Honasa Consumer, the parent company of brands including Mamaearth, The Derma Co., Aqualogica, Dr Sheth's, Ayuga, and BBLUNT, has successfully raised Rs 765.2 crore ($102 million) from a group of 49 anchor investors. This funding round included participation from Smallcap World Fund Inc, Fidelity Funds, Abu Dhabi Investment Authority, Government Pension Fund Global, Carmignac Portfolio, Goldman Sachs (NYSE:GS), Fundpartner Solutions, and Hornbill Orchid India Fund. Notable mutual funds and insurance firms such as ICICI Prudential (LON:PRU) Mutual Fund, SBI Life Insurance Company and Bajaj Allianz (ETR:ALVG) Life Insurance Company also invested in the Gurugram-based company. The shares were allocated at Rs 324 each.
The company is led by Varun Alagh and Ghazal Alagh and is preparing for a Rs 1,701-crore ($227 million) initial public offering (IPO). The proposed price band for the IPO is set between Rs 308-324 per share. This IPO will comprise a fresh issuance worth Rs 365 crore ($49 million) and an offer for sale (OFS) of 4.13 crore equity shares.
The proceeds from this IPO are earmarked to fund various initiatives including advertising campaigns, the establishment of new exclusive brand outlets (EBOs), investment in subsidiary BBlunt for new salons, and potential inorganic acquisitions. Other stakeholders in Honasa Consumer include Peak XV Partners.
This move underscores Honasa Consumer's ambitious growth strategy as it seeks to expand its footprint in the competitive consumer goods market.
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