Vini Cosmetics confirmed that it is currently in advanced talks with private equity fund Sequoia Capital. Vini Cosmetics hopes to raise about INR100 crore from a deal with Sequoia Capital. The capital will be used to boost the expansion of its products in the hair and skin care lines.
Vini Cosmetics wants to widen its distribution network with the capital they are raising, sources with knowledge of the discussion with Sequoia Capital said. Vini Cosmetics already owns brands like 18+ deodorants, White Tone Talc, and Fogg.
Darshan Patel, Vini Cosmetics managing director and chairman, verified the reports by saying the company is indeed in advanced talks with the private equity firm and a deal is probably going to be announced soon.
"We will use the capital to expand our product base in personal care such as hair and skin care. We would look at attaining profitability in the near future and depending on that, will decide on further capital needs," Patel said in a phone interview with Indian media.
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