Marico, one of India’s leading consumer products companies operating in the global beauty and wellness space, announced that it has acquired Ahmedabad-based men’s grooming startup Beardo, according to a YourStory report.
Founded in 2015 by Ashutosh Valani and Priyank Shah, Beardo is an official brand manufacturer of natural ordinary oils for bearded men. It is a men’s personal care and grooming brand. The startup offers a range of products, including beard washes, beard balm, beard and hair growth oil, serum, face washes, soaps, and beard combs.
“We are extremely proud of Ashutosh Valani and Priyank Shah on their successful entrepreneurial journey from a small town to becoming a leader in the men’s grooming category. We were one of the first to have believed in Beardo’s true potential and the idea. Men’s grooming market has grown from a mere Rs 3,200 crore in 2016 to a whopping Rs 10,000 crore today, and this speaks volumes about VCats’s ability to spot potential startups. With Marico’s acquisition of Beardo, VCats has taken a complete exit at stellar valuations,” said Apoorva Ranjan Sharma, Founder of Venture Catalysts.
Commenting on the exit, Ashutosh Valani, added, “We are fortunate to have got Venture Catalysts as our investor and mentor. At a time when most of the Indian VCs and angel investors were chasing tech startups from Mumbai, Delhi, and Bengaluru, VCats believed in and reposed its faith in a startup from a small city like Ahmedabad. VCats has been a tremendous support in our journey from a startup to becoming a national brand. We thank the entire team for being so co-operative in providing mentorship, quick evaluation, and super quick decisions.”
Earlier in 2017, Marico had acquired a 45 percent stake in Beardo, with an aim to strengthen its presence in the men’s grooming segment.
Beardo was a portfolio company of Venture Catalysts. In 2016, Venture Catalysts along-with other investors invested around $5,00,000 in Beardo. According to a statement by the company, with this investment, Venture Catalyst takes a complete exit from the startup.
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