The beauty and personal care provided by ChrysCapital Wow Skin Science is at the end of a conversation with Reliance Retail on discovery, three people said, knowing more about the interview.
Wow Skin Science has been discussing with Reliance Retail about purchases over the past few weeks. Negotiations reached a climax last week and Reliance Retail will soon provide a list of people nominated to know Wow, said one of the people mentioned above, requesting anonymity.
According to sources, WOW Skin Science found it difficult to start a new cycle that led them to explore opportunities for integration and discovery. The company negotiated with several new investors for the new round, but the negotiations did not take place, “said one person, who declined to be named.
WOW Skin Science declined to comment on the matter, while questions sent to Reliance remain unanswered at the time of publication.
It is worth noting that the company was in the process of raising a new round of $ 400 million. In April last year, ChrysCapital invested $ 50 million in WOW Skin Science at a lower cost.
Created by Manish and Karan Chowdhary, the eight-year-old WOW Skin Science is a new form of beauty and personal care available in e-commerce markets like Amazon, Flipkart and Nykaa. It also sells through its website and through regular stores.and In addition to India, it also operates in the (US) United States
In a recent interview with YourStory, co-founder and CEO of WOW Skin Science Manish Chowdhary said the company made about $ 500 million in the 22nd financial year and expects to reach $ 800 million by next year.
Although the company has not yet submitted its 22-year financial plan, its operating income rose 15.6X to Rs 100 million in the financial year 21 from Rs 6.4 million in the financial year 20. The company recorded a loss of Rs 8.7 million in the financial year. . Only 21, up from Rs 9 million last year, according to its annual financial reports submitted to the Register of Companies.
WOW competes with the likes of Caffeine, Plum, Juicy Chemistry, MamaEarth among a few others.