Honasa Consumer acquires majority stake in skincare brand Dr. Sheth's
New-age fast moving consumer goods brands owner Honasa Consumer Private Limited has acquired a majority stake in skincare brand Dr Sheth’s and plans to make it a Rs 100 crore run rate brand in the next two years.
“We are very excited about the partnership with HCPL - they bring a level of operational excellence that will make our expertise and our products accessible to a wider community,” said Dr Sheth’s founder Aneesh Sheth, the Press Trust of India reported.
Honasa Consumer also owns Mamaearth and The Derma Co which both specialise in natural skincare products. The business acquired its majority stake in Dr Sheth’s at a valuation of Rs 28 crore.
“While HCPL has control of the majority stake in Dr Sheth's, Dr Aneesh Sheth will continue to lead the business and product innovation for the brand,” said Honasa Consumer in a statement, the Press Trust of India reported.
Dr Sheth’s currently has 30 SKUs and has served over two lakh customers to date. The brand specialises in skin solutions for issues including acne, pigmentation, and wrinkles among others.
“We will utilise our expertise and proficiency in digital marketing to accelerate the growth and scale growth for Dr. Sheth's and we are confident that we will make it a Rs 100 crore run rate brand in two years,” said Honasa Consumer’s co-founder and CEO Varun Alagh, ET Bureau reported.
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