Venture Capital: Honasa Consumer Raises Sequoia-Led $37M Series F
The round valued Honasa at over $1 billion, vaulting it into unicorn status.
Honasa Consumer has become the 45th startup to achieve unicorn status this year, when it raised a $37 million Series F round led by venture capital firm Sequoia Capital. The round also had participation by Belgium-based investment fund Sofina Ventures and the UAE-based India-focused fund Evolvence Capital. Honasa (from Honest/Natural/Safe) operates the brand Mamaearth. The brand is endorsed by celebrities from Bollywood. Its other brands include The Derma Co and House of Brands. (Forbes)
Founded by husband-and-wife team of Varun and Ghazal Alagh in 2016, Honasa previously raised $50 million in July. That round was led by Sequoia Capital and Belgium-based investment company Sofina Ventures. The company sells its products in over 1,000 cities in India.
Honasa will use the funds to expand its portfolio of personal care D2C (direct-to-consumer) brands, product innovation, distribution and marketing.
Honasa co-founder and Chief Investment Officer Ghazal Alagh said, “Since millennials’ personal care concerns are dynamic and with our direct-to-consumer approach, we’ve been able to build an extensive portfolio of products across the baby care, skincare, haircare and colour cosmetics under Mamaearth and a portfolio of over 40 products under The Derma Co.”
“Mamaearth has established itself as a clear market leader in this digital-first consumer goods space and Sequoia is delighted to double-down on the partnership in this journey,” said Sequoia India Managing Director Ishaan Mittal.
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