOGG and other brands, such as OSSUM, GlamUp etc. It has a presence both in India and overseas.

On the investment from KKR, Darshan Patel said, “We look forward to leveraging their global platform, resources and operational expertise to take Vini to the next level by expanding our ecommerce platform, growing new product categories, and broadening our distribution networks.”

KKR has committed approximately $5.7 billion of equity through its private equity strategy since 2006. Over the past 12 months, the firm has made several investments in the country, including in JB Chemicals and Pharmaceuticals, Lenskart, Five Star, Reliance Jio, and Reliance Retail.

Gaurav Trehan, Partner at KKR, said, “Vini has established itself as one of the fastest-growing personal care companies in India, and the strong consumer brand loyalty for FOGG and its other personal care products is truly impressive.”

He further noted that KKR’s investment into Vini underscores its long-term commitment to support India’s innovative and dynamic companies as they become leaders in their industries.