AVCJ

PremjiInvest commits $33m to India's HRI

  • LinkedIn  
  • Google plus  
  • Save this article  

PremjiInvest, the private investment firm for Wipro Enterprises Chairman Azim Premji, has invested INR2.16 billion ($33 million) in cosmetics developer Hygienic Research Institute (HRI).

According to a release, the GP will acquire a significant minority stake in the company. HRI will use the funds to invest in automation of its factories and upgrade its IT systems, in addition to research and development.

Founded in 1950, HRI has five factories in India. Its products are sold in 1.5 million retail outlets and used in 15,000 salons nationwide. The company's products range across hair coloring, hair care, skin care and fragrance, and it owns the popular hair dye brands Super Vasmol and Streax.

HRI claimed revenue of INR3.5 billion in the last fiscal year. The company has said it plans to grow revenues to INR10 billion in the next five years.

PremjiInvest has investments across a wide range of categories, with a particular interest in recent years on technology. In April it led an $82 million Series F round for US-based field service software developer ServiceMax, and in March it led an $80 million Series C round for US mobile operating system developer Cyanogen.

The firm also has a presence in the consumer goods sector. Its investments here include a $25 million commitment to fashion company Fabindia and a 4.7% stake in retailer Heritage Foods.

  • LinkedIn  
  • Google plus  
  • Save this article  

More on South Asia

Latest News

world-hands-globe-climate-esg
Asian GPs slow implementation of ESG policies - survey

Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...

  • GPs