Honasa Consumer, which runs baby and mother care brand Mamaearth, officially announced that it has raised more than $37.5 million in a round led by Sequoia at a valuation of $1.2 billion. In a statement, the company claims that it has raised $52 million in this round.
The round witnessed participation from Sofina Ventures SA, the Belgium-based investment company, and Evolvence, a UAE based India focused fund. It also gave employees an opportunity to monetize their vested ESOP.
The company became the 43rd startup to join the unicorn club in 2021 and is one of the few unicorns to have a female co-founder. Mamaearth has employed a house-of-brands strategy through which it wants to go deeper into the direct-to-consumer beauty and personal care segment.
Mamaearth plans to deploy the funding towards expanding its portfolio of personal care D2C brands venturing into new avenues with unique propositions.