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From Idea To IPO: MamaEarth, The Made Safe Brand Honasa Consumer Limited (HCL), is a house of brands comprising Mamaearth, The Derma Co., Aqualogica, and Ayuga and have acquired stakes in BBLUNT and Momspresso.

By Kabir Singh Bhandari

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Ghazal Alagh Instagram

Honasa Consumer Limited (HCL), is a house of brands comprising Mamaearth, The Derma Co., Aqualogica, and Ayuga and have acquired stakes in BBLUNT and Momspresso. It was founded in 2016 by husband wife duo Varun Alagh and Ghazal Alagh.

"The fact that the company was started by two middle class individuals, Varun and I. We started this journey 7 years back with our first brand MamaEarth, thinking that we were just building a baby care company but understanding the Indian consumers and cultural nuances and crafting solutions for those got us a lot of love. While there a lot of brands who were selling to India, we were crafting for India, which is what Honasa Consumer is. All this is done keeping their skin, the weather and cultural nuances in mind" Ghazal Alagh, Co-Founder, Honasa Consumer.



Honasa Consumer made its debut on Dalal Street on November 7, 2023. The Honasa Consumer IPO ran from October 31 to November 2, and was sold in the price range of INR 308-324 apiece. The IPO raised a total INR 1,701 crore, including a fresh issue of INR 365 crore.


The Delhi-based company became the first company of the year to enter the unicorn club when it closed a $52 million funding round which was led by Sequoia Global.

Reached 1 million followers on Instagram. Ghazal Alagh was one of the judges for Shark Tank India, the Indian business reality television series based on the hugely successful American show. Aired on Sony Entertainment Television, The show is the Indian franchise of the American show Shark Tank.


Took a step towards making the environment greener with the Plant Goodness Initiative.


Unpeeled their onion range.


Joined hands with Shilpa Shetty Kundra as an investor and brand ambassador.


Extended their commitment to personal care.


When Ghazal and Varun Alagh could not find safe products for their baby, they decided to make it themselves. Combining Varun's FMCG experience and Ghazal's entrepreneurial knack, they started Mamaearth.

Kabir Singh Bhandari

Former Senior Assistant Editor

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