Mamaearth joins unicorn club after raising $52 million in latest round
The baby and skincare products company Mamaearth's parent Honasa Consumer became the latest firm to join the unicorn club. Unicorns are those startups that are valued at $1 billion or more.
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Bengaluru, 1 January The baby and skincare products company Mamaearth's parent Honasa Consumer became the latest firm to join the unicorn club. Unicorns are those startups that are valued at $1 billion or more.
Honasa Consumer said on Monday that it has raised $52 million in a round led by Sequoia at a valuation of $1.2 billion. This comes six months after the firm raised $50 million in a funding round led by Sofina Ventures, valuing it at $730 million.
"We will be deploying the funds towards brand launches, expanding distribution, inorganic growth, and expanding the current portfolio across borders," Varun Alagh, Co-Founder and CEO, Honasa Consumer, said in a statement.
Mamaearth was founded in 2016 by the husband-wife duo of Varun and Ghazal Alagh. It sells its brands to consumers directly from its website and through e-commerce platforms.
It offers more than 80 toxin-free, natural products, including bamboo-based baby wipes, face masks, lotions, and hair care products. It also launched a second brand, Derma Co, in late 2019.
The company has touched an annual revenue run rate of over Rs 500 crore, one of the few new-age consumer brands to achieve this milestone.
The country saw additions of 42 unicorns to take the total number of unicorns to 79 so far. This takes India to be the home of third largest number of unicorns globally.
