HCPL, the parent company of Mamaearth and The Derma Co., announced on Monday it has acquired a majority stake in skincare brand Dr. Sheth s. Honasa Consumer, with the acquisition of the majority stake in Dr. Sheth s, at a valuation of Rs 28 crore.
In line with the acquisition, Honasa Consumer, co-founder and CEO, said Dr. Sheth s is a brand that is synonymous with heritage and legacy, and we are excited about this partnership as it will help us expand our portfolio offerings under the HCPL umbrella. Honasa Consumer said in a company statement that the primary round of funding will be directed to accelerate the future growth of the brand. While Honasa Consumer has control of the majority stake in Dr. Sheth s, founder Aneesh Sheth, who has a PhD in Pharmacology, will continue to lead business and product innovation for the brand.
Sheth said he was very excited about the partnership with HCPL, because they bring a level of operational excellence that will make our expertise and products accessible to a wider community. Their experience as a house of brands will help us to optimise our innovation and bring a great range of skincare that combines the best of both worlds - science and nature. Sheth founded Dr. Sheth s with the aim of formulating skincare products using the knowledge that has been collected over three generations and bringing together the best of nature and science, claims the company statement.
Dr. Sheth's products portfolio consists of Amla VC 20 Vitamin C Serum, Haldi and Hyaluronic Acid Sleeping Mask, Cica and Ceramide Overnight Repair Serum, among others. The brand claims that it has catered to over 200,000 consumers with over 30 SKUs.
Dr. Sheths, founded in 2017, distributes its products through various e-commerce channels and direct-to- consumer websites. Honasa Consumer was founded by Varun Alagh and Ghazal Alagh.
Dr Sheth's says the products are formulated to suit Indian skin. The brand's product portfolio has solutions for skin concerns like pigmentation, acne, dryness, wrinkles, and many other conditions. With over 30 SKUs of stock-keeping units, the brand has claimed to have served more than 200,000 consumers.
As per the statement, the expertise of Dr. Sheth s in creating specialised skincare for Indian consumers, coupled with the digital expertise of Honasa Consumer, will help scale the business of Dr. Sheth s and strengthen the leadership of Honasa Consumer as a digital-first brand.
Honasa claims that it has established itself as the leader of digital branding and marketing and that this acquisition will strengthen the company's strength in the millennial personal care segment.