Honasa Consumer Pvt Ltd (HCPL), the company which owns new age FMCG brands such as Mamaearth and The Derma Co, on Monday said it has acquired a majority stake in skincare brand Dr. Sheth's at a valuation of Rs 28 crore.
Its product portfolio has solutions for skin concerns like pigmentation, acne, dryness, wrinkles, and many others. With over 30 SKUs, the brand has catered to over 2,00,000 consumers.
''While HCPL has control of the majority stake in Dr Sheth's, Dr Aneesh Sheth will continue to lead the business and product innovation for the brand,'' it said in a statement.
HCPL in January this year had joined the unicorn club after it raised $52 million (about Rs 400 crore) in a funding round led by Sequoia at a valuation of $1.2 billion.
HCPL Co-Founder and CEO Varun Alagh said, ''We will utilise our expertise and proficiency in digital marketing to accelerate the growth and scale growth for Dr Sheth's and we are confident that we will make it a Rs 100 crore run rate brand in two years.''
Aneesh Sheth said, ''We are very excited about the partnership with HCPL - they bring a level of operational excellence that will make our expertise and our products accessible to a wider community.''
HCPL has a portfolio of digital-first consumer brands like Mamaearth, The Derma Co., Aqualogica, Ayuga and have recently acquired stakes in BBlunt and content platform- Momspresso.