Honasa Consumer, the company behind the Mamaearth personal care brand, has agreed to acquire a 58% stake in nutraceuticals business Fluence Pharma for an enterprise valuation of around 135 crore INR ($14.2 million). The move marks Honasa Consumer’s entry into the vitamins and dietary supplements space.
Under the terms of the deal, which will be executed through a secondary share purchase, the remaining 42% stake will be acquired in two tranches over the next five to seven years.
Mumbai-based Fluence Pharma, founded in 2012, develops condition-specific nutritional supplements for hair and skin health under brands such as Hair Fact, Skin Fact and Pro Fact. Operating exclusively through a network of more than 3,000 dermatologists, the company reported provisional FY26 revenue of around ₹40 crore ($4.2 million).
According to Honasa Consumer, the acquisition will serve as the foundation for building a consumer-facing nutraceuticals franchise, which will be spearheaded by a newly incorporated wholly-owned subsidiary named Honasa Health. The company stated it plans to leverage Fluence’s patented technology and dermatologist-led credibility to develop evidence-based nutraceutical products, with the aim of building a 500-crore INR ($53million) franchise over time.
India’s market for vitamins, minerals and supplements is currently estimated at more than 16,000 crore INR ($1.68 billion) and is growing at an annual rate of around 11%, the company said.
Source: Economic Times / Small Cap Spotlight
