Founded in 2002, by Vivek Sahni, Dave Chang, Rajshri Pathy and Vikram Goyal, Kama currently operates 52 retail outlets in India, in addition to selling online.
The investment will help Kama leverage Puig’s global presence to foray into global markets as well as fuel its domestic expansion, along with gaining access to Puig’s expertise and resources in brand building, skincare technology and scent, the statement said. Puig has the option to further increase its stake in the years ahead, the statement 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 CEO.
“The partnership will enable us to offer Kama Ayurveda’s authentic Ayurvedic, plant-based, beauty and personal care products to a wide audience, a perspective that is in keeping with our commitment to sustainable, responsible business models,” he added.
Kama is backed by consumer focused mid-market private equity firm Lighthouse Funds, which invested in it in 2014.
“When we first backed the company, Kama had only two stores. We have worked very closely with Vivek and the team to help the company achieve its dream of becoming one of the leading global brands to emerge from India, while at the same time redefining purpose and approach in the beauty and personal care market,” said Sean Sovak, co-founder of Lighthouse.
Mint reported on December 13 last year that Lighthouse has received a commitment of $25 million for its third fund from CDC Group Plc, a development finance institution owned by the UK government.
Besides Kama, Lighthouse has backed several marquee brands such as ethnic snack food maker Bikaji Foods, ethnic lifestyle brand FabIndia and leading sanitary ware brand Cera. Its other portfolio companies include laminates maker Stylam Industries, quick service restaurant chain Wow! Momo and value retailer V2 Retail.
(As published in https://www.livemint.com on Tue ,March 12, 2019)