Kolkata-based beauty brand WishCare has appointed O3 Capital to explore a majority stake sale at a ₹3,000-3,500 crore valuation, according to reports from Mint. The company, known for its range of serums, sunscreens, and hair growth products, will tap several strategic buyers and private equity funds as part of the process. As reported by Mint, the deal is likely to attract a strategic buyer with feelers expected to be sent to major players including Marico, ITC, and L'Oréal. 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, with the deal expected to attract a strategic buyer.
According to Mint reports, WishCare generated approximately ₹350 crore in revenue and ₹100 crore in Ebitda in the last financial year (FY26). The company had previously 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 30-35x Ebitda, indicating strong investor appetite for profitable new-age beauty brands. The company's financial trajectory shows consistent growth with the latest revenue figures representing a significant increase from the previous year.
India's beauty and personal care market, valued at $23 billion in FY25, is projected to touch $40 billion over the next four years, according to consultancy firm Redseer as reported by Mint. 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. The company has established an omnichannel presence with products available across more than 15 marketplaces and beauty-centric platforms online, and offline 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.
As reported by Mint, L'Oréal is also evaluating the acquisition of personal care brand Innovist at a valuation of $350-400 million. Similarly, Hindustan Unilever acquired Minimalist, which operates in the same category, for around ₹3,000 crore. Over 150 such brands are expected to cross the ₹100 crore revenue mark by 2030, collectively driving approximately 25% of total BPC spend, according to Redseer. 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.
