Honasa Consumer Pvt. Ltd. (HCPL), parent company of Mamaearth, The Derma Co. and personal care House of Brands, announced the closure of the latest $52 million round led by Sequoia. The round witnessed participation by Sofina Ventures SA, the Belgium-based investment company, and Evolvence, a UAE based India focused fund. The round also gave employees an opportunity to monetize their vested ESOP.
What will the funds be used for?
The company plans to deploy the funds towards expanding their portfolio of personal care D2C brands venturing into new avenues with unique propositions. With the recent launch of Aqualogica, a hydration-based skin care brand, the company has forayed into a new segment catering to unique requirements of Indian skin and tropical weather.
The newly acquired funds will be directed towards product innovation, distribution, and marketing of brands in Honasa’s stable. Along with launching newbrands, Honasa will continue aggressively expanding distribution for existing brands -Mamaearth and The Derma Co. and explore strategic inorganic growth opportunities in beauty and personal care segment.
Varun Alagh, Co-Founder and CEO, Honasa Consumer Pvt. Ltd. said, “We will be deploying the funds towards brand launches, expanding distribution, inorganic growth and expanding the current portfolio across borders. Sequoia, Sofina and Evolvence have unique strengths in US, Europe & GCC respectively which will help us grow internationally & learn from others in these markets."
Ghazal Alagh, Co-Founder and CIO, Honasa Consumer Pvt. Ltd. said, “The recent round will empower us to fuel our innovation funnel and provide a wider assortment of problem-solving personal care products.”
Ishaan Mittal, MD, Sequoia India said, “Mamaearth has established itself as a clear market leader in this digital-first consumer goods space and team Sequoia is delighted to double-down on the partnership with Ghazal and Varun in this journey.”
Rohit Batra, Managing Partner, Evolvence Capital, said, “We believe the GCC market will be very receptive to the Honasa brands, especially Mamaearth and initial signs have been very encouraging as we scale in the region.”
Yana Kachurina, Investment Manager, Sofina Ventures SA, said, “We have been privileged to witness the spectacular growth of the company over the last few months.”
