Vini Cosmetics plans to raise $60m to support acquisitions

India-based company Vini Cosmetics is planning to raise $60m from private equity firms to finance new acquisitions in the skincare and haircare sectors in the 2016-17 fiscal year.

The company expects to buy two brands in the current financial year and has already raised $19.6m from Sequoia Capital and Bay Capital, reports The Economic Times.

After acquiring the companies, Vini expects to launch its own brand of products in skincare and haircare segments.

The maker of Fogg deodorant further plans to relaunch Delicca facewash powder.

Vini Cosmetics promoter Darshan Patel was quoted by the publication as saying: "I am on the lookout for haircare and skincare brands that could be acquired and I have let the market know of my plans.

"If needed, I will raise yet another round of funds worth Rs4bn ($60m) for inorganic growth."

Patel also added: "There could be brands that have an essentially good proposition but somehow distressed. I want to take them with me."

Established in 2010, Vini launched Fogg in 2011, which was followed by the launch of White Tone, Glam UP, 18+ and NUfeel.

Patel is one of the promoters of Gujarat, India-based personal care group Paras Pharma, which was sold to Reckitt Benckiser in 2010. Patel sold his 24% stake in Paras for $43m in 2006.

Following the sale, Patel set up Vini Cosmetics, reports Business Standard.