Honasa Consumer, the parent entity of digital-first beauty unicorn Mamaearth, has acquired a 58% stake in Mumbai-based hair therapy and nutraceuticals brand Fluence Pharma.
While the companies did not disclose the deal size, industry sources indicated it is likely to be around $15-18 million. The transaction was structured and executed by Intellecap Investment Banking (Aavishkaar Group).
Delivered through Honasa’s specialised vertical, the deal signals its decisive foray into the high-margin, “structured hair treatment” and “science-backed beauty wellness” space, underscoring a trend within India’s niche beauty and personal care market where scaled platforms are snapping up clinical innovators to capture higher consumer lifetime value.
The transaction comes at a pivotal time for the publicly-traded Honasa.
According to recent media reports, Honasa expects its revenue growth to outpace market expectations in the ongoing fiscal 2027, with CEO and co-founder Varun Alagh projecting top-line expansion in the high-teen percentage range, comfortably ahead of analyst estimates of 15%.
This outlook is led by a sustained recovery in its flagship Mamaearth brand, which accounts for over half of Honasa’s top line. The brand had struggled to grow in 2024 and 2025 due to shifting consumer preferences, prompting executives to aggressively refresh its product line, pricing strategy, and marketing.
Recent investor disclosures indicate that Mamaearth’s growth is firmly “back in the green,” fueled by new product launches like its Rice Facewash—which recently hit Rs 100 crore ($11.02 million) in annual recurring revenue—and a return to double-digit growth in the December quarter.
With Mamaearth steadying, Honasa is actively exploring acquisitions in new categories to fuel its next leg of growth led by its husband-and-wife entrepreneurial duo Varun and Ghazal Alagh, who co-founded the company in 2016.
Driven by their personal struggle to find toxin-free products for their newborn, they combined Varun’s FMCG experience with Ghazal’s design and digital expertise to build an expansive ecosystem that today includes popular digital-first brands like The Derma Co., Aqualogica, and BBlunt.
Over its growth journey, Honasa has been backed by marquee institutional heavyweights including Peak XV Partners (formerly Sequoia Capital India), Stellaris Venture Partners, Fireside Ventures, and Sofina, all of whom fueled the company’s trajectory leading up to its public listing in late 2023.
In sharp contrast to Honasa’s venture-backed path, Fluence Pharma has operated as a highly specialised, nutraceutical company. Headquartered in Mumbai and promoted by the Bhusari family—alongside co-founders and pharmaceutical industry veterans Amit Bhusari and Dr. Rajendra Singh Rajput—the company grew organically on the back of practitioner trust without relying on external institutional investors.
Fluence has built a premium reputation among dermatologists for its specialised portfolio of skin and hair care brands, including Hair Fact and Skin Fact. The company is best known for its patented Cyclical Nutritional Therapy (CNT) platform, a regimen-driven model that targets urban hair concerns like thinning, scalp health, and hair fall through phased usage cycles.
By bringing Fluence into its ecosystem through a transaction advised and structured by Intellecap Investment Banking (part of the impact-focused Aavishkaar Group), Honasa plans to marry its extensive digital marketing infrastructure and distribution muscle with Fluence’s clinical innovation.
While the Bhusari family and Fluence’s founders will continue to steer the brand’s core medical research and formulation development, Honasa will deploy its operational scale to transition the regimen-led brand into a mainstream, premium direct-to-consumer powerhouse, positioning itself early in an Indian nutraceuticals segment poised for outsized growth
