Honasa Consumer Acquires 58% Stake in Fluence Pharma

Honasa Consumer, the Mamaearth parent that built India’s biggest digital-first beauty house, is moving into the medicine cabinet. On June 23, the company said it would acquire a 58% stake in Fluence Pharma, a nutraceuticals maker, in a deal valuing the firm at an enterprise value of roughly ₹135 crore. It is Honasa Consumer’s clearest bet yet that the next decade of beauty will be swallowed, not just applied — and its formal entry into the nutraceuticals and health supplements market.

The Honasa–Fluence Pharma deal at a glance:

Stake: 58% now; remaining 42% in two tranches over five to seven years
Enterprise value: ~₹135 crore, subject to closing adjustments
New vertical: Honasa Health, a dedicated B2C nutrition subsidiary
Fluence FY26 numbers: ~₹40 crore revenue at a 20%-plus EBITDA margin

What the Honasa–Fluence Pharma deal includes

The structure is staged. Honasa picks up the 58% stake in Fluence Pharma upfront, then buys the rest through secondary purchases in two tranches over the next five to seven years once the first phase closes. The ₹135 crore enterprise value is subject to closing adjustments and agreed conditions. Rather than fold the supplements business into Mamaearth, Honasa will run it through a separate arm — Honasa Health — built around a business-to-consumer nutrition portfolio.

Why Honasa Consumer is betting on “inside-out” beauty

The logic behind Honasa Consumer’s move is a category it calls “inside-out” beauty — pairing topical skincare and haircare with ingestible supplements that work on the same concerns from within. It is a large pool to fish in: India’s nutraceuticals market is worth more than ₹16,000 crore, and demand for hair, skin and wellness supplements has climbed fast among younger, urban buyers — the same appetite fuelling Phab’s protein-snack round.

Co-founder and CEO Varun Alagh framed it as a generational shift. “While the last decade was shaped by topical actives, we believe the next decade will be defined by the powerful convergence of science-backed skin and hair care, and nutraceuticals,” he said, adding that the deal advances the company’s vision of “a future-ready House of Brands and a more resilient, diversified growth engine.”

For Honasa, the diversification matters. Competition in beauty and personal care has only intensified, and a supplements vertical gives the Mamaearth parent a second growth engine that is harder for rivals to copy.

Inside Fluence Pharma: products, patented science and revenue

Founded by Amit Bhusari and Rajendra Singh Rajput, Fluence Pharma develops over-the-counter supplements for hair and skin conditions. Its three flagship lines — Hair Fact, Skin Fact and Pro Fact — sit on a patented platform the company calls Cyclical Nutrition Therapy, its pitch for clinically validated efficacy.

What likely sealed the deal is distribution and trust. Fluence has built a network of more than 3,000 dermatologists across India, the kind of doctor-led credibility that takes years to earn. The numbers back the science up too: the company reported about ₹40 crore in revenue in FY26 at an EBITDA margin above 20% — profitable, not just promising (Moneycontrol, Economic Times).

Bhusari said the partnership solves the company’s missing piece. “We needed a partner who could take these clinical solutions to a wider consumer base,” he said, pointing to Honasa’s “digital-first capabilities, data-driven consumer insights, and proven track record of scaling young brands.”

Who will lead Honasa Health

Honasa Health will be led by Dheeraj Nagpal, earlier co-founder of nutraceuticals brand Zingavita. He has also held leadership roles at Zomato and American Express — a mix of consumer-internet scale and category know-how that signals how seriously Honasa is taking the build-out.

India’s beauty and wellness acquisition wave

The Fluence deal does not stand alone. It follows Honasa’s December 2025 purchase of a 95% stake in BTM Ventures, the company behind men’s grooming brand Reginald Men, and slots into a broader beauty and wellness acquisition wave sweeping India’s consumer sector.

Consider the company it keeps. L’Oréal has agreed to take a majority stake in personal care brand Innovist. Hindustan Unilever bought the remaining 49% of Oziva and a majority stake in skincare label Minimalist at a pre-money enterprise value of ₹2,955 crore. Marico picked up majority stakes in Cosmix and 4700BC, while ITC absorbed Yoga Bar. Big consumer houses are buying their way into wellness — and Honasa wants a seat at that table. The dealmaking isn’t confined to beauty, either; healthcare M&A is running just as hot, as the Sun Pharma–Organon deal shows.

The bottom line

For investors, the read is straightforward: a high-growth D2C brand is using a profitable, science-led bolt-on to widen its moat while the wider beauty-meets-wellness land grab is still in motion. Execution through Honasa Health will decide whether “inside-out beauty” becomes a real revenue line or a neat slide in an earnings deck. The early signals — patented IP, dermatologist reach, and 20%-plus margins — give it a credible start.

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Author

Sachin

Sachin Sidharth is a Digital Marketing professional with a master’s degree in Digital Marketing from Coventry University, UK. He has 10+ years of blogging and online marketing experience. He currently heads Digital Acquisition for a leading London-based Fintech firm. At KnowStartup.com He focuses on writing Digital Marketing guides and manages...