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Mamaearth enters Unicorn Club after Sequoia Capital’s $38 Mn funding🦄
Honasa Consumer Pvt Ltd, the parent company of personal care brand Mamaearth and The Derma Co, has raised a little over $37 million as part of its Series F funding round, making it the 45th unicorn, or a startup with over $1 billion valuation, in 2021 in India.
Post the new capital infusion, Mamaearth’s valuation has touched close to $1.07 Bn.
The funding comes almost five months after it announced raising of $50 Mn from Sofina Ventures in participation with Sequoia Capital at a $730 Mn valuation.
Honasa Consumer had added that the company would give some early employees an opportunity to monetise their vested ESOP. The company also announced an ESOP worth ₹20 crore for all employees recently.
Founded in 2016 by Ghazal and Varun Alagh, Mamaearth had initially started with selling baby care products but gradually moved on to become a complete personal care brand.
The company currently has a portfolio of around 140 products under Mamaearth, and over 40 products under The Derma Co. It had also said that it has a vision of becoming a 'house of brands’. The ‘house of brands’ strategy, also referred to as the so-called Thrasio model, is getting popular with new-age brands acquiring companies aggressively in a bid to expand their product offerings.
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