Mamaearth Parent Honasa Buys 58% in Fluence Pharma, Enters Nutraceuticals
The Mamaearth parent Honasa Consumer is moving into a new business. The company will buy a 58% stake in Fluence Pharma for about Rs 135 crore. This deal marks Honasa’s entry into nutraceuticals. A nutraceutical is a food-based product, like a pill or powder, that claims a health benefit beyond basic nutrition. Think hair and skin supplements. Honasa wants to sell these “inside-out” wellness products alongside its creams and shampoos.
This is a big strategic step. Honasa is best known for Mamaearth, its star beauty and personal care brand. Now it wants to grow beyond what you put on your skin, and into what you swallow for better skin and hair.
What exactly did Honasa buy?
Honasa is buying a 58% stake in Fluence Pharma. A “stake” simply means a share of ownership in a company. A 58% stake means Honasa will own more than half of Fluence, so it gets control.
The deal value is around Rs 135 crore. Honasa is buying this 58% through a secondary purchase. That means it is buying shares from existing owners, not from fresh new shares. The remaining 42% will be bought later, in two phases, over the next five to seven years. This will happen only if certain agreed targets are met. Buying a company in steps like this is common. It lets the buyer pay more later if the business does well.
Honasa’s board also approved a brand-new company called Honasa Health Private Limited. This will be a wholly owned subsidiary. A “subsidiary” is a company owned by another company. “Wholly owned” means Honasa owns 100% of it. Honasa Health will focus on selling nutraceutical products directly to customers online. This is the direct-to-consumer model, where a brand sells straight to you on its website or app, with no middleman shop in between.
Who is Fluence Pharma?
Fluence Pharma was founded in 2012. Its founders are Amit Bhusari and Dr Rajendra Singh Rajput. The company makes supplements for hair and skin health. Its main brands are Hair Fact, Skin Fact and Pro Fact.
Here is the clever part. Fluence does not sell mainly through normal shops. It sells through doctors. The company has built a network of more than 3,000 dermatologists across India. A dermatologist is a skin and hair doctor. When a doctor recommends a product, patients tend to trust and buy it. This doctor-led channel is hard for rivals to copy quickly.
The money behind the deal
Fluence is small for now, but it is healthy. In FY26 (the financial year running April 2025 to March 2026), Fluence reported revenue of around Rs 40 crore. Revenue is the total money a company earns from sales before costs.
More importantly, Fluence had EBITDA margins above 20%. EBITDA is a measure of operating profit before interest, tax, and some accounting charges. A margin above 20% means the business keeps more than Rs 20 as operating profit out of every Rs 100 of sales. That is a strong, profitable base for Honasa to build on.
| Key fact | Detail |
|---|---|
| Buyer | Honasa Consumer (parent of Mamaearth) |
| Target | Fluence Pharma |
| Stake bought now | 58% |
| Deal value | About Rs 135 crore |
| Remaining stake | 42%, in two phases over 5–7 years |
| New subsidiary | Honasa Health Private Limited (100% owned) |
| Fluence founded | 2012 |
| Fluence brands | Hair Fact, Skin Fact, Pro Fact |
| Doctor network | 3,000+ dermatologists |
| Fluence FY26 revenue | About Rs 40 crore |
| Fluence EBITDA margin | Above 20% |
Why is Honasa doing this?
Honasa’s CEO, Varun Alagh, has explained the logic clearly. He sees nutraceuticals as the next phase of growth in beauty and personal care. More and more shoppers want “inside-out” solutions. They believe that taking the right supplement can help their skin and hair from the inside, not just from creams on the outside.
So the strategy fits Honasa’s existing customers. Someone already buying a Mamaearth face serum might also buy a hair supplement from the same trusted house of brands. Honasa gets a new product line, a ready doctor network, and a profitable company in one move.
FAQ
What is a nutraceutical in simple words?
A nutraceutical is a health product made from food ingredients, like a vitamin pill or a supplement powder. It claims a health benefit, such as stronger hair or clearer skin, beyond just feeding you. It sits between regular food and medicine.
How much is Honasa paying and for how much of Fluence?
Honasa is paying about Rs 135 crore for a 58% stake in Fluence Pharma right now. It plans to buy the remaining 42% later, in two phases, over the next five to seven years.
Will Mamaearth products change because of this?
No. Mamaearth’s beauty and personal care products stay the same. The new nutraceutical business will run under a separate company, Honasa Health, and sell supplements like hair and skin pills online.
Why it matters (especially for India / founders)
This deal shows how Indian consumer brands are growing. Instead of building everything from scratch, Honasa bought a company that already had products, a doctor network, and profit. This is the “buy, don’t build” playbook. For founders, it is a lesson in speed: an acquisition can give you years of work in one signature.
It also points to a hot market. India’s wellness and supplement demand is rising fast. Brands that can win consumer trust, especially through doctors, have a strong edge. This is the same wider growth story you see in other big Indian bets, such as Waaree Energies targeting a huge long-term revenue goal, and the country’s push to supercharge new-age tech and industry. Indian companies are thinking big and buying their way into new sectors.
The takeaway
Honasa is no longer just a beauty company. By buying 58% of Fluence Pharma for about Rs 135 crore, it has stepped into the fast-growing nutraceuticals market. With Fluence’s profitable base, strong brands, and 3,000-plus dermatologist network, Honasa has a real head start. Now the test is whether it can scale these supplements the way it once scaled Mamaearth.
Sources
- Financial Express — Mamaearth-parent Honasa enters nutraceuticals, buys 58% in Fluence Pharma
- Inc42 — Honasa Consumer Acquires Majority Stake In Fluence Pharma For Rs 135 Cr
- Entrackr — Mamaearth parent Honasa acquires 58% stake in Fluence Pharma for Rs 135 Cr
