WOW Skin Science Raises Investment From Singapore GIC

WOW Skin Science, a skincare and wellness startup, said on Wednesday that it had raised primary financing from GIC, Singapore’s sovereign wealth fund.

“This investment will help us to pursue sustainable yet revolutionary growth and to reinforce our organization with top-tier talent,” WOW Skin Science co-founder Manish Chowdhary said in a statement, without disclosing the deal’s financial details.

WOW Skin Science was in talks with institutional funders to raise $50 million in a new round of fundraising in December. The company is valued at roughly 3,000 crores, or $395 million.

According to the announcement, Skin Science plans to launch organic products and make strategic inorganic investments to become a House of Loved Brands.

In April 2021, the company raised $50 million from ChrysCapital, a local private equity group. The deal included a primary capital infusion as well as a secondary sale by existing shareholders.

“We (ChrysCapital) remain extremely confident in the tremendous brand resonance among millennials and the amazing team at the helm to make WOW one of the most loved D2C (direct-to-consumer) brands globally,” said Ashish Agrawal, ChrysCapital’s Managing Director.

WOW, Skin Science was founded in 2014 by four digital marketers, Ashwin Sokke, Karan Chowdhary, Manish Chowdhary, and Arvind Sokke, as a nutritional supplement company. Through the WOW brand, the founders introduced paraben-free, sulfate-free, and mineral oil-free cosmetics. Three more brands were introduced later: Nutrava, Body Cupid, and Shaving Station.