Acquisition · Commerce & Consumer Brands

Honasa acquires 58% stake in Fluence Pharma

By Startup Enthusiast · 23 June 2026

What they do

Honasa Consumer owns brands like Mamaearth and The Derma Co

It bought a 58% stake in Fluence Pharma for ₹135 Cr via secondary purchase

The deal helps Honasa enter the nutraceuticals market, valued at ₹16,000 Cr in India

Honasa Consumer's board approved the acquisition of a 58% stake in Fluence Pharma for ₹135 Cr.
The stake is bought via a secondary purchase from existing shareholders.
The transaction is expected to close within eight weeks.
Honasa will acquire the remaining 42% stake in two tranches over 5-7 years after the first phase.
Honasa's board also approved setting up a wholly-owned subsidiary called Honasa Health.
Honasa Health will build a nutraceuticals vertical with an initial paid-up capital of ₹1 lakh.
Honasa Health will combine Fluence Pharma's Cyclical Nutrition Therapy (CNT) platform with Honasa's distribution and marketing.

The acquisition aligns with Honasa's 3.0 strategy to double FY31 revenue to over ₹5,500 Cr and improve EBITDA margins above 15%.
Honasa sees nutraceuticals as the next phase of growth in beauty and personal care, with consumers seeking inside-out solutions.
India's nutraceuticals market is estimated at around ₹16,000 Cr.
Large competitors like L'Oréal, HUL, Marico, and ITC have also acquired nutraceutical or beauty brands recently.

Honasa Consumer is a digital-first house of brands in beauty and personal care.
It owns 8 brands including Mamaearth, The Derma Co., Aqualogica, Lumineve, Staze, BBlunt, Dr Sheth's, and Reginald Men.
The company has an omni-channel presence across 750+ districts in India.
Honasa plans to scale offline distribution from ~1.2 lakh outlets to over 3 lakh outlets.
It projects Mamaearth revenue to exceed ₹2,000 Cr and The Derma Co. to cross ₹1,500 Cr by FY31.
Honasa aims to build at least two additional brands with annual revenue over ₹500 Cr each.
The company sees nutraceuticals, fragrances, and oral care as key next-horizon categories.

Honasa Health will be led by Dheeraj Nagpal, ex-co-founder of Zingavita.
Honasa plans to scale offline distribution from ~1.2 lakh outlets to over 3 lakh outlets.
The company aims to build at least two additional brands with annual revenue over ₹500 Cr each.
Honasa will explore nutraceuticals, fragrances, and oral care as next-horizon categories.