Singapore’s GIC has recently injected US$48 million into Wow Skin Science – an India-based health, grooming, and beauty startup – Entrackr reported.
The personal care brand announced the investment last month, though it did not disclose the amount raised.
Wow Skin Science has a post-money valuation of US$275 million to US$280 million and is rumored to be raising another round at a US$400 million to US$420 million valuation.
In a special resolution, the firm has allotted 3,168 cash concentration disbursements at an issue price of US$15,164 per share. According to its filing with the Registrar of Companies, this helped the company raise US$48.7 million. GIC will hold 17.24% of the fully diluted total share capital.
Last year, ChrysCapital invested US$50 million into Wow Skin Science for a 35% stake.
See also: Roll-up ecommerce flexes its muscles in India
The startup sells natural, toxin-free beauty products, ranging from skin, hair, and body maintenance items to health and weight management supplements. It sells across brick-and-mortar stores as well as ecommerce sites such as Amazon and operates in India and the US.
The firm was founded by Manish Chowdhary and Karan Chowdhary in 2014. In 2021, the company’s operating revenue – which was made solely from goods sales – increased by 15.6x from 2020 to US$12.8 million.
Editing by Miguel Cordon and Jaclyn Tiu
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