Falguni Nayar-led Nykaa on Friday said it has entered into an agreement to acquire 18.51 per cent stake in science-focused beauty brand Earth Rhythm for Rs 41.65 crore.
With an active focus on research-based and results-oriented products, Earth Rhythm has earned its credentials as a sustainable and inclusive brand amongst Indian beauty consumers.
Nykaa's investment in Earth Rhythm reinforces the potential of the brand and addresses a growing market for products that are committed to efficacy as well as the planet, Nykaa said in a statement.
Earth Rhythm, formerly known as Soapworks India, was launched in 2015, in a humble home-based set-up by Harini Sivakumar.
"Harini's tenacious story of why she founded Earth Rhythm reflects her focus on creating a wide range of beauty products that the discerning Indian consumer is looking for. We are proud to partner with a promising early-stage start-up and help them to achieve their potential by leveraging Nykaa's expertise and ecosystem," said Anchit Nayar, CEO, e-Commerce Beauty, Nykaa.
(With inputs from ANI)