New Delhi, June 23: Honasa Consumer Ltd, the parent company of Mamaearth, has approved the acquisition of a 58% stake in nutraceuticals company Fluence Pharma Pvt. Ltd. at an enterprise valuation of around ₹135 crore, marking its entry into India’s fast-growing vitamins and dietary supplements market.
The acquisition, approved by the company’s board on Tuesday, will be executed through a secondary share purchase. Honasa will acquire the remaining 42% stake in Fluence Pharma in two tranches over the next five to seven years under a pre-agreed valuation framework.
The company also approved the incorporation of a wholly-owned subsidiary, Honasa Health Pvt. Ltd., which will spearhead its business-to-consumer (B2C) nutraceuticals business. The transaction is expected to be completed over the next eight weeks, subject to customary closing conditions.
Expanding beyond beauty and personal care
The acquisition marks Honasa’s diversification into nutraceuticals as it looks to tap growing consumer demand for science-backed health and wellness products that complement topical beauty solutions. Founded in 2012 and headquartered in Mumbai, Fluence Pharma develops condition-specific over-the-counter nutritional supplements for hair and skin health under brands such as Hair Fact, Skin Fact and Pro Fact.
The company has built its business around a patented Cyclical Nutrition Therapy (CNT) platform and distributes its products exclusively through dermatologists. It has a network of more than 3,000 dermatologists and over a decade of clinical usage. Hair-related products account for more than 70% of the company’s revenue.
Financial profile
Fluence Pharma reported provisional FY26 revenue of around ₹40 crore, with an EBITDA margin exceeding 20% before exceptional items and one-time transaction expenses. The acquisition values the company at about 3.4 times FY26 revenue and nearly 15 times FY26 EBITDA, according to Honasa’s investor presentation. The company had reported revenue from operations of ₹32.24 crore in FY23, ₹35.99 crore in FY24, and ₹37.21 crore in FY25.
Building a nutraceuticals platform
Honasa said the acquisition will serve as the foundation for building a consumer-facing nutraceuticals franchise through the newly incorporated Honasa Health. The company plans to leverage Fluence’s patented technology and dermatologist-led credibility to develop evidence-based nutraceutical products addressing conditions such as hair fall and acne, while combining topical treatments with nutritional supplements.
Honasa Health will be led by Dheeraj Nagpal, co-founder of nutraceutical brand Zingavita, while Fluence founders Amit Bhusari, Chief Executive Officer, and Dr. Rajendra Singh Rajput, inventor of Cyclical Nutrition Therapy, will continue to drive the scientific and technical aspects of the business. Honasa said it aims to build the nutraceuticals business into a ₹500-crore franchise over time.
Growing market opportunity
The company said India’s vitamins, minerals and supplements market is estimated at more than ₹16,000 crore and is growing at an annual rate of around 11%. It added that online searches for hair and skin nutraceuticals have increased by about 40% between FY24 and FY26, reflecting rising consumer awareness of preventive health and wellness.
With the acquisition, Honasa is looking to strengthen its portfolio beyond beauty and personal care by entering the fast-growing preventive healthcare segment through science-backed, dermatologist-endorsed nutritional products.