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Startup Deep Dive : Kimirica — the luxury bath brand is the small half of a Rs 300 crore hotel-amenities business

Kimirica tells investors that its soaps and shower gels sit in more than 10,000 hotels and airline cabins, and that somewhere in the world a Kimirica product is used every two seconds. Yet the company that actually sells Kimirica to Indian shoppers, Kimirica Lifestyle Private Limited, booked between ₹10 crore and ₹50 crore of revenue in FY25 by the Ministry of Corporate Affairs range, a sliver of the ₹300 crore the group quoted when it raised money in August 2025.

That gap is the whole story. The luxury bath brand on Nykaa and at the Indore airport is the visible, small half of an Indore-built business whose engine is a hotel-amenities partnership registered in Mumbai, co-owned with a Canadian, and fed by Marriott since 2014. This piece separates the two entities, follows the money from a ₹15 lakh bank loan to a $15 million cheque from Carnelian, and lays out exactly which numbers are audited, which are company-stated, and which we could not verify at all.

Quick facts

Company Kimirica (brand and group). Two operating entities: Kimirica Hunter International LLP (B2B hotel and airline amenities; LLPIN AAI-9278; incorporated 23 March 2017; registered office Andheri East, Mumbai) and Kimirica Lifestyle Private Limited (D2C consumer brand; CIN U24246MP2022PTC059090; incorporated 7 January 2022; registered office Hukmakhedi, Indore)
Founded 2012 in Indore (per The Weekend Leader, Indian Retailer and the founders’ own earlier interviews); the company’s 2025 funding releases say 2013
Founders Rajat Jain (co-founder, head of R&D and lead perfumer), Mohit Jain (co-founder and CEO), Kimi Jain (co-founder, head of brand experience), Rica Jain (co-founder, head of quality assurance)
Businesses Contract manufacturing of guest-room toiletries and in-flight amenities for hotel chains and airlines (Kimirica Hunter); luxury vegan bath, body, skincare, fragrance and gifting sold online and through stores (Kimirica Lifestyle)
Latest revenue About ₹300 crore ($31 million) for the group, company-stated at the August 2025 funding round. MCA-derived FY25 ranges: LLP ₹100 crore to ₹500 crore; Kimirica Lifestyle Pvt Ltd ₹10 crore to ₹50 crore
Latest profit/loss Not publicly disclosed for either entity; exact figures sit behind paid registry reports
Listed Private. Carnelian’s August 2025 investment was framed by the company as positioning it toward a possible public listing
Market value / last valuation Not disclosed. $15 million (about ₹144 crore) raised from Carnelian Asset Management LLP, announced 12 August 2025
Key shareholders / CEO The Jain family; John Daniel Hunter of Hunter Amenities is a partner in the LLP; Carnelian Asset Management (financial investor since 2025). CEO: Mohit Jain

What they do

Kimirica makes the small bottles you find in a hotel bathroom, and then sells bigger versions of the same idea to you directly. The two halves have different customers and different legal owners.

The origin

In 2012 two brothers from Indore, Rajat Jain, then 27, and Mohit Jain, then 25, borrowed ₹15 lakh from a bank and set up in 100 square feet of their father’s factory, according to The Weekend Leader’s July 2023 profile. The father made Ayurvedic staples: hair oil, chyawanprash, everyday remedies. Rajat had a master’s degree in Ayurvedic pharmacy and took production. Mohit had an integrated master’s in marketing from the University of Birmingham and took sales, carrying samples in a briefcase on a two-wheeler. They started with five products and seven workers.

The insight was not about beauty. It was about import substitution. By the company’s own account, roughly 90% of the toiletries used in Indian hotels at the time were imported from China (Entrackr, August 2025). A hotel chain wanting an amenity line made to international specification had no serious Indian option. The brothers’ bet was that a small Indore factory that could formulate, fragrance and package to a global chain’s standard would win that business on cost, lead time and, eventually, on India-made provenance.

Madhya Pradesh Tourism was the first significant client. Then, in 2014, Marriott came looking for premium amenities made in India to international standards, as BW Hotelier reported in its piece marking the tenth anniversary of the relationship. Marriott’s decision replaced imported toiletries in its Indian hotels with fully Indian-made product and, in the trade publication’s framing, put Indore on the Asia-Pacific hospitality supply map. Jumeirah Maldives, Hyatt, Sahara Star and Starwood followed; Starwood was later absorbed by Marriott, which deepened the account (The Weekend Leader, July 2023).

The name came from home. Kimi Jain, who has an MBA in e-commerce, and Rica Jain, who holds a master’s in pharmacy with a specialisation in medicinal chemistry, are the brothers’ wives and co-founders. The brand is a blend of their first names. Rica runs quality assurance and process; Kimi runs brand experience (kimirica.com leadership page; YourStory, May 2023).

