Fast-moving consumer goods (FMCG)-centric BIA Brands has acquired Mumbai-based TrueKind, marking its initial venture into the skincare space.
Nevertheless, the financial terms of the deal were not disclosed by the company.
Through this acquisition, Hyderabad-and Dubai-based BIA Brands aims to launch a variety of skincare products and cosmetics, as well as curate offerings tailored for its youthful customer base.
Established in 2022 by Sudhakar Adapa and Anudeep Chappa, BIA operates as a ‘house of brands,’ dedicated to constructing and expanding various brands. The platform’s objective is to foster the development of global brands originating from India.
Earlier, BIA had acquired three companies in the food and beverage (F&B) domain, including the specialty coffee brand Brew & Bliss, the flavored nuts startup Nut-O-Licious, and the blends company La Kah Fay.
“It embodies our goal to enhance our international reach and introduce innovative products. We are setting the stage to build and foster truly global brands that originate from India, transcending geographical boundaries and consumer expectations,” said Adapa.
BIA recently appointed Karen Wilson Kumar, a former manager at Louis Vuitton and Ferragamo, as the Chief Executive Officer of its beauty and personal care (BPC) segment.
“Leading the BPC segment at BIA Brands is an opportunity of a lifetime. Our goal is to blend the rich legacy of TrueKind with innovative approaches to meet the evolving needs of our consumers, ensuring quality, efficacy, and sustainability in all our products,” Kumar said.
Meanwhile, TrueKind, founded by Keshav Biyani and Prabhu Karthikeyan in October 2021, is a skincare brand that emphasizes a range of products, asserting their commitment to being vegan and cruelty-free.
Biyani expressed his confidence in BIA and said that it will carry forward the commitment of TrueKind to offer effective skincare solutions. “TrueKind is poised for great success and growth under their stewardship,” he added.
FMCG-centric startups in India have been attracting attention from investors for a considerable period.
Lately, Unilever, a prominent FMCG company, supported the beauty and personal care brand WishCare with an investment of INR 20 Cr ($2.4 Mn) through its venture capital arm, Unilever Ventures. The startup plans to utilize the funds to enhance its research and development capabilities and intensify efforts in formulating high-efficacy products enriched with clinically tested ingredients.
Based on data, the market size of the beauty and personal care industry was $4 billion in 2022, and it is projected to achieve a 27% Compound Annual Growth Rate (CAGR), reaching $28 billion by the year 2030.
