Access the filing here.
Honasa Consumer, the parent company of Mamaearth, has acquired a 58% stake in Mumbai-based Fluence Pharma Private Limited at an enterprise value of approximately Rs 135 crore. The board approved the deal on June 23, 2026, and disclosed it to the BSE and NSE the same evening under Regulation 30 of SEBI’s Listing Obligations. The transaction is expected to close within eight weeks of board approval.
The acquisition document filed with the exchanges states that the Rs 135 crore enterprise value represents approximately 3.4 times Fluence’s FY26 revenue and about 15 times its FY26 EBITDA, both calculated using provisional figures before exceptional items and one-time deal-related costs. Honasa will acquire the remaining 42% in two additional tranches over the next five to seven years, following a pre-agreed valuation formula set out in the Share Purchase Agreement and the Shareholders’ Agreement.
What Fluence Pharma is and what it makes: Fluence Pharma, incorporated on March 5, 2012 and headquartered in Mumbai, sells condition-specific OTC supplement kits exclusively through dermatologists. Its product line is based on a patented method called Cyclical Nutrition Therapy (CNT), which involves administering supplements in a structured sequence rather than as a single pill to address specific conditions. The patent is held in both India and the United States by co-founder Dr Rajendra Singh Rajput, who is described in Honasa’s presentation as a leading trichologist with more than 30 years of experience in hair restoration and over 20 published papers.
The new subsidiary: Honasa Health Private Limited: Alongside the acquisition, Honasa’s board approved the formation of a wholly owned subsidiary, Honasa Health Private Limited, with an initial paid-up capital of Rs 1 lakh (10,000 equity shares at Rs 10 each). This entity will operate the B2C nutraceuticals business separately from both Honasa Consumer and the doctor-focused Fluence Pharma operations.
The strategy follows a two-track model: Fluence will continue selling through dermatologists under its existing brands, while Honasa Health will develop consumer-facing products online. This approach leverages Fluence’s patented CNT platform and doctor-testimonial bank, as well as Honasa’s digital distribution and brand-building capabilities. The investor presentation highlights integrated topical and nutraceutical solutions for hair fall, acne, and related conditions, that will be sold online.
Who runs what: Fluence co-founder Amit Bhusari, who has over 20 years of experience in nutraceuticals, will remain CEO of Fluence Pharma. Dr Rajput, the patent holder and co-founder, will continue in his scientific role. Dheeraj Nagpal, co-founder of Zingavita and a former executive at Zomato and American Express with more than 15 years of consumer business experience, will lead the new Honasa Health entity.
The investor presentation estimates the Indian vitamins, minerals, and supplements market at Rs 16,000 crore for FY25, with an 11% CAGR. Google AdWords data show that searches for hair and skin care nutraceuticals increased by about 40% from FY24 to FY26. According to Kearney and Redseer, over 80% of affluent consumers are willing to spend more on healthy lifestyle products.
Second deal in six months, broader sector consolidation: This is Honasa’s second acquisition since December 2025, following its purchase of Reginald Men. The Fluence deal continues Honasa’s strategy of acquiring established, niche brands and leveraging its distribution network.
The sector has seen several similar transactions: L’Oréal acquiring a majority stake in Innovist; HUL purchasing the remaining 49% of Oziva for Rs 824 crore and acquiring Minimalist at a pre-money valuation of Rs 2,955 crore; USV acquiring 79% of Wellbeing Nutrition; Marico buying 60% of Cosmix for Rs 375 crore, along with snack brand 4700BC; and ITC acquiring Yoga Bar. In each case, established companies are acquiring digital-first or science-led brands to address portfolio gaps rather than developing them internally.
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