The struggle years

The first hard truth was that a hotel-amenities supplier is only as good as the brands it can put on the bottle. Global chains do not want a generic; they want a licensed fragrance or skincare name that guests recognise. That is why, on 23 March 2017, the brothers incorporated a new LLP in Mumbai with Hunter Amenities, the Burlington, Ontario company founded by John Hunter that holds more than 45 licensed brands across fragrance, hair, skin and wellness. John Daniel Hunter is a designated partner of Kimirica Hunter International LLP to this day, per MCA records summarised by Tofler. The Indo-Canadian venture gave the Indore plant a brand portfolio it could never have built alone, and it is the reason the B2B arm is not simply called Kimirica.

The second hard truth arrived with the consumer launch. In 2019, prompted by hotel guests asking where to buy the products, the family launched Kimirica Lifestyle. Four to five months in, the brand had about 2,500 customers, a number the co-founders themselves described to YourStory in May 2023 as the early setback. A hotel supplier knows how to win one buyer worth thousands of rooms; it does not automatically know how to win thousands of buyers worth one basket each.

Then came 2020. Hotels represented 80% of Kimirica’s revenue, retail and online the other 20%, and when Covid-19 shut Indian hospitality, hotel orders ceased, as The Weekend Leader recorded. A business built for a decade on one channel watched that channel go to zero. The response was to push into the channel that had been struggling: the website launched properly in 2020, and physical retail began with a store at Mumbai airport, followed by Hyderabad and Indore, reaching about 40 outlets and kiosks by December 2022 (ThePrint/ANI press release, 20 December 2022).

The third pressure was capital and focus. Growth on this scale was funded by the family and by bank debt, not venture money. MCA charge records summarised by Tofler show two ICICI Bank facilities secured against the LLP in December 2023, ₹17.5 crore on 5 December and ₹8.4 crore on 6 December, ₹25.9 crore in total. At the same time the founders were spreading themselves: Rajat and Mohit launched Pataa, a digital-addressing app, in 2022 and raised $2.5 million in seed funding for it, and the family holding, Kimirica Ventures, listed six sister companies from coffee to wellness in its December 2022 release. Building a luxury brand while running a factory, a JV and a tech startup is the kind of load that breaks smaller teams.

The turning point

The turning point was the spring of 2020, when the hotel order book went to nothing. Everything Kimirica is today, the stores, the marketplaces, the separate consumer company and ultimately the Carnelian cheque, traces back to the decision made in those months to treat the consumer brand as a business rather than a souvenir shelf.

On one side of that line: a supplier with 80% of revenue from hotels, about 2,500 consumer customers after its first months of D2C, exports to around 30 countries, and no dedicated consumer entity. On the other: by May 2023 the consumer brand counted more than 500,000 customers, about 75% of its sales came online and 25% offline, it held stores at three airports (Mumbai, Indore, Hyderabad), a flagship at Phoenix Citadel in Indore and a store at Select Citywalk in Delhi, and the group carried around 250 SKUs and 600 employees, 80% of them women (YourStory, May 2023). Kimirica Lifestyle Private Limited was incorporated on 7 January 2022 precisely to hold that new business, and by March 2023 the group was telling Indian Retailer it had 50-plus outlets and kiosks and a target of 100-plus stores within five years.

The B2B engine recovered too. By July 2023 The Weekend Leader was reporting a ₹100 crore turnover, 200 products and 700 employees in a 1.5 lakh square foot campus near Indore airport. By August 2025 the number the company and its new investor used was ₹300 crore for the group. The pandemic did not change what Kimirica manufactures. It changed who Kimirica thought its customer was.

The money behind it

Kimirica ran for thirteen years without institutional equity. The funding shape is a bank loan, a strategic joint venture, secured working-capital debt and then a single growth cheque.

How it makes money

Think of Kimirica as a factory with two front doors. One door opens on a procurement manager at a hotel chain; the other opens on a shopper at Nykaa. The product is similar. The economics are not.

The numbers

Neither entity publishes a profit and loss account in the open. What exists is a trail of company-stated turnover figures, which do not always agree with each other, plus revenue bands derived from MCA filings by registry aggregators. We lay out both and label each row.

