Carlyle-backed VLCC raises Rs 110 crore from BlackSoil to fund growth

Mumbai: VLCC, the Carlyle-backed beauty and wellness company, has raised ₹110 crore in financing from alternative credit platform BlackSoil Capital to support its next phase of growth, it said on Thursday.

The funding will help VLCC expand its businesses across beauty, wellness and personal care, while strengthening its operating platform and supporting the growth of its subsidiaries.

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Founded by Vandana Luthra in 1989, VLCC is an integrated beauty and wellness platform with operations spanning more than 250 locations across over 130 cities. Its businesses include beauty and wellness services, personal care products and vocational training, with a presence across India, South Asia, the Middle East and Africa.

In January 2023, Carlyle Group paid Rs 2,700 crore to buy a controlling 63% stake in the three-decade-old homegrown brand. Vandana and husband Mukesh Luthra who owned 95% of the company prior to the Carlyle deal – retained a 30% stake with the management team holding 4%.

The stake of the Carlyle reduced to 52% in 2024 as it diluted a part of its stake to Alpha Wave Ventures II, LP, though it still remains the majority stakeholder in VLCC.

“This financing will enable us to pursue our growth plans across our businesses, including new product introductions and expansion of our store network,” said Deepak Taluja, CEO of VLCC.

“With increasing demand for organised beauty and wellness services and products, we remain focused on enhancing customer experience, expanding our reach and building a stronger, future-ready platform,” he added.

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Ankur Bansal, Managing Director of BlackSoil Capital, said that VLCC's strong brand equity, extensive clinic network and international presence position it well to benefit from the growing beauty and wellness market.

“VLCC is a category leader with over three decades of brand equity, a resilient, high-margin clinic network and international scale. The company has built a strong operating platform and is well-positioned to capitalise on the significant growth opportunity within India’s expanding beauty and wellness industry,” Bansal said.

BlackSoil Capital provides alternative credit solutions to high-growth businesses across sectors, offering flexible financing to support both short- and long-term capital requirements. Its portfolio includes 11 unicorns and 14 publicly listed companies.

VLCC operates across 11 countries, including India, Sri Lanka, Bangladesh, Nepal, Singapore, the UAE, Oman, Qatar and Kuwait. Its portfolio includes the VLCC personal care brand, men's grooming brand Ustraa, which it acquired in 2023, and the VLCC Institute of Beauty & Nutrition.

The vocational education arm has trained hundreds of thousands of beauty and wellness professionals across the region.

Global investment firm Carlyle acquired a majority stake in VLCC in 2022, while Alpha Wave Ventures made a further investment in the company in 2025.