Business

Mamaearth Original Filing for IPO: Report


BENGALURU: Parent company of personal care products startup mother earth, Honasa . Consumer Company Limitedfiled an initial public offering (IPO) on Thursday, according to draft papers filed with the market regulator.
The company’s IPO, backed by Sequoia and Sofina, will include a 4 billion rupee ($48.30 million) new share issue and an offering of 46.8 million shares.
Mamaearth was co-founded as a direct-to-consumer brand by Varun Alagha former executive of Hindustan Unilever, and his wife Ghazal.
With a brand endorsed by famous Bollywood celebrities, the duo has monetized India’s growing e-commerce adoption by offering its products across platforms. like Amazon and Walmart’s Flipkart.
The beauty and personal care industry is expected to grow from $17.8 billion in 2020 to $27.5 billion by 2025, according to estimates by Indian financial services company Avendus.
The number of people who shop online for beauty products is also projected to grow, growing from 25 million to 135 million during that time period.
Reuters reported in June that Mamaearth was in talks to raise at least $300 million for an IPO scheduled for 2023.
The company was last valued at $1.2 billion in January 2022 when it raised $52 million from investors, including US-based Sequoia and Belgium’s Sofina.
Investors including Sofina, Stellaris Venture Partners, Fireside Ventures and Bollywood actor Shilpa Shetty are among those selling their shares in Honasa through an offering.
Honasa said it will use about 1.86 billion rupees from the IPO for advertising costs.
The startup reported adjusted consolidated profit of Rs 157.2 million for the year ended March 31, 2022, the company’s financial statements showed.
Kotak Mahindra Capital, Citigroup Global Markets India, JM Financial Ltd and JP Morgan India Private Ltd are the lead bookkeepers for this matter.

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