Exclusive: Mamaearth's parent converts into a public company

Direct-to-consumer (D2C) skincare and beauty brand Mamaearth's parent set to go for public listing and just converted into a public entity, as per the resolution passed by the board of directors of the company with the Registrar of Companies (RoC).

Entrackr had exclusively reported about the company's IPO plans in May.

The name of the holding company has been changed from Honasa Consumer Private Limited to Honasa Consumer Limited. Besides Mamaearth, it also operates The Derma Co.

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 dermatologist-formulated premium skincare brand Dr Sheth, BBlunt and content platform Momspresso.

Mamaearth had scaled at a rapid clip in the last two fiscal years and this could be noticed from a 2X surge in its scale in FY22. Its income stood at Rs 943 crore during the last fiscal year as compared to Rs 460 crore in FY21. As per Fintrackr's analysis, the company recorded over 50% drop in profits to Rs 14.4 crore in FY22.

It became the first unicorn of 2022 after raising a $52 million worth round led by its early backer Sequoia. The company has emerged as a leader in the direct-to-consumer (D2C) space for beauty and skincare and was valued at around $1.07 billion in the last financing round.

Besides India, Mamaearth has set up operations in Nepal, Bangladesh, and Sri Lanka and is about to launch in the Middle East region.