India-based, Honasa Consumer Private Limited (HCPL), the parent company of Mamaearth and The Derma Co., bought a majority stake in the skincare brand Dr Sheths’ on May 16, 2022. Mamaearth Parent acquired the premium dermatologist skincare brand at a valuation of USD 3.5 million (INR 28 crore).
Reason for acquisition by Mamaearth Parent
The preliminary round of funds will accelerate the future growth of both brands.
As a part of the deal, Aneesh Sheth, founder of Dr Sheth’s, will continue to lead the business and product innovation for HCPL.
The expertise of Dr Sheth’s in creating skincare products for Indian consumers, combined with HCPL’s digital expertise of HCPL, will help scale the business of Dr Sheth’s. It will further strengthen the leadership of HCPL in digital-first brands.
Earlier in January 2022, HCPL joined the unicorn club after raising USD 52 million in a funding round led by Sequoia Capital. The valuation back then was USD 1.2 billion.
What the Mamaearth CEO has to say
Varun Alagh, Co-Founder and CEO of Honasa Consumer Pvt Ltd, said,” Dr Sheth’s is a brand that is synonymous with heritage and legacy, and we are excited about this partnership as it will help us widen our portfolio offerings under the HCPL umbrella. It will be a symbiotic relationship wherein there will be knowledge sharing across brands and collaboratively building the brand and its product portfolio. Being a house of brands, Honasa Consumer . has attained expertise in building millennial brands with a digital-first approach. We will utilise our knowledge and proficiency in digital marketing to accelerate the growth and scale growth for Dr Sheth’s, and we are confident that we will make it a 100 crore run rate brand in two years. HCPL and Dr Sheth’s synergise on fundamental ideologies of distinctive product innovation and solid millennial connections. We are confident this collaboration will succeed for consumers and both brands.”
What Dr Sheth’s founder has to say
Aneesh Sheth, the founder of Dr Sheth’s, said, “We are very excited about the partnership with HCPL. They bring a level of operational excellence that will make our expertise and our products accessible to a wider community. Their experience as a house of brands will also help us optimise our innovation and bring about a great range of skincare that combines the best of both worlds – science and nature.”
About Dr Sheth’s
Aneesh Sheth brought Dr Sheth into existence in 2017. The skincare startup distributes through various e-commerce channels and its direct-to-consumer website. Dr Sheth aims to make products using the knowledge aggregated over three generations and bring together the best of nature and science.
Its product portfolio has solutions for skin problems such as pigmentation, acne, dryness, wrinkles, etc.
The products of the brand are formulated to suit Indian skin. With over 30 SKUs (stock-keeping units), the brand claims to serve more than 200,000 consumers.
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