Mamaearth's parent company Honasa Consumer has closed the latest $52 million funding round and became the first company to turn unicorn in 2022.
The funding round was led by Sequoia and the company's valuation now stands at $1.2 billion. Honasa is also the parent company of the personal care brand The Derma Co.
The round witnessed participation by Sofina Ventures SA, the Belgium-based investment company, and Evolvence, a UAE-based India-focused fund. The round also gave employees an opportunity to monetise their vested ESOP.
The company plans to deploy the funds towards expanding their portfolio of personal care D2C brands venturing into new avenues with unique propositions.
With the recent launch of Aqualogica, a hydration-based skin care brand, the company has forayed into a new segment catering to unique requirements of Indian skin and tropical weather.
The newly acquired funds will be directed towards product innovation, distribution, and marketing of brands in Honasa's stable. Along with launching new brands, Honasa will continue expanding distribution for existing brands - Mamaearth and The Derma Co. and explore strategic inorganic growth opportunities in the beauty and personal care segment, Honasa said in a statement.
Varun Alagh, co-founder and CEO, Honasa Consumer said, "We will be deploying the funds towards brand launches, expanding distribution, inorganic growth and expanding the current portfolio across borders."
Honasa Consumer currently caters to over 1000 cities in India with brands like Mamaearth, The Derma Co. and Aqualogica