Honasa Consumer to acquire majority stake in Fluence Pharma at Rs 135-crore valuation

Mamaearth parent Honasa Consumer is acquiring amajority stake in Mumbai-based nutraceuticals brand Fluence Pharma at an enterprise value of Rs 135 crore, according to a stock exchange filing.

This marks the Gurugram-based company's second acquisition in less than a year and adds to the growing wave of consolidation in the beauty and personal care sector. In December, Honasa acquired 90% stake in Hyderabad-based Reginald Men at an enterprise value of Rs 195 crore. Earlier this month, L'Oréal announced the acquisition of Bare Anatomy parent Innovist at a valuation of Rs 4,100 crore.

"The beauty and personal care landscape is entering a new era where consumers are increasingly seeking holistic solutions that address beauty concerns at their root. While the last decade was shaped by topical actives, we believe the next decade will be defined by the convergence of science-backed skin and hair care, and nutraceuticals," said cofounder and CEO Varun Alagh in a statement.


Honasa will initially acquire 58% stake in Fluence Pharma and plans to pick up the remaining 42% through secondary transactions over the next five to seven years. The current deal, comprising entirely of secondary share purchases, is expected to close within the next eight weeks, according to the filing.

Following the acquisition, Fluence Pharma will work with Honasa Health, the company's newly incorporated subsidiary led by CEO Dheeraj Nagpal. Fluence was founded in 2012 by Amit Bhusari and Rajendra Singh Rajput.

The nutraceuticals brand will be the ninth in Honasa's portfolio and its fourth acquisition. Honasa has built skincare brands Mamaearth, The Derma Co, and Aqualogica, along with colour cosmetics brand Staze Beauty and fragrance brand FIKN in-house. It has also acquired Dr Sheth's and BBlunt in this space.

In November 2025, Honasa acquired 25% stake in oral care company Fang for Rs 10 crore.

For the January-March quarter, Honasa reported a 23% on-year rise in operating revenues, at Rs 657 crore. Net profit rose 2.8 times to Rs 69 crore. Last year, the company undertook a major reset of its offline distribution strategy, which affected both revenues and profitability. It had also flagged a slowdown in growth at its flagship Mamaearth brand and indicated changes in investment allocation across some of its brands.

In May, Honasa announced a dividend of Rs 3 per share, becoming the first new-age listed company in India to distribute cash to shareholders.

Honasa's shares closed at Rs 419.80 on the BSE on Tuesday, up 1.1% from the previous close.

Advisory firm Intellecap represented the sellers in the transaction.