ET was the
first to report the development in its March 12 edition.
Sources close to the matter said that KKR will be picking up a 53% stake valuing Vini at Rs 8,600 crore, as we reported earlier. While Westbridge will increase its ownership from 21% to about 24%. The secondary sale of shares was led by the founder group– Darshan Patel, chairman and Dipam Patel, who is a joint MD at the company. Also selling shares is Vini’s early investor Sequoia Capital which held around 17% in the firm.
The cofounders will continue to hold a significant stake in Vini and collaborate with KKR in the next phase of the company’s growth, the statement said.
Darshan Patel will continue as the chairman of Vini’s board and Dipam Patel will be appointed as vice chairman of the board.
Founded in 2010, Vini manufactures, markets and distributes branded deodorants, cosmetics and toiletries through its flagship brand Fogg. It also sells other brands like Ossum, GlamUp, among others. Its products are distributed through approximately 700,000 points of sale and 3,000 dealers, the company statement said. Vini’s products are also sold internationally with a presence in South Asia and the Middle East.
