IBEF: January 04, 2022
Honasa Consumer, the parent company owning brands such as Mamaearth, The Derma Co, and the House of Brands, has become the first unicorn of 2022, valued at US$ 1.2 billion, led by latest fundraising round. The company secured US$ 52 million in a round led by Sequoia Capital, along with Sofina Ventures, based in Belgium, and Evolvence, a UAE-based India-focused fund. Employees were also able to cash in on their vested employee stock ownership plans as part of the round (ESOPs).
The company plans to use the funds to expand the portfolio of personal care (direct to consumer) D2C brands, expand distribution for existing brands, and explore strategic inorganic growth opportunities in the beauty and personal care segment.
Varun Alagh, co-founder and CEO of Honasa Consumer, said, “We have been on a constant quest to becoming a company that is the first choice of evolving Indian millennials in the beauty and personal care segment. Our flagship brand, Mamaearth, has established itself as a leader in (direct to consumer) D2C personal care.” Ghazal Alagh, co-founder and CIO, said millennials’ personal care concerns are dynamic and, “with our (direct to consumer) D2C approach, we are updated on the changing consumer demands".
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.