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Natural healthcare startup Mamaearth is reportedly in talks to raise $300 million, at a valuation of $3 billion, in its planned IPO.
Mamaearth, registered under Honasa Consumer Pvt. Ltd. is an all-natural personal care brand. It was launched in 2016 by Varun Alagh and Gazal Alagh as a company that manufactured toxin-free products for babies. It is the first Asian startup to be certified by 'Made Safe', an American non-profit that provides nontoxic products certification.
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In 2016, the company sold 6 products when it launched. Today, the D2C company has a portfolio of 80+ products today in the categories of Baby care, Beauty, Hair, Face & Body Care, and is available in 500 cities worldwide. The company competes directly with big names like HUL, P&G, Johnson & Johnson, Kimberly Clark, and Nykaa.
The company was the first to become a unicorn in 2022 after it raised $52 million from Sequoia and Belgium's Sofina, getting valued at $1.2 billion. According to sources, the company is planning to file its DRHP by the end of this year, which would take MamaEarth's IPO launch to Q1FY23.
The same sources have disclosed that the company is in talks with JP Morgan Chase, JM Financial, and Kotak Mahindra Capital to appoint them as managers of the issue.
CEO Varun Alagh has stated that the company wishes to improve its offline sales since 70% of its sales were from its online platform. According to Avendus, the Indian beauty and personal care space are set to grow to $27.5 billion by 2025 & the number of online shoppers for beauty products is also projected to rise to 135 million. Being an established brand in natural cosmetics, Mamaearth stands to gain a lot in the future.
Article by Aman Agarwal.
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