Honasa Consumer's most current financing round was led by SequoiaPersonal care-focused e-commerce platform Honasa Customer, which sells its products under the labels of Mamaearth, The Derma Co and House of Brands, on Saturday said it has raised $52 million in the most recent financing round led by Sequoia, valuing it at $1.2 billion, hence becoming the very first unicorn in the new year.The new funding round also had involvement by Belgium-based investment fund Sofina Ventures and the UAE-based India-focused fund Evolvence Capital, stated the Gururam-based company.
The business had actually previously raised funds from Fireside Ventures and Stellaris Venture Partners.The round has actually also offered its workers a chance to monetise their vested ESOPs (worker stock alternative plans).
Honasa prepares to deploy the funds to expand its portfolio of individual care D2C (direct-to-consumer) brands, item innovation, circulation and marketing, the business said in a statement on Saturday.Recently, it entered the skincare section with Aqualogica, a hydration-based skin care brand.
It also has plans to use the funds for inorganic growth chances in the beauty and personal care segments.Honasa co-founder and Ceo Varun Alagh said their flagship brand Mamaearth is a leader in the D2C personal care section and The Derma Co is on a course to success.
Sequoia, Sofina and Evolvence have distinct strengths in the United States, European and GCC markets, respectively, which will help the firm grow globally and learn from others in these markets, he said.Honasa co-founder and Chief Investment Officer Ghazal Alagh said, Considering that millennials' individual care issues are vibrant and with our direct-to-consumer technique, we have actually had the ability to construct a substantial portfolio of items throughout the child care, skin care, haircare and colour cosmetics under Mamaearth and a portfolio of over 40 products under The Derma Co.
Sequoia India Managing Director Ishaan Mittal stated that as the discovery and intake of FMCG brands are getting more influenced by digital channels, it is supplying a distinct opportunity to founders to construct brand names of the future.
Mamaearth has established itself as a clear market leader in this digital-first durable goods space and Sequoia is delighted to double-down on the collaboration in this journey.
Rohit Batra, handling partner at Evolvence, said he thinks that the GCC (Gulf Cooperation Council) market will be receptive to the Honasa brand names, particularly Mamaearth, and initial indications have actually been motivating as the company scales in the region.Set up 5 years earlier, Honasa reaches out to over 1,000 cities with its brands like Mamaearth, The Derma Co and Aqualogica.
It claims to have cumulatively sold them worth $1 billion.