Fast-moving consumer goods (FMCG)-focused BIA Brands has acquired beauty brand Asa Beauty for an undisclosed amount, aiming to expand its foothold in the beauty and personal care (BPC) space.
This also marks BIA Brands’ second buyout in the skincare segment after it acquired Mumbai-based TrueKind in December last year.
Continue Exploring: BIA Brands makes first foray into skincare with TrueKind acquisition
Established in 2022 by Sudhakar Adapa and Anudeep Chappa, BIA operates as a ‘house of brands’, focusing on developing and expanding various brands. The platform is dedicated to nurturing Indian-origin brands into global entities.
Meanwhile, Asa Beauty, founded in 2020 by Asha Jindal Khaitan and Sukriti Khaitan, offers clean, natural, vegan, and cruelty-free makeup, catering to a selective global clientele that values ethical practices and environmental responsibility.
Adapa, said, “Asa Beauty represents exactly what we aspire to bring under the BIA Brands umbrella – excellence, innovation, and sustainability.”
“With BIA Brands’ strong market presence and innovative approach, we are confident that the brand is in capable hands. We believe wholeheartedly that BIA Brands will elevate Asa Beauty to the heights it truly deserves,” said Asha Jindal Khaitan.
This acquisition comes three months after BIA Brands acquired Mumbai-based TrueKind, marking its initial venture into the skincare sector.
It’s worth noting that BIA also completed three acquisitions within the food and beverage (F&B) sector. These include Brew & Bliss, a specialty coffee brand, Nut-O-Licious, a flavored nuts startup, and La Kah Fay, a blends company.
Last year, the company appointed Karen Wilson Kumar, a former manager at Louis Vuitton and Ferragamo, as its BPC segment’s Chief Executive Officer.
In recent years, investors have been increasingly drawn to Indian startups focusing on FMCG.
Recently, D2C beauty and personal care (BPC) brand Foxtale secured INR 119 Cr (approximately $14.4 Mn) in a funding round led by Singapore-based Panthera Growth Partners.
Continue Exploring: D2C skincare brand Foxtale secures $14 Million in funding led by Panthera Growth Partners
Data indicates that the beauty and personal care market reached $4 Bn in 2022 and is projected to achieve a value of $28 Bn by 2030, with a Compound Annual Growth Rate (CAGR) of 27%.
