Stellaris Venture Partners, a homegrown venture capital firm, has divested a 1% share in Honasa Consumer Limited, the parent company of Mamaearth, through an open market transaction. The total value of the deal is INR 140.61 Crores.
As per information from the National Stock Exchange (NSE), the venture capital firm, operating through its affiliate Stellaris Venture Partners India I, has divested 3,217,468 shares of Honasa Consumer Limited.
This bulk deal took place at an average price of INR 437.04 per share, resulting in a transaction value of INR 140.61 Crores.
Following this recent transaction, Stellaris Venture Partners now holds a reduced shareholding of 4.78%, down from its previous 5.78% stake in Honasa Consumer.
Since its inception in 2017, Stellaris has provided backing to several industry frontrunners, such as Mamaearth, Whatfix, Propelld, Ayu Health, Turno, Rigi, and others.
Earlier in August 2021, Stellaris Venture Partners announced the closing of its second fund at $225 million.
In September 2018, Mamaearth, a Gurugram-based startup specializing in mother and baby care, successfully raised $4 million (INR 27.5 Crores) in a Series A funding round, with Stellaris Ventures leading the investment.
Established in 2016 by Varun and Ghazal Alagh, Honasa Consumer Limited manages brands like Mamaearth, The Derma Co., Aqualogica, and Ayuga. The company has also acquired interests in BBlunt and Dr. Sheths.
Achieving unicorn status in December 2022, Honasa secured $52 million at a valuation of $1.2 billion in a fundraising round led by VC firm Peak XV (formerly Sequoia Capital). Subsequently, on November 7, 2023, it was listed on public markets.
Honasa’s Mamaearth Financial Performance in FY24
During the second quarter (Q2) of the financial year 2023-24 (FY24), HCL disclosed a profit after tax (PAT) of INR 29.4 Crores, signifying a notable 94% surge from the INR 15.2 Crores reported in the same period the previous year. For the first half of FY24, the company attained sales revenue of INR 960.6 Crores, contrasting with the INR 1,492.7 Crores recorded in FY23.
On January 9, 2024, Mamaearth shares commenced trading on the Bombay Stock Exchange (BSE) at INR 488.45, indicating a 3.03% increase.
Continue Exploring: Fireside Ventures offloads 1.89% Stake in Mamaearth, fetches INR 230.2 Crore in bulk deal