New Delhi, Sept. 3 -- Carlyle-backed beauty and wellness company VLCC has raised Rs 110 crore ($11.7 million) from alternative credit platform BlackSoil Capital to support its next phase of growth across beauty services, personal care and other businesses.
The financing will support VLCC's ongoing business requirements including introducing new products and expanding its store network.
Founded by Vandana Luthra in 1989, VLCC has built an integrated beauty and wellness platform spanning beauty and wellness services, personal care products and vocational education. The company operates more than 250 locations across over 130 cities and 11 countries including India, Sri Lanka, Bangladesh, Nepal, Singapore, the UAE, Oman, Qatar and Kuwait.
The group also owns men's grooming brand Ustraa, which it acquired in 2023, and operates the VLCC Institute of Beauty & Nutrition.
"This financing will enable us to pursue our growth plans across our businesses, including new product introduction and store network expansion," Deepak Taluja, chief executive officer of VLCC, said.
BlackSoil said that the transaction adds another established consumer-facing business to its alternative credit portfolio.
Global investment firm Carlyle acquired a majority stake in VLCC in 2022. The firm also raised additional capital from Alpha Wave Ventures last year.
VLCC reported revenue of Rs 966 crore in the financial year through March 2025. The company hasn't filed its FY26 financials yet.
Founded in 2016, BlackSoil operates an Reserve Bank of India registered systemically important non-banking financial company (NBFC) and a Securities and Exchange Board of India-registered alternative investment fund (AIF), with an AUM of about $275 million. Its portfolio includes 11 unicorns and 14 publicly listed companies.
BlackSoil is backed by global development finance institutions and institutional investors including FMO, Gray Matters Capital and Triodos Investment Management, along with family offices associated with Allcargo Logistics, Navneet Education and Mahavir Agency.
Published by HT Digital Content Services with permission from VC Circle.