India-based ecommerce platform Honasa Consumer Pvt. Ltd. has become the first unicorn of 2022 in the country with a US$52 million funding round led by Sequoia Capital along with participation from Sofina Ventures, a Belgium-based investment fund and Evolvence, a UAE-based India focused fund.
Honasa Consumer that sells personal-care products under the label Mamaearth, House of Brands, and The Derma Co plan to use the fresh funding to expand its portfolio of personal D2C brands, distribution and marketing, and product innovation.
The company has recently entered the skincare segment with a hydration-based skincare brand, Aqualogica. Honasa Consumer also plans to use the funding for inorganic growth opportunities in the personal care and beauty segments.
Honasa co-founder and Chief Executive Officer Varun Alagh said their flagship brand Mamaearth is a leader in the D2C personal care segment and The Derma Co is on a path to success.
Varun Alagh, co-founder and CEO of Honasa Consumer, said, “We have been on a constant quest to become 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.”
Ghazal Alagh, co-founder and CIO, said millennials’ personal care concerns are dynamic and, “with our D2C approach, we are updated on the changing consumer demands”.
In December 2021, Mamaearth had acquired Mompresso, a woman-focused content platform and its associated influencer engagement platform Mompresso MyMoney for an undisclosed amount.
About Honasa Consumer
The parent company of Mamaearth, Honasa Consumer Pvt. Ltd. was founded in 2016 by Ghazal Alagh and Varun Alagh.
Mamaearth is a personal care brand that specializes in baby care, skin and hair care products that are 100 percent toxin-free and natural. The products offered by the brand go through multiple testing processes including clinical dermatology testing in Europe to ensure that they are of high quality and global standard products.
The brand offers more than 120 products and claims to have reached more than 5 million consumers across 500 cities in the country.