Period / statement Revenue (₹ crore) Profit or loss (₹ crore) Basis
Group turnover, “within ten years” of 2012 (stated July 2023) 100 Not disclosed Company-stated to The Weekend Leader
Group annual turnover (stated March 2023) 200 Not disclosed Company-stated to Indian Retailer
Combined turnover, Kimirica Hunter plus Lifestyle (stated May 2023) About 600 Not disclosed Company-stated to YourStory; an outlier against every other figure and against the FY25 MCA bands below
Kimirica Lifestyle Pvt Ltd, FY24 (year to 31 March 2024) Band ₹1 crore to ₹100 crore; total revenue up 62.9% on FY23 Not disclosed; book net worth down 50.8% Tofler and Falconebiz summaries of MCA filing
Kimirica Hunter International LLP, FY25 (year to 31 March 2025) Band ₹100 crore to ₹500 crore Not disclosed Tracxn summary of MCA filing
Kimirica Lifestyle Pvt Ltd, FY25 (year to 31 March 2025) Band ₹10 crore to ₹50 crore Not disclosed Tracxn summary of MCA filing
Group revenue at funding (stated August 2025) About 300 Not disclosed Company-stated; repeated by Entrackr, Indian Retailer, YourStory

Three things to note. First, the ₹300 crore group figure sits comfortably inside the LLP’s ₹100 crore to ₹500 crore FY25 band plus the Pvt Ltd’s ₹10 crore to ₹50 crore band, so the audited ranges and the latest company statement are consistent. Second, the ₹600 crore figure quoted in May 2023 is not consistent with those bands and we treat it as an error in the retelling, not a data point. Third, the targets are large relative to the base: ₹1,000 crore of revenue within three to four years of August 2025 implies more than tripling, and the new plant’s stated ₹1,500 crore to ₹2,000 crore capacity is five to nearly seven times current revenue.

Other operating data points with dates, all company-stated unless noted:

Where the money comes from

The split below combines the last channel numbers the company disclosed with the entity-level bands from the filings.

The surprise is where the consumer footprint sits: four of the seven flagship stores are in Indore, the founders’ home city, and one of them is inside a Marriott. The luxury brand still grows most easily in the shadow of the hotel business that created it. The second surprise is administrative but telling: the B2B LLP that does most of the revenue is registered not in Indore but at a business park in Andheri East, Mumbai, while the small consumer company carries the Indore address.

The risks

The takeaway

The transferable lesson from Kimirica is that a consumer brand can be earned before it is launched. For seven years the Jains made toiletries to Marriott’s specification, on Marriott’s timelines, at contract-manufacturing prices. That grind is where they learnt formulation, fragrance, packaging, compliance and cost, and it is what paid for the 1.5 lakh square foot campus that later made a luxury brand credible. When the consumer launch stumbled in 2019 and hotel revenue vanished in 2020, the factory was already there, the products were already good, and the only missing skill was selling to individuals, which is the one skill that can be learnt fastest.

The corollary is a discipline about entities and numbers. Kimirica’s founders were right to put the consumer business into its own company in January 2022, because it lets an investor, or a future public market, see the B2B engine and the brand option separately. They have been less careful with the figures they give journalists. A business that wants to be worth ₹1,000 crore of revenue and listed should want its own story to reconcile to its filings. The ones that do are the ones that survive diligence.

Frequently asked questions

Is Kimirica the hotel-amenities company or the D2C beauty brand?

Both, but through different legal entities. Kimirica Hunter International LLP, incorporated on 23 March 2017 with Canada’s Hunter Amenities, makes toiletries for hotels and airlines and sits in the ₹100 crore to ₹500 crore FY25 revenue band. Kimirica Lifestyle Private Limited, incorporated on 7 January 2022, sells the consumer brand and sits in the ₹10 crore to ₹50 crore FY25 band, per MCA-derived summaries on Tracxn.

Who founded Kimirica and when?

Brothers Rajat Jain and Mohit Jain started it in Indore in 2012 with a ₹15 lakh bank loan inside their father’s Ayurvedic products factory, according to The Weekend Leader. Their wives Kimi Jain and Rica Jain are co-founders, and the brand name combines their first names. The company’s 2025 releases give 2013 as the founding year.

How much money has Kimirica raised and at what valuation?

One disclosed institutional round: $15 million (about ₹144 crore) from Carnelian Asset Management LLP, announced on 12 August 2025, covering both the B2B and D2C arms. No valuation was disclosed in any coverage we could access. Before that the company was funded by family capital and bank debt, including ₹25.9 crore of ICICI Bank facilities registered in December 2023.

Did Kimirica appear on Shark Tank India?

We found no record of a Kimirica pitch in Shark Tank India episode listings or in any news coverage of the show across seasons one to five, and the company’s own funding history shows no shark as an investor. If you have seen the claim, it does not match the public record as of September 2026.

What is Kimirica’s revenue and is it profitable?

The group quoted about ₹300 crore of revenue when it raised funds in August 2025, a figure consistent with the FY25 MCA bands for its two entities. Neither entity publishes a profit and loss account in the open; the D2C company’s FY24 registry summary shows revenue up 62.9% but net worth down 50.8%, which points to losses or reserve drawdown at that entity. We could not verify profitability for the LLP.

Sources

Figures are as of September 2026. Currency converted at $1 ≈ ₹96.0 as of 18 September 2026 (Trading Economics).

Found an error? Write to us and we’ll correct it in the open, dated, on the piece.

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