Honasa Consumer Ltd, the company behind the popular personal care brand Mamaearth, is keen on expanding its international footprint with a focus on markets such as Bangladesh, Malaysia, Vietnam, and Thailand.
What Happened: As reported by the Economic Times, Honasa, in preparation for its IPO, has marked certain markets for a more concentrated push for Mamaearth through channel partners. The company currently operates in countries like the UAE, Singapore, Nepal, Malaysia, Maldives, and Mauritius via modern trade, e-commerce platforms, and its own brand website.
This international expansion strategy comes as Honasa, supported by Fireside Ventures and Peak XV Partners, is in talks for a pre-IPO fundraise of $120-150 million. The company mentioned in its DRHP its intention to strategically expand its presence in markets like the UAE, Nepal and Bangladesh, through both organic growth and targeted acquisitions.
In another development, after Ashish Mishra, the senior vice president for offline and international businesses, left, Honasa appointed Nishchay Bahl, the former chief business officer at The Good Glamm Group, as its senior vice president for offline sales.
Honasa, which runs brands like The Derma Co and BBlunt, received approval from the Securities and Exchange Board of India (SEBI) for its IPO on August 3. The company intends to release fresh shares valued at ₹400 crore, along with an offer-for-sale component of 46.82 million shares.
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Why It Matters: This international expansion plan for Mamaearth highlights Honasa’s growth strategy in the lead-up to its IPO. By strengthening its presence in key international markets, the company not only aims to boost its revenue potential but also to diversify its customer base. The appointment of Nishchay Bahl further underscores this strategy, as his experience could provide valuable insights for the company’s offline sales operations. This follows Honasa’s recent SEBI approval for its IPO, signaling the company’s readiness to enter the public market. The planned IPO and the pre-IPO funding round are clear indications of Honasa’s ambitious growth plans for the future.
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