Honasa Consumer, which operates and owns toxin-free and natural personal care brand Mamaearth, has now secured $18 million in the fresh funding round led by the venture capital firm Sequoia Capital India.
Some of the returning investors Stellaris Venture Partners and Fireside Ventures, and Sharp Ventures also participated in this round said the announcement.
According to the report, the startup has also secured so far $5 million in four rounds. Some other angel investors in the company include the Snapdeal co-founders Kunal Bahl, and Rohit Kansal; Bolly actress and entrepreneur Shilpa Shetty Kundra.
The startup will use the funds to launch a new range of direct to consumer brands, hire more talent and expand into key markets in Southeast Asia to push its internet first growth strategy, targeting new age and millennial consumers.
“Our vision is to create the FMCG conglomerate of the future by building brands that connect strongly with millennials and Gen Z customers using the combined power of digital marketing and e-Commerce at large scale,” Varun Alagh, Founder and CEO of Mamaearth, said.
“Out of India’s $15B+ personal care market, online channels contribute to only 3-5%. With 15-20% of Indian shoppers influenced digitally and expected to double in next 7-8 years, digital-first brands have the potential to redefine the architecture of tomorrow’s FMCG companies,” Ishaan Mittal, principal, Sequoia Capital India, said.
