ChrysCapital has invested $45 million (Rs 250 crore) into the Chennai-headquartered fast-moving consumer goods major, CavinKare Pvt Ltd. It is learnt that, following the investment ChrysCapital will have one nominee on the board of CavinKare. CavinCare makes hair and skin care products such as Chik, Spinz and Nyle.
In a statement, C.K.Ranganathan, Chairman & MD, CavinKare, stated – “The investment from ChrysCapital will give a strong financial boost to the company, given the rapid expansion and diversification undertaken in the last few years. Our objective is to rapidly grow the company’s brand portfolio few notches upwards across different markets. In ChrysCapital, we have found a partner who shares the similar values and vision.”
With a turnover of Rs 1,200 crore, CavinKare has brands in personal care, dairy, snacks, foods and beverages. The Personal Care brand portfolio consists of Shampoos (Chik, Meera, and Nyle), Hairwash Powders (Meera & Karthika), Coconut Oil (Meera), Fairness creams (Fairever), Deodorant and Talc (Spinz), Hair Colours (Indica Herbal Hair Colour, Indica 10 Minutes Herbal Hair Colour, Nyle Henna & Raaga Professional).