Kolkata-based WishCare, known for its range of serums, sunscreens, and hair growth products, is exploring a majority stake sale that will value the brand at about ₹3,000-3,500 crore, three people familiar with the matter said.
The company has appointed O3 Capital to help with the sale and several strategics and private equity funds will be tapped as part of the process, the people said on the condition of anonymity.
“The deal is likely to attract a strategic buyer and feelers are expected to be sent to the likes of Marico, ITC and L'Oréal,” one of the people cited above said.
India’s beauty and personal care (BPC) market, valued at $23 billion in FY25, is projected to touch $40 billion over the next four years, according to consultancy firm Redseer. Riding this surge in premium, science-led skincare demand, WishCare competes with fast-scaling brands such as Minimalist, Pilgrim, Dot & Key, The Derma Co, Arata, True Frog, Lotus Herbals and Auli Lifestyle across categories.
Emails sent to WishCare, O3 Capital, Marico, ITC and L'Oréal did not elicit a response till the time of publishing.
Financial profile
“The company clocked about ₹350 crore in revenue and ₹100 crore in Ebitda in the last financial year (FY26),” according to the second person.
WishCare clocked about ₹200 crore in revenue in FY25 and has been profitable.
At the upper end of the indicated valuation range, the deal would value the company at roughly 8–10x FY26 revenue and about 30–35x Ebitda, indicating strong investor appetite for profitable new-age beauty brands.
Interestingly, L'Oréal is also evaluating the acquisition of personal care brand Innovist at a valuation of $350-400 million, Moneycontrol reported last month. Similarly, Hindustan Unilever acquired Minimalist, which operates in the same category, for around ₹3,000 crore.
The development comes as several Indian beauty and personal care startups have surged in popularity in recent years, driven by an uptick in online commerce, premiumization and social media influence, despite the larger challenges of scaling with sustained profitability.
Brand playbook
Founded in 2020 by Stuti Kothari, Ankit Kothari, and Ayush Kothari, WishCare is a science-forward premium beauty brand with effective formulations and biomimetic ingredients that makes products for the skin and hair.
The company’s products are sold through major Indian e-commerce sites like Nykaa, Purplle, and Amazon.
It has a wide range of products spanning skincare, haircare, and personal care with a focus on specialized serums, sunscreens, and hair growth solutions. Its offerings include hair growth serums, bond repair shampoos, lip balms with SPF 50, vitamin C serums, body lotions, and underarm roll-on serums.
Unilever Ventures, which led the ₹20 crore round in 2023, has also backed other new-age beauty brands such as Minimalist. It was not immediately clear whether it will sell its minority stake in the ongoing sale process.
Over the years, WishCare has established an omnichannel presence with products available across more than 15 marketplaces and beauty-centric platforms online. Offline, it has a presence across over 2,000 touchpoints in modern trade and pharmacies.
The company has also expanded into international markets, including the US and UAE, as per online reports.
A combination of a rise in discretionary spending, female workforce participation and a diversified distribution system with the emergence of quick commerce has benefited several new-age brands in recent years.
These brands have tweaked strategies and rapidly launched products to make a meaningful dent in the market. Over 150 such brands are expected to cross the ₹100 crore revenue mark by 2030, collectively driving ~25% of total BPC spend, Redseer said in the report.