Mamaearth becomes the first unicorn of 2022 by raising $52 million
The baby and skincare products company Mamaearth's parent Honasa Consumer is the first unicorn of the year 2022.
it has raised $52 million in a round led by Sequoia at a valuation of $1.2 billion, as the funding boom carries into the new year and they will use the money to expand to overseas markets and double down on its plans to become a house of brands .
Honasa Consumer founded in 2016 by Varun Alagh, Co-Founder and CEO and his wife Ghazal Alagh, Mamaearth has emerged as one of the hottest new-age consumer brands in India, riding the so-called direct-to-consumer (D2C) wave, where brands sell to consumers directly from their website or via e-commerce platforms rather than going the traditional and expensive offline route.
It offers more than 80 toxin-free, natural products, including bamboo-based baby wipes, face masks, lotions, and hair care products. It also launched a second brand, Derma Co, in late 2019.
Their products have hit an annual revenue run rate of over Rs 500 crore, one of the few new-age consumer brands to do. We will be deploying the funds towards brand launches, expanding distribution, inorganic growth, and expanding the current portfolio across borders,” Varun said.
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