Kakao Ventures invests W1b in K-beauty platform Limese in India
[THE INVESTOR] Kakao Ventures, a venture capital unit of the mobile messenger giant, on November 6 said it has invested 1 billion won (US$891,415) in Limese, a Korean cosmetics distribution platform in India.
With Kakao’s latest injection, Limese has closed its seed round.
Limese, targeting 20 to 30 year olds in India, provides Korean cosmetics to salons, spas, health and wellness stores and also operates its own online platform. Its brand lineup includes popular Korean brands such as Dear Klairs, L.O.C.K., Makeprem, Velyvely and Abybom.
“Through the latest investment, we would like the number of brands to increase to 50 by next year and strengthen influence of the platform,” said Dale Deugcheon Han, founder and CEO of Limese.
“Limese precisely understands the niche market of India’s cosmetics industry and its Korean and Indian team members’ expertise can create synergies,” said Shina Chung, CEO and partner of Kakao Ventures. “We expect Limese’s growth will promote K-beauty in India and take the upper hand in the market.”
Established in April 2016, Limese is headquartered in Korea and has an office in Mumbai, India.
By Ahn Sung-mi (email@example.com)