Marico takes an interest in Beardo

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Marico, an Indian consumer products group, has agreed to acquire a 45% stake in Zed Lifestyle, which owns Beardo, a fast-growing male grooming brand.

Marico will acquire the stake over a two-year period through a primary capital infusion and secondary buyouts. The deal value has not been disclosed.

Beard_fashion_IndiaZed Lifestyle was founded by entrepreneurs Ashutosh Valani and Priyank Shah in Ahmedabad in June 2016. Its Beardo products include growth oil, beard wax and shampoo, hair wax and serum, lotions, soaps and facewashes. Almost 75% of its business is generated through online sales.

Marico says the male grooming market in India is worth an estimated US$500 million and is set to continue growing rapidly. Marico currently operates in the sector through its Set Wet brand and has plans to expand into categories beyond deodorants and gels.

Marico’s managing director and CEO, Saugata Gupta, said the deal would help the company access the premium end of the market and “turbocharge our digital marketing and social media engagement capability”.

Krishnamurthy & Co advised Marico on the deal. The team comprised partner Krishna Venkat and associate Arjun Menon.

Bon Proximo Financial Advisors, a boutique investment bank led by Harshit Vora and Shobhan Pandya, a chartered accountant and chartered financial analyst, advised Zed Lifestyle.