Honasa Consumer Pvt Ltd raises $50 million in funding led by Sofina Ventures SA
Honasa Consumer Pvt Ltd (HCPL), which runs personal care brand Mamaearth has raised $50 million (Rs 372.4 crore) in funding led by Sofina Ventures SA for a valuation of $730 million. The round saw participation by Sequoia Capital India.
The company will utilise the funds to aggressively expand its offline network to make deeper inroads in the beauty and personal care market in India.
Commenting on the funding, Varun Alagh, co-founder and CEO of HCPL, in a statement said: “This round will help amplify the process and strengthen the D2C and offline expansion of Mamaearth, along with further accelerating the growth of The Derma Co which is already showing early signs of success, since its launch in 2020.”
Ghazal Alagh, co-founder of HCPL added: “We have been able to create a portfolio of over 140 products under Mamaearth and more than 40 products under The Derma Co. To achieve this, we have built a diverse team of millennials who constantly endeavour to further our purpose. The funding will further provide impetus to the innovation funnel and help serve consumers with a wider assortment of products.”
HCPL had previously raised $23 million in funding and claims to have an annualised revenue run rate of Rs 500 crore.
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