Indian skincare startup Mamaearth to raise $300 million via IPO in 2023

NEW DELHI: Mamaearth, the FMCG brand from the House of Honasa, plans to raise nearly  $300 million in an IPO in 2023, according to an international news agency report. It says the fundraising will value the company at around $3 billion.

Honasa Consumer, the parent company of Mamaearth, closed the $52 million funding round and became the first company to turn unicorns in 2022. The funding round was led by Sequoia and the company’s valuation in January this year stood at $1.2 billion.

During the fundraising, the company said 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.Honasa Consumer currently caters to over 1000 cities in India with brands like Mamaearth,

The Derma Co. and Aqualogica. It has been acquiring many companies such as BBLUNT and Dr Sheth’s. Also, the company is all set to become a billion-dollar FMCG conglomerate in the next five years. Founded by husband-wife duo Ghazal Alagh and Varun Alagh, Mamaearth caters to all personal care needs.