New Delhi, Aug. 13 -- Verlinvest, the Belgian investment firm with more than €2 billion in assets under management, is in advanced discussions to pick up a stake in a direct-to-consumer Indian haircare brand, at least three people familiar with the development told VCCircle.
The firm is among the final contenders evaluating an investment in Traya, one of the people cited above said, requesting anonymity.
The proposed transaction is estimated to be worth $30-40 million (Rs 286-381 crore), the second person said, also requesting anonymity.
Queries sent to Traya and Verlinvest remained unanswered till the time of publishing this article.
Traya's expansion
Traya, operated by Tatvartha Health Pvt Ltd, was founded in 2019 by Saloni Anand and her husband Altaf Saiyed after the latter experienced hair loss himself. The company combines Ayurveda, dermatology and nutrition to offer doctor-led, evidence-backed treatment plans aimed at addressing the root causes of hair loss.
Unlike conventional haircare brands that rely on cosmetic solutions, Traya adopts a holistic approach focussed on factors such as stress, gut health, hormonal imbalances and nutrition to deliver long-term regrowth.
The company raised seed funding in 2020, followed by a $2.2-million (Rs 16 crore then) pre-Series A round in January 2022 led by consumer-focussed venture capital firm Fireside Ventures. In April 2024, it secured $9 million (Rs 75 crore then) from Xponentia Capital.
Since then, the company has expanded beyond haircare with the launch of gut-health brand Mool and has begun pilot programmes for an acne treatment offering. It has also established offline centres across 15 cities, including Pune, Thane, Navi Mumbai, Hyderabad and Nagpur.
In an earlier interview with VCCircle, Anand had said the company plans to significantly expand its offline presence to 100 stores from 15 currently, and is likely to raise institutional capital to support that growth.
The expansion into new product categories and offline retail is expected to drive revenue growth. Traya had reported a 44% increase in revenue to Rs 339 crore in FY25, but slipped into an operating loss after reporting a profit before tax of Rs 9 crore in FY24. Anand didn't disclose the extent of the loss in FY25. The company's latest financials weren't available.
Traya competes with brands such as Vedix, Man Matters, SkinKraft and Be Bodywise in India's personalised haircare and wellness market. These companies also leverage online diagnostic tools to offer customised treatment plans combining Ayurveda, homeopathy, and modern medicine.
Sector growth
India's personalised wellness and haircare segment has attracted growing interest from both strategic and financial investors.
In May, FMCG major Emami announced the acquisition of a 60% stake in IncNut Digital, the parent company of Vedix and SkinKraft.
Earlier, in March, Mosaic Wellness, the parent company of Man Matters, raised Rs 200 crore in a funding round led by 360 One Asset.
According to an IMARC Group report, India's haircare market was valued at $4.3 billion in 2025 and is projected to reach $11.49 billion by 2034, growing at a compound annual growth rate (CAGR) of 10.58% between 2026 and 2034.
The report attributed the sector's growth to rising consumer awareness around personal grooming and hair health, increasing disposable incomes, rapid urbanisation, and a growing middle class. Demand for premium, specialised and natural haircare products is also being supported by the influence of social media and digital beauty content across urban and rural markets.
Meanwhile, Verlinvest has been investing in India since 2010. Its portfolio includes mattress and furniture brand Wakefit, coffee chain Blue Tokai, yogurt brand Epigamia, beverage maker Lahori Zeera, spreads and dressing maker Veeba, beauty and personal care brand Purplle, and Sula Wines.
Published by HT Digital Content Services with permission from VC Circle.