Darshan Patel, the promoter of Ahmedabad-based Vini Cosmetics that makes Fogg deodorant, plans to raise Rs 400 crore in 2016-17 from private equity players as he eyes acquisitions in the skincare and haircare space. The former copromoter of Paras Pharmaceuticals is keen to acquire about two brands this fiscal, ET has learnt. “I am on the lookout for haircare and skincare brands that could be acquired and I have let the market know of my plans,” Patel told ET. “If needed, I will raise yet another round of funds worth Rs 400 crore for inorganic growth.” Patel expects to close FY16 with a turnover of Rs 600 crore, which would be a near 18% jump over FY15. Vini has so far raised Rs 130 crore from Sequoia Capital and Bay Capital. “There could be brands that have an essentially good proposition but somehow distressed. I want to take them with me,” Patel said. Irrespective of the acquisitions, he would launch skincare and haircare with his own products, including the relaunch of Delicca face wash powder, he said. Patel is one of the three brothers who managed Paras Pharmaceuticals that had OTC brands like Itch-Guard, Krack, Moov and personal care brands like Livon and SetWet. He was the first to exit Paras by selling his one-third share in the company to private equity player Actis for less than Rs 200 crore in 2006. In 2010, British consumer goods giant Reckitt Benckiser acquired Paras for $726 million. In 2012, homegrown FMCG company Marico bought Paras’ personal care business from RB. Patel started Vini Cosmetics in April 2010 and launched Fogg in December 2011. He has also launched White Tone, Glam Up, 18+ and NUfeel,all of which he said fall under “feel good”, “look good” and “smell good” categories.
Source: Economic TimesVini Cosmetics promoter Darshan Patel plans to raise Rs 400 crore to fund buyouts.
Industry: Other 2016-04-04
