IPO-bound Honasa Consumer, owner of its flagship brand Mamaearth, has entered into an agreement with Apollo Pharmacy to retail its range of personal care and baby care products. Mamaearth products will be sold at across 5,000 Apollo Pharmacy stores, which will further expand the brand's presence and accessibility to consumers across the country.
“We are delighted to join hands with Apollo Pharmacy, a name synonymous with trust and quality in the healthcare and wellness sector. This agreement is an extension of our endeavor to make safe and natural products accessible to consumers across India. With Apollo Pharmacy's extensive retail network, we can now reach even more consumers who prioritize clean and sustainable beauty and personal care products," says Varun Alagh, Co-founder, and CEO, Honasa Consumer.
Founded by husband-wife duo Ghazal Alagh and Varun Alagh, Mamaearth is the fastest growing beauty and personal care (BPC) brand to reach an annual revenue of ₹1,000 crore billion (in the preceding 12 months) within six years of launch (as of September 30, 2022).
As per the company, Mamaearth has gained a loyal customer base owing to its innovative product offerings. This agreement with Apollo Pharmacy represents a significant milestone for the brand as it continues to grow and make its products accessible to a wider audience, it says.
The brand has seen high acceptance for its offerings, with Ubtan Face Wash, Onion Shampoo and Moisturising Bathing Bar for kids were the top sellers in the Mamaearth portfolio in August, 2023, as per Apollo Pharmacy.
"We saw demand for Mamaearth at our stores and since the launch, we have seen an increase in the uptake of the brand across all locations. We see potential in the partnership and we believe that the business will continue to grow," says Madhava Krishna, Business Head, Apollo Pharmacy.
The collaboration between Mamaearth and Apollo Pharmacy is set to provide consumers with easier access to Mamaearth's product range, further reinforcing the brand's value proposition for toxin-free beauty products made with natural ingredients, the release notes.
Last month, capital market regulator SEBI gave a green signal to Honasa, which owns consumer brands like Mamaearth, The Derma Co., Aqualogica, and Ayuga, to raise funds through the initial public offering (IPO) route. The company had filed its preliminary IPO papers with the SEBI in December 2022.
As per the preliminary document filed with SEBI, Honasa Consumer, which offers baby, skin, body, and hair care products, plans to raise funds through a combination of fresh issue of equity shares and offer for sale (OFS). The issue comprises fresh issue of equity shares worth ₹400 crore and OFS of up to 46,819,635 equity shares by promoters and existing shareholders. The two promoters Varun Alagh and Ghazal Alagh, as well as existing shareholders Rohit Kumar Bansal and Sofina Ventures will offload their stake in the company. Among others, Bollywood celebrities Shilpa Shetty Kundra and Kunal Bahl will also offload their shares in the company.
Honasa intends to use the capital raised through net proceeds from fresh issues towards advertisement and capital expenses, investment in its subsidiary, and meet general corporate purposes.
