Mamaearth’s parent Honasa Consumer has acquired Dr Sheth’s, a dermatologist-formulated premium skincare brand at a valuation of Rs 28 crore.
As per the company, the primary round of funds will be directed to accelerate the future growth of the brand. While Honasa will control majority stake in Dr Sheth’s, the latter’s CEO Aneesh Sheth will continue to lead the business and product innovation for the brand.
Currently, Honasa caters to over 500 cities in India. Backed by Sequoia Capital India, Sofina SA, Fireside Ventures, and Stellaris Venture Partners, the firm has built an in-house portfolio of consumer brands such as MamaEarth, The Derma Co., Aqualogica, Ayuga and had recently acquired stakes in BBlunt and content platform Momspresso.
Honasa became the first unicorn of 2022 following a $52 million round led by Sequoia Capital. For the fiscal year ending on March 31, 2021, MamaEarth recorded operating revenue of Rs 461 crore, a massive jump from the Rs 109.8 crore during FY20. The company also posted Rs 24 crore profit in FY21.
Meanwhile, MamaEarth is also weighing options to go public in the next 12-15 months. According to Entrackr’s sources, the direct to consumer (D2C) skincare and beauty brand is set to pitch IPO plans to the company’s board of directors.