- **Kaya is well on its way to becoming the largest chain of skin and hair care clinics in India and the Middle East** - a place where medicine meets retail and hospitality to fix skin, hair and body concerns with science rather than guesswork. It was founded in 2003 by Harsh Mariwala, the chairman of Marico, and spent two decades building a brand before a decisive move in FY24-FY25 to sell its entire Middle East business and concentrate solely on India. Everything the company does runs on the same loop: a dermatologist diagnoses the problem, a proprietary AI tool visualises the outcome, the clinic delivers the treatment, and a loyalty programme brings the customer back - over and over. # Business segments A single integrated engine - dermatologist-led clinics that sell services and the products those services create demand for - where each side feeds the other. ## 1. Clinic services: the chair where the money is made **A network of 75-plus clinics staffed by over 120 dermatologists delivers more than 600 treatment lines, and services bring in 86% of what the clinics earn.** - **The dermatologist is the product** - every treatment is designed and supervised by a qualified dermatologist, not a beautician, which is why the company can charge for medical-grade procedures like Botox, fillers and chemical peels alongside facials. - **Laser hair removal pulls new customers in** - it has historically made up 30% of the clinic business mix, and 60% of its revenue comes from first-time buyers, so it acts as the front door that introduces people to everything else. - **New services keep the chair fresh** - launches like Dermafrac (which stacks microdermabrasion, microneedling and an LED mask into one session) and expanded body-contouring options contributed 7% of clinic collections in the December 2025 quarter alone. ## 2. Clinic products: the take-home prescription that scales beyond the chair **Dermatologists recommend products during the consultation, and those same products now sell through Amazon, Nykaa and a Marico-powered distribution deal - turning a 14% slice of clinic revenue into a standalone consumer brand.** - **Formulated by the doctors who treat you** - the in-house R&D team works with the company’s panel of dermatologists to create every product, so the shampoo or serum is an extension of the clinic prescription rather than an off-the-shelf cosmetic. - **Nutraceuticals are the newest pillar** - collagen supplements developed with a Japanese partner, plus glutathione-based products, together account for roughly 5% of clinic collections, giving customers something to ingest alongside what gets applied or lasered. - **Sold where the customer already shops** - beyond the clinic shelf, products are available on the company’s own website (with an AI skin-analysis tool that mimics the in-clinic consultation), plus Amazon, Nykaa, Blinkit and others, with same-day delivery from nearby clinics for online orders. - **Marico took over outside the clinics** - in FY25, Kaya handed the sales and marketing of its 75-plus products beyond its own clinic network to Marico Limited under a cost-plus-and-royalty arrangement, so Kaya earns a steady royalty stream without having to build a mass-market distribution machine itself. # Technology backbone **A proprietary AI platform and a rebuilt tech stack turn the clinic visit into a data-rich, repeatable experience - and they serve every part of the business.** - **Klear AI shows the patient the future** - built on thousands of annotated Indian skin-type images, the app lets a dermatologist photograph a client’s face, visually map concerns like acne scars or pigmentation, recommend treatments and products, and generate a predictive after-image, which makes the upsell feel like science rather than sales. - **Chatbots handle the friction** - intelligent WhatsApp and web chatbots manage appointment booking, reminders and client communication, so the clinics stay full without phone calls. # Group structure and partners **Kaya is now a pure-play India business with a single dissolved overseas subsidiary, a fresh capital injection from a promoter-group entity, and a product-distribution pact with its founder’s flagship company.** - **The Middle East is gone** - the company sold its entire Gulf business (clinics in the UAE, Oman and Saudi Arabia, plus trademark rights across nine countries) to Humania GCC Holding Limited in two tranches completed by November 2024, exiting a region that had been draining resources. - **Only one subsidiary remained, and it is now dissolved** - KME Holdings Pte Ltd, the Singapore holding vehicle, entered voluntary liquidation and was dissolved effective April 22, 2026, leaving Kaya Limited as the standalone operating entity. - **The promoter group backstops the balance sheet** - net worth was eroded as of March 2025 and current liabilities exceeded current assets, but in August 2025 the board allotted roughly 2.1 million shares to Axana Estates LLP (a promoter-group entity) for Rs 75 crore, providing a capital cushion. - **Marico is both origin and partner** - founded as a Marico subsidiary and listed separately in 2013, Kaya now has a commercial collaboration under which Marico exclusively handles sales and marketing of Kaya’s products outside the clinic channel, paying a cost-plus fee and a brand royalty.