Nykaa has acquired a majority stake in Earth Rhythm, while in a separate development, SoftBank chairman Masayoshi Son met Indian Prime Minister Narendra Modi and 20 startup founders in New Delhi on Wednesday.
Nykaa buys majority stake in Earth Rhythm
Beauty and fashion brand Nykaa has acquired a majority stake in Earth Rhythm, a home-grown clean beauty and personal care brand, per a statement.
Nykaa earlier held a minority stake in the company which it had bought in 2022 through a combination of primary and secondary transactions.
The acquisition will help Nykaa expand its operation and unlock further growth potential across categories, the company said in a statement.
“Earth Rhythm represents an exciting addition to our owned brands portfolio, and it presents an opportunity to expand our play in the clean beauty space, a category with immense long-term potential,” said Adwaita Nayar, co-founder of Nykaa and chief executive officer (CEO) of Nykaa Fashion and Beauty Brands.
Established in 2019, Earth Rhythm offers a array of beauty and personal care products that it claims are organic, plant-based, and 99% plastic-free.
Son meets PM Modi, 20 startup founders
Masayoshi Son, chief of Japanese behemoth SoftBank, met Indian Prime Minister Narendra Modi and 20 startup founders such as Oyo’s Ritesh Agarwal, Lenskart’s Peyush Bansal, Ola’s Bhavish Aggarwal, Paytm’s Vijay Shekhar Sharma, and Blinkit’s Albinder Dhindsa, among others, in New Delhi on Wednesday, stated a Times of India report.
The billionaire investor’s visit to the country comes at a time when a slew of SoftBank’s portfolio firms such as Swiggy, Ola Electric, and FirstCry have launched their IPO.
Son last visited India in March 2023.
Discussions are said to have revolved around artificial intelligence, a technology that SoftBank is betting big on.
