Nykaa acquires majority stake in personal care brand Earth Rhythm

FSN E-Commerce Ventures Limited, the parent company of beauty and fashion retailer Nykaa, has completed the acquisition of a majority stake in clean beauty and personal care brand Earth Rhythm.

The company, which acquired an 18.51% stake in Earth Rhythm Pvt Ltd in 2022, said in August that its board approved a proposal to acquire a majority stake. The approval is for the purchase of new shares and shares held by existing shareholders and turning Earth Rhythm into a subsidiary, FSN E-Commerce said in an exchange filing on Tuesday.

Founded in 2015 by Harini Sivakumar, Sivakumar Varadarajan and Arun Kumar, Earth Rhythm (formerly Soapworks India) is an internet-first brand that offers a range of organic beauty products across skincare, haircare and makeup. Its product range includes face masks, toners, hair oils, shampoos, conditioners, lipsticks and lip balms.

The brand claims to offer products that are vegan, cruelty-free, biodegradable, and free of artificial fragrances.

According to Tracxn, Earth Rhythm has raised $9.1 million to date from investors including Anicut Capital. The company’s most recent valuation in 2022 was $28.8 million.