Honasa Consumer, the parent company of Mamaearth, has raised $52 million in the latest round of the funding led by Sequoia Global at a valuation of $1.5 billion, an official statement highlighted.
The round also saw participation from some existing investors like Belgian Sofinia Ventures SA and some new participants such as Evolence. Some existing investors like Fireside Ventures and Stellaris also participated in the round partially. Other existing investors include Sequoia Capital, Sharp Ventures and Titan Capital.
The company also announced that the new funds will be deployed towards expanding its personal care D2C brands. Honasa Consumer mainly owns three brands- Mamaearth, The Derma Co and Aqualogica, which launched a few weeks back. Along with this, the parent company is also planning to expand distribution for existing brands- Mamaearth and The Derma Co. and exploring more opportunities in the beauty care segment.
Varun Alagh, Co-founder and CEO, Honasa Consumer also commented on this “Sequoia Global, Sofina and Evolvence have unique strengths in US, Europe & GCC, respectively, which will help us grow internationally and learn from others in these markets. He further added, “We will also strengthen our tech capabilities as our technology and data driven mind-set are the main differentiators from the large incumbent brands.”
