Marico has now fully acquired Beardo, a startup company which operates into the men’s grooming market, by buying 55 percent additional shares, a move which will help FMCG firm to extend its play into the segment.
Marico has acquired the remaining 55 percent share of Zed Lifestyle, Beardo’s parent firm, in an all-cash deal, making a step-down company.
Founded by Ashutosh Valani and Priyank Shah in 2015, Beardo is Shop for the complete range of Men grooming products for your hair, beard, mustache, skin & face. Shampoo, beard wash, beard oil, facial serum, face lotion etc.
“The investment makes the investee company (Zed Lifestyle) a wholly-owned subsidiary of Marico Ltd and gives Marico a complete control over the operations of the investee company,” said Marico in a regulatory filing.
Confirming the move, Venture Catalysts (VCats), an integrated incubator and accelerator platform, also announced a complete exit from Zed Lifestyle after the acquisition of its portfolio company Beardo by Marico.
“Sensing the tremendous potential in the segment, Marico acquired an additional 55 percent equity share in Beardo’s parent company Zed Lifestyle Pvt Ltd earlier this week,” said a statement from VCats.
Marico had made an investment in the company in March 2017, which was equivalent to 45 per cent of the issued and paid-up share capital of Zed Lifestyle.
Beardo, which sells beard oils, beard waxes, soaps, and other products for men’s facial hair, had a turnover of Rs 78.49 crore in FY 2019-20.