Acquisition · Commerce & Consumer Brands

Honasa Consumer cancels acquisition of Fluence Pharma

By Startup Enthusiast · 25 August 2026

What they do

Honasa Consumer operates a house of brands including Mamaearth, The Derma Co. and BBlunt across the beauty and personal care sector

The company terminated its proposed acquisition of a 58% stake in Fluence Pharma after failing to meet closing conditions under the agreement

Honasa maintains its goal of building a Rs 500 crore nutraceuticals franchise and will continue seeking other growth opportunities in the category

Honasa Consumer officially terminated its proposed acquisition of a 58% stake in Fluence Pharma.
The deal was cancelled because the parties failed to meet the closing conditions specified in the share purchase agreement.
Honasa notified the stock exchanges regarding the termination of the transaction on 25 August 2026.
The proposed acquisition was originally announced on 23 June 2026 with an enterprise value of approximately Rs 135 crore.
Honasa had planned to acquire the remaining 42% stake in Fluence Pharma over a period of five to seven years.
Management had previously informed analysts on 13 August 2026 that the due diligence process was still ongoing.

Honasa established a dedicated subsidiary called Honasa Health to focus on the growing nutraceuticals market.
The company aims to build a Rs 500 crore nutraceuticals franchise to expand its product portfolio.
Honasa stated that this cancellation will not change its overall strategy for the nutraceuticals category.
The company will continue to evaluate both organic and inorganic growth opportunities to enter this space.

Honasa Consumer is a digital-first house of brands operating in the beauty and personal care industry.
Its portfolio includes brands such as Mamaearth, The Derma Co., Aqualogica, Lumineve, and Staze.
The company has expanded through acquisitions, owning brands like BBlunt, Dr Sheth's, and Reginald Men.
Fluence Pharma specializes in over-the-counter supplements for hair and skin conditions.
Fluence products utilize a patented technology known as Cyclical Nutrition Therapy.
Key brands under Fluence Pharma include Hair Fact, Skin Fact, and Pro Fact.
Fluence Pharma reported provisional revenue of Rs 40 crore for FY26 with an operating margin exceeding 20%.
Over 70% of the revenue for Fluence Pharma is derived from its hair-focused product line.
Fluence Pharma distributes its products through a network of more than 3,000 dermatologists.

Honasa will continue to look for other opportunities to enter the nutraceuticals market.