Honasa Consumer (HCPL), the parent company of Mamaearth and The Derma Co., said on Monday that it had acquired Dr Sheth's, a dermatologist-formulated premium skincare brand.
HCPL would acquire a majority stake in Dr. Sheth's for Rs 28 crore through this acquisition. The corporation did not provide any other information about the transaction. The monies will also be utilised to help the company expand.
Dr Sheth's founder and CEO, Aneesh Sheth, will continue to steer the company's business and product development. Dr. Sheth's firm will be digitally scaled, and its leadership will be strengthened, according to HCPL.
Dr Sheth's, which opened in 2015, now has over 30 skincare products and serves over two lakh customers. "Their experience as a brand house will also help us optimise our innovation and bring to market a remarkable variety of skincare that blends the best of both worlds — science and nature," Sheth said.
After raising $52 million in a round headed by Sequoia Capital, Honasa Consumer became the first unicorn of 2022. Sofina Ventures and Evolvence, both based in Belgium, also took part in the financing. It bought Mumbai-based BBlunt from Godrej Consumer Products Limited in February (GCPL). "As a brand house, Honasa Consumer Pvt. Ltd. has developed expertise in developing millennial brands using a digital-first strategy. We will use our digital marketing skills to accelerate and expand Dr. Sheth's growth, and we are optimistic that we will make it a Rs 100 crore run rate brand in two years," stated Varun Alagh, cofounder and CEO of HCPL.
Mamaearth had entered the Gulf Cooperation Council (GCC) region, beginning with the United Arab Emirates and then moving on to Nepal. According to Alagh, the company also intends to expand to Bangladesh and Sri Lanka.Also Read : Impact of GST on Gold - Everything you need to know!