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Spanish fashion and fragrance company Puig SL has marked its entry into India by picking a minority stake in private equity-backed Kama Ayurveda Pvt. Ltd.

Puig will infuse Rs 100 crore ($14.4 million at current exchange rate) as part of the transaction and will have the option to increase its stake in the Indian company further, Kama Ayurveda said in a statement on Tuesday.

Kama Ayurveda, which was founded by Vivek Sahni, Dave Chang, Rajshri Pathy and Vikram Goyal, will use the funds for domestic and international expansion. The Indian company will also gain access to Puig’s expertise and resources, it said.

“This long-term alliance gives us the ability to further develop our focus on retail business worldwide and also to be present in a market with tremendous potential for beauty and personal care, as well as fragrances,” said Marc Puig, chairman and chief executive, Puig.

Puig is a third-generation family-owned fashion and fragrance business based in Barcelona, with brands such as Carolina Herrera, Nina Ricci, Paco Rabanne, Jean Paul Gaultier and Dries Van Noten. It reported revenue of 1,935 million euros for 2017, according to the statement.

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Founded in 2002, Kama Ayurveda operates 52 standalone and shop-in-shop retail outlets across India and has an online presence as well.

Kama Ayurveda had received its first external funding in 2014 from Lighthouse Advisors.

In tranches through 2017, Lighthouse invested around $10 million in Kama Ayurveda, according to VCCEdge, the data and research platform of News Corp VCCircle.

Deals in the space

Companies tapping the Ayurveda industry have attracted interest from investors over the past couple of years, and there have been a few strategic deals as well.

In September last year, VCCircle reported that UTI Capital Pvt. Ltd, the alternative investment unit of UTI Asset Management Company Ltd, had invested in a company that makes ayurvedic products.

In July last year NirogStreet, an online platform that connects Ayurveda doctors with patients, acquired Brahm Ayurved, a 60,000 member-strong community of ayurvedic doctors.

In January last year, KivaShots, an ayurvedic healthcare beverages startup, secured angel funding from several wealthy individuals.

The country’s ayurvedic products market is projected to register a compound annual growth rate (CAGR) of 16% between 2016 and 2021, according to management consulting firm TechSci Research.

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