Honasa (Mamaearth) vs Minimalist: revenue, valuation and funding compared
The short answer
Honasa Consumer reported the highest revenue, ₹2,391.9 crore in FY26, against Minimalist ₹690.2 crore in FY26. Honasa Consumer and Minimalist were profitable in the latest year reported.
Honasa Consumer is the listed beauty and personal care company behind Mamaearth, The Derma Co, Aqualogica, BBlunt, Dr Sheth's, Staze and Reginald Men. Minimalist is a skincare and haircare brand from Jaipur, started in 2020, which sells serums, toners and moisturisers mainly online and is now owned by Hindustan Unilever. They are compared because both built ingredient-led brands that grew online first.
Both companies' latest numbers belong to FY26, the year to March 2026. Honasa's figures are consolidated annual results; Minimalist's are revenue from operations and profit after tax, its first profit year under Hindustan Unilever. Honasa's FY25 revenue is not in its profile. Every number on this page comes from the two profiles.
Side by side
| Honasa Consumer | Minimalist | |
|---|---|---|
| Founded | — | 2020 |
| Based in | — | Jaipur |
| What it sells | Beauty and personal care company behind Mamaearth and The Derma Co | Skincare and haircare brand owned by Hindustan Unilever |
| Status | Listed | Acquired |
| Revenue, latest year | ₹2,391.9 crore FY26 Bigger | ₹690.2 crore FY26 |
| Revenue, year before | — | ₹347.4 crore FY24 |
| Growth | — | — |
| Net profit (loss), latest year | ₹200.2 crore FY26 | ₹25.9 crore FY26 |
| Last disclosed valuation | — | ₹2,955 crore Jan 2025 |
| Total raised | — | $15M (disclosed rounds) |
| Last round | — | Series A, $15 million, 2021 |
| Profile | Honasa Consumer on StopDown | Minimalist on StopDown |
Scale
Honasa is more than three times the size of Minimalist. It reported revenue from operations of ₹2,391.9 crore in FY26 and sells online and in over 2,000 stores. Minimalist reported ₹690.2 crore in FY26, up from ₹347.4 crore of operating revenue in FY24, which means it roughly doubled over those two years.
Honasa's FY25 revenue was not confirmed in the sources behind its profile, so no growth rate for the year is given here. Its September 2026 quarter sales were ₹731 crore.
Money
Both are profitable. Honasa's consolidated profit after tax was ₹200.2 crore in FY26, up 176% from ₹72.7 crore in FY25, and its September 2026 quarter profit was ₹73.25 crore. Minimalist's profit after tax was ₹25.9 crore in FY26. Its FY24 profit is left out of the profile because sources differ.
Their ownership stories differ. Honasa listed in 2023, and its IPO drew 7.6 times demand. Minimalist raised about $17 million in total before it was sold, including a $15 million Series A in 2021 led by Peak XV. In January 2025 Hindustan Unilever agreed to buy 90.5% at a pre-money valuation of ₹2,955 crore. The profile gives no market valuation for Honasa, and this page makes no comment on share prices.
Where they are heading
Honasa bought the men's grooming brand Reginald Men for ₹195 crore in December 2025, with the last 5% to follow after 12 months, and it has set a company target of ₹5,500 crore of revenue for FY31. It cancelled a planned 58% purchase of the nutraceuticals firm Fluence Pharma for ₹135 crore in August 2026 after the closing conditions were not met. Minimalist's profile lists no announced plans beyond its Hindustan Unilever deal.
The numbers behind the table
Honasa Consumer: revenue and profit by year
| Year | Revenue | Profit or loss | Note |
|---|---|---|---|
| FY26 | ₹2,391.9 crore | ₹200.2 crore | consolidated; revenue from operations; profit after tax |
| FY25 | — | ₹72.7 crore | consolidated; profit after tax; revenue not confirmed in sources read |
Minimalist: revenue and profit by year
| Year | Revenue | Profit or loss | Note |
|---|---|---|---|
| FY26 | ₹690.2 crore | ₹25.9 crore | revenue from operations; profit after tax; first profit year under HUL |
| FY24 | ₹347.4 crore | — | operating revenue; profit left out because sources differ |
Minimalist: funding rounds
| Date | Round | Amount | Investors |
|---|---|---|---|
| 2021 | Series A | $15 million | Peak XV (lead) |
Questions people ask
Which is bigger, Honasa or Minimalist?
Honasa. It reported ₹2,391.9 crore of revenue from operations in FY26, against ₹690.2 crore for Minimalist in the same year.
Is Honasa profitable?
Yes. Honasa reported a consolidated profit after tax of ₹200.2 crore in FY26, up from ₹72.7 crore in FY25. Minimalist was also profitable, with ₹25.9 crore in FY26.
Who founded Honasa and Minimalist, and who owns Minimalist?
Varun Alagh is co-founder and CEO of Honasa, with Ghazal Alagh as co-founder. Mohit Yadav and Rahul Yadav co-founded Minimalist in 2020. Hindustan Unilever agreed in January 2025 to buy 90.5% of it.
Which has raised more money?
On the profiles, Honasa has no funding rounds listed, and its 2023 IPO size is not in the profile. Minimalist raised about $17 million before the Hindustan Unilever deal, including a $15 million Series A in 2021.
Every figure on this page comes from the companies' StopDown profiles, which list the filing or statement behind each number: Honasa Consumer, Minimalist. Revenue is revenue from operations unless the note says otherwise; valuations are as disclosed at a round or by the company; nothing here is investment advice. How StopDown counts.