Brands
JSW Paints to acquire 74.76 per cent stake in Akzo Nobel India in bold Rs 8986 crore move
MUMBAI: JSW Paints dipped its brush into the big leagues on Thursday, signing definitive agreements to acquire up to 74.76 per cent stake in Akzo Nobel India Limited (ANIL) for a maximum consideration of Rs 8986 crore. The all-cash deal, one of the sector’s most significant in recent years, marks JSW Paints’ ambitious leap toward top-tier status in India’s fast-expanding paints and coatings market.
The acquisition is contingent upon regulatory approval from the Competition Commission of India and completion of a mandatory open offer to ANIL’s public shareholders. Should all go as planned, the JSW Group’s paints arm will become a heavyweight challenger to incumbents in a market long dominated by a few legacy players.
ANIL, the Indian arm of Netherlands-based Akzo Nobel, brings with it marquee brands like Dulux, International and Sikkens, and a strong decorative and industrial paints portfolio. In return, JSW Paints, part of the $23 billion JSW Group, gains reach, muscle and a serious splash of brand equity.
JSW Paints managing director Parth Jindal said, “Paints & Coatings is one of India’s fastest growing sectors and JSW Paints is amongst the fastest growing paint companies. Akzo Nobel India is home to some of the most globally renowned brands of paints & coatings like Dulux, International and Sikkens. We are excited to welcome them to the JSW family. Together, along with the Akzo Nobel India family – employees, customers and partners – we aspire to build the paint company of the future. With the Magic of Dulux and Thoughtfulness of JSW Paints, we look forward to delighting customers and building lasting value for our stakeholders”.
Akzonobel CEO Greg Poux-Guillaume added, “This transaction is a significant milestone in the execution of our strategy. Akzonobel India has been a consistently strong performer, and we are proud of the brand and talent that have made it a success. With JSW, we are confident the business is in the hands of a long-term partner with deep local expertise and strong ambitions in the sector”.
The acquisition underscores a broader strategy by JSW Paints to cement itself as a dominant force in a market projected to clock double-digit growth, driven by rising urbanisation, housing demand, and premiumisation. It also reflects increasing consolidation in the Indian paints sector, where the battle for shelf space and mindshare has intensified.
Morgan Stanley served as exclusive financial adviser to JSW Paints, with Khaitan & Co. acting as legal counsel and Deloitte overseeing financial and tax due diligence.
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Brands
Aman Gupta’s OFF/BEAT secures Rs 100 crore seed funding round
Bessemer backs new venture betting on AI and India’s digital shift
MUMBAI: Aman Gupta has raised Rs 100 crore in seed funding for his new venture OFF/BEAT, with Bessemer Venture Partners leading the round as it bets on a new wave of AI-led, consumer-first businesses in India.
The funding marks an early but significant push for OFF/BEAT, which is positioned to tap into a rapidly evolving market shaped by a digitally native generation and advances in artificial intelligence. The venture aims to build at the intersection of culture and technology, where brand identity and innovation increasingly go hand in hand.
Gupta, best known for co-founding boAt and scaling it into a Rs 3,000 crore-plus business, is now looking to apply those learnings to a new playbook. His focus this time is not just on building a consumer brand, but on leveraging AI and global networks to accelerate growth.
OFF/BEAT founder Aman Gupta said, “Having built from scratch before, I know what capital can do and what it cannot. This time, I was looking for partners with a global perspective who can help me leverage technology and AI, because that is where the future lies. Bessemer’s track record with companies like Anthropic, Shopify, Canva and LinkedIn says it all.”
The choice of investor reflects that ambition. Bessemer Venture Partners has backed global technology players such as Anthropic, Shopify, Canva and LinkedIn, bringing not just capital but strategic support and global reach.
Bessemer Venture Partners partner Anant Vidur Puri said, “We back founders who see around corners. Aman saw how a new India would come to think about aspiration, identity and quality, and built boAt as proof. He is now applying that same instinct to a market being reshaped by AI and by a generation with entirely new expectations.”
The investment comes at a time when India’s startup ecosystem is being reshaped by both consumer behaviour and technological disruption. Founders are increasingly expected to understand not just products, but the cultural shifts that drive adoption.
For OFF/BEAT, the journey is just beginning, but the signal is clear. In a market where attention is fleeting and expectations are rising, building something truly distinctive may be the only way to stay on beat.
