Honasa Consumer Pvt. Ltd. (HCPL), the parent company of Mamaearth, The Derma Co., and the fastest growing personal care House of Brands, has closed a USD 52 million round led by Sequoia Capital, solidifying the business’s leadership in the D2C personal care space.
Sofina Ventures SA, a Belgian investment firm, and Evolvence, a UAE-based India-focused fund, both participated in the round. Employees were also able to monetize their vested ESOPs as part of the round.
The funds will be used to develop the company’s portfolio of personal care D2C brands, as well as to explore new areas with distinctive offers. The company has forayed into a new market with the recent launch of Aqualogica, a hydration-based skin care brand that caters to the special needs of Indian skin and tropical conditions.
Commenting on this, Varun Alagh, Co-Founder and CEO, Honasa Consumer Pvt. Ltd. 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 D2C personal care with a strong purpose of Goodness Inside. Looking at the scale of Mamaearth and success of The Derma Co., we are confident that we have the expertise to build brands with a millennial connect. 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.”
Ishaan Mittal, MD, Sequoia India said, “As discovery and consumption of FMCG brands is getting more influenced by digital channels, it is providing a unique opportunity to founders to build brands of the future. 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.”