Mamaearth’s parent company, Honasa Consumer, has successfully secured a 58% ownership in Fluence Pharma, a nutraceuticals firm, at an enterprise valuation of approximately Rs 135 crore. This strategic acquisition allows Honasa to enter the growing nutraceuticals sector. The firm intends to acquire the remaining 42% share in two stages over the next five to seven years. As part of this deal, Honasa will also launch a wholly owned subsidiary named Honasa