Ecommerce platform Honasa Consumer said on Saturday that it became the first unicorn of 2022 after it said it raised $ 52 million in the latest Sequoia-led round of funding, valuing it at $ 1.2 billion. .
The personal care-focused platform, which sells its products under the labels of Mamaearth, The Derma Co and House of Brands, said the new funding round also had participation from Belgian investment fund Sofina Ventures and the UAE based fund focused on India. Capital of evolution.
The company had previously raised funds from Fireside Ventures and Stellaris Venture Partners.
The tour also gave its employees the ability to monetize their acquired ESOPs (employee stock option plans).
Honasa plans to deploy the funds to expand its portfolio of D2C (direct to consumer) personal care brands, product innovation, distribution and marketing, the company said in a statement on Saturday.
Recently, it entered the skin care segment with Aqualogica, a hydration-based skin care brand. He also plans to use the funds for inorganic growth opportunities 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 segment and The Derma Co is on the road to success.
Sequoia, Sofina and Evolvence have unique strengths in the US, European and GCC markets, respectively, which will help the company grow internationally and learn from others in those markets, he said.
Ghazal Alagh, Co-Founder and Chief Investment Officer of Honasa, said: “. hair care and color cosmetics under Mamaearth and a portfolio of over 40 products under The Derma Co. “
Sequoia India Managing Director Ishaan Mittal said that as the discovery and consumption of FMCG brands is increasingly influenced by digital channels, this offers a unique opportunity for founders to create the brands of the future. “Mamaearth has established itself as a clear market leader in this digitally driven consumer goods space and Sequoia is delighted to double the partnership on this journey.”
Rohit Batra, Managing Partner of Evolvence, said he believes the Gulf Cooperation Council (GCC) market will be receptive to Honasa brands, especially Mamaearth, and the first signs have been encouraging as the company grows. In the region.
Established five years ago, Honasa serves more than 1,000 cities with its brands such as Mamaearth, The Derma Co and Aqualogica. He claims to have sold them cumulatively for $ 1 billion.
With contributions from agencies.
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