Marico to venture investments into startups for its growth
Marico acquired 45% stake in Zed Lifestyle, a male grooming firm for an undisclosed sum in an effort to widen its portfolio with niche and high margin products.
The maker of Parachute hair oil said the stake will be bought over a period of two years, through primary infusion and secondary buy-outs.
In a statement Marico said, "It fast-forwards our journey towards nurturing a future-ready male grooming portfolio and brand in the online and salon space. This is also in line with our emerging focus of venture investments into start-ups to incubate new engines of growth."
Zed Lifestyle Private, founded in June 2016, owns and sells a range of products under 'Beardo' brand in categories such as oil, wax and balm for beards as well as scalp, hair, face and skin products.