Through this acquisition, HCPL will take a majority stake in Dr. Sheth’s at a valuation of Rs 28 crore. The company did not disclose any more details of the deal. The funds will also be used to accelerate the brand’s growth.
Aneesh Sheth, founder and chief executive of Dr Sheth’s, will continue to lead the business and product innovation for the brand.
HCPL will help digitally scale the business of Dr. Sheth’s and further strengthen its leadership, it said.
Founded in 2015, Dr Sheth’s has over 30 skincare product offerings and caters to over two lakh consumers.
”Their experience as a house of brands will also help us optimise our innovation and bring about a great range of skincare that combines the best of both worlds — science and nature,“ said Sheth.
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Honasa Consumer became the first unicorn of 2022 after it raised $52 million in a round led by Sequoia Capital. Belgium-based Sofina Ventures and Evolvence also participated in the round.
In February,
it acquired Mumbai-based BBlunt from Godrej Consumer Products Limited (GCPL).
“Being a house of brands, Honasa Consumer Pvt. Ltd. has attained expertise in building millennial brands with a digital-first approach. We will utilise our expertise and proficiency in digital marketing to accelerate the growth and scale growth for Dr. Sheth’s and we are confident that we will make it a Rs 100 crore run rate brand in two years,” said Varun Alagh, cofounder and chief executive, HCPL.
ET reported on February 14 that Mamaearth had entered the Gulf Cooperation Council (GCC) region, starting with the UAE, as well as Nepal. It also plans to expand to Bangladesh and Sri Lanka, Alagh said.
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