According to Entrackr, Singapore’s GIC just invested $48 million in Wow Skin Science, an Indian health, grooming, and beauty firm.
Last month, the personal care business disclosed the investment but did not specify the sum raised.
Wow Skin Science has a post-money valuation of US $275 million to US $280 million and is rumoured to be raising another round of funding at a valuation of US $400 million to $420 million.
The firm has allotted 3,168 cash concentration disbursements at a US $15,164 per share issue price through a special resolution. This helped the company raise US $48.7 million, according to its filing with the Registrar of Companies. GIC will own 17.24% of the total share capital when fully diluted.
Wow Skin Science received a $50 million investment from ChrysCapital for a 35 percent share in the company last year.
The company sells all-natural, toxin-free beauty products, including skin, hair, and body care products, as well as health and weight-loss supplements. It operates in India and the United States, selling in both brick-and-mortar stores and e-commerce sites like Amazon.
Manish Chowdhary and Karan Chowdhary founded the firm in 2014. The company’s operating revenue, which is solely derived from goods sales, increased by 15.6 times from 2020 to US $12.8 million in 2021.
