Anicut Capital

Anicut Capital, established in 2016, is a Chennai-based asset management firm specializing in debt financing for consumer goods companies across India. Founded by seasoned professionals with extensive backgrounds in commercial and investment banking, the firm provides tailored debt solutions to support the growth and expansion of its clients in the consumer goods sector.

Ajay Anand

Partner

Ilayaarunachalam Balamurugan

Co-Founder, Managing Partner and Member of Investment Committee

IAS Balamurugan

Managing Partner

Adithya Bharadwaj

Vice President, Growth Equity

Dhruv Kapoor

Partner, Growth Equity

Veenu Mittal

CFO

Harsh Mohan

Associate, Seed Fund

Ankita Poddar

Senior Associate, Private Credit

Dhruv Ranjan

Associate Vice President, Seed Fund

I A S Balamurugan

Co-Founder and Managing Partner

A. Jayaseelan

Partner, Private Credit

Past deals in Beauty

Pilgrim

Venture Round in 2025
Pilgrim is a direct-to-consumer startup specializing in the beauty industry. The company manufactures a range of personal care products designed to be chemical-free and safe for daily use. All of Pilgrim's products are FDA-approved and free from harmful ingredients such as parabens, sulfates, and mineral oil. The brand focuses on providing fully vegan and toxin-free options, ensuring that their offerings cater to the diverse needs of customers while promoting safe and responsible beauty practices.

Hair Originals

Series A in 2025
Hair Originals provides DIY hair extension products. They offer solutions for hair loss that include extensions, permanent hair extensions without installation, and raw hair products.

SUGAR Cosmetics

Series E in 2024
SUGAR Cosmetics is a Mumbai-based manufacturer and retailer of color cosmetics, founded in 2012. The company offers a diverse array of premium makeup products, including lipsticks, eyeliners, foundations, face palettes, blushes, bronzers, highlighters, primers, translucent powders, cleansing water, compact powders, nail lacquers, and cosmetics gift sets. Known for its cruelty-free stance, SUGAR has garnered a loyal following among millennials and bold, independent women, distinguishing itself with unique packaging and high-quality offerings. The brand's products are crafted in advanced facilities across Germany, Italy, India, the USA, and Korea, and are available through both retail stores and online channels, making it one of the fastest-growing beauty brands in India.

Hair Originals

Seed Round in 2022
Hair Originals provides DIY hair extension products. They offer solutions for hair loss that include extensions, permanent hair extensions without installation, and raw hair products.

Glamyo Health

Series A in 2022
Glamyo Health is a healthcare provider focused on delivering a seamless experience for elective surgeries and cosmetic procedures. The company offers a wide range of services, including hernia treatment, gallstone treatment, laser piles treatment, sports orthopedics, liposuction, and hair transplants. In addition to surgical procedures, Glamyo Health provides diagnostic tests, health checkups, and online consultations, facilitating convenient and safe treatment options for patients. With a commitment to streamlining the healthcare experience, Glamyo Health aims to make elective procedures more accessible and hassle-free.

SUGAR Cosmetics

Series D in 2022
SUGAR Cosmetics is a Mumbai-based manufacturer and retailer of color cosmetics, founded in 2012. The company offers a diverse array of premium makeup products, including lipsticks, eyeliners, foundations, face palettes, blushes, bronzers, highlighters, primers, translucent powders, cleansing water, compact powders, nail lacquers, and cosmetics gift sets. Known for its cruelty-free stance, SUGAR has garnered a loyal following among millennials and bold, independent women, distinguishing itself with unique packaging and high-quality offerings. The brand's products are crafted in advanced facilities across Germany, Italy, India, the USA, and Korea, and are available through both retail stores and online channels, making it one of the fastest-growing beauty brands in India.

Earth Rhythm

Series A in 2022
Earth Rhythm is a direct-to-consumer personal care brand based in India, specializing in professional-grade products for haircare, skincare, and makeup. As the country's first homegrown brand to prioritize independent clinical trials and research, Earth Rhythm emphasizes smart and safe skincare solutions. The company offers a diverse range of non-toxic and plastic-free products, including face masks, toners, hair oils, shampoos, conditioners, lipsticks, and lip balms, all formulated to address various concerns such as acne, dehydrated skin, hyperpigmentation, dark circles, and signs of aging. Each product is developed in-house by trained cosmetic chemists, ensuring that the formulations are effective, safe, and supported by scientific research. Earth Rhythm is committed to creating products that are beneficial both for consumers and the environment.

mCaffeine

Seed Round in 2018
mCaffeine is a personal care brand that specializes in caffeine-infused products for skincare and haircare. The company's product range includes shampoos, face washes, shower gels, body lotions, and face masks, all formulated with caffeine as a key ingredient. mCaffeine aims to provide high-quality beauty care items made from natural ingredients, catering to consumers seeking effective personal care solutions. The brand has received recognition in the beauty industry, winning the Nykaa Femina Beauty Award in 2020 for the best Coffee body scrub. Through its diverse marketplace, mCaffeine enables customers to easily discover and purchase its innovative and effective personal care offerings.

SUGAR Cosmetics

Venture Round in 2017
SUGAR Cosmetics is a Mumbai-based manufacturer and retailer of color cosmetics, founded in 2012. The company offers a diverse array of premium makeup products, including lipsticks, eyeliners, foundations, face palettes, blushes, bronzers, highlighters, primers, translucent powders, cleansing water, compact powders, nail lacquers, and cosmetics gift sets. Known for its cruelty-free stance, SUGAR has garnered a loyal following among millennials and bold, independent women, distinguishing itself with unique packaging and high-quality offerings. The brand's products are crafted in advanced facilities across Germany, Italy, India, the USA, and Korea, and are available through both retail stores and online channels, making it one of the fastest-growing beauty brands in India.

Curatio Healthcare

Venture Round in 2017
Curatio Healthcare (I) Pvt. Ltd. is a specialty dermatology company focused on addressing therapy gaps in general and specialty dermatology. The company conducts extensive market research to identify the needs within the dermatology field and develops innovative solutions. Curatio's product range includes dermatology and cosmetology offerings such as skincare, baby care, and hair care products, specifically targeting issues like pigmentary disorders, acne therapy, and providing emollients and protectives. With a strong emphasis on research and development, Curatio collaborates with top research partners to create effective products that meet the daily challenges faced by dermatologists and cosmetologists.
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