<div><strong>BW Online Bureau </strong></div><div> </div><div>Premji Invest, the private equity fund promoted by Wipro's billionaire Chairman, Azim Premji, has invested in Mumbai-based Hygienic Research Institute, hair colour makers of Vasmol and Streax products.</div><div> </div><div>A statement issued by the Mumbai-based institute did not share any details pertaining to the investment but it is understood that the PE firm has picked up a minority stake in it for around $35 million.</div><div> </div><div>Hygienic Research Institute, a company with more than five decades of experience in the field of cosmetic industry; owns a variety of hair colour products which span across diverse formats - powder, creams and henna. Its leading brands are Super Vasmol 33 & Streax. Apart from hair colour, the company also makes hair oil, skincare products, shampoo and shaving cream.</div><div> </div><div>It has a presence across 1.5 million retail outlets, 1,000 modern trade outlets and another 15,000 salons, catering to both direct consumers and professionals. It completion include Godrej Consumer Products and French cosmetics and beauty company L'Oreal, among others.</div><div> </div><div>The funds raised will help the company expand its operations in terms of marketing and foray into newer segments within hair care.</div><div> </div><div>The country's Rs 2,970-crore colourants market grew by 20 percent last year. Premji Invest, promoted by Azim Premji, manages over $2 billion Its investments include Flipkart, Snapdeal, National Stock Exchange, among others. </div>
