Honasa Consumer Acquires Mumbai-based Skincare Brand
Gurgaon-based Honasa Consumers owns an in-house portfolio of digital-first consumer brands like Mamaearth, The Derma Co., Aqualogica, and Ayuga. Backed by Sequoia Capital and Stellaris Venture Partners, among others, the company aims to become a billion-dollar FMCG conglomerate in the next 5 years
Honasa Consumer (HCPL) has bought a majority stake in Dr. Sheth's, a skincare brand "designed exclusively for Indian skin," at a valuation of INR 28 Cr. The primary round of funds will be directed to accelerate future growth of the brand, said HCPL.
According to Dr. Seth's, its products are formulated knowing that Indian skin is unique and requires specialized care. The brands' product portfolio has solutions for skin concerns like pigmentation, acne, dryness, wrinkles, and many others. Some of the popular products by the brand include Amla VC20 Vitamin C Serum, Haldi and Hyaluronic Acid Sleeping Mask, Cica and Ceramide Overnight Repair Serum, among others. With over 30+ SKUs, the brand claims to have catered to over 200,000 consumers.
Following the latest acquisition, Dr. Aneesh Sheth will continue to lead business and product innovation for the brand. Dr. Sheth, PhD Pharmacology and an Ivy league-trained cosmetic scientist, hails from a lineage of skincare experts comprising Dr. Sharat Desai and Dr. Rekha Seth, two of the earliest dermatologists in India.
"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," commented Dr. Aneesh Sheth, adding, "Their experience as a house of brands will also help us optimize our innovation and bring about a great range of skincare that combines the best of both worlds - science and nature."
Dr. Sheth's operates on the belief that millennials are evolving with a growing appreciation for sophisticated ingredients: while they seek comfort in traditional Indian ingredients in skincare, they also want to go beyond the conventional and experiment. The brand states that it has identified this void and created a portfolio of products that blend natural ingredients with science-based active ingredients, providing the best of both worlds.
As for millennial consumer behavior, HCPL has been focussing on launching and successfully scaling consumer brands with a strong connect to this key demographic. "Dr. Sheth's is a brand that is synonymous with heritage and legacy, and we are excited about this partnership as it will help us widen our portfolio offerings under the HCPL umbrella," says Varun Alagh, Co-Founder and CEO, Honasa Consumer Pvt. Ltd.
"We will utilize 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 100 Cr run rate brand in 2 years," he adds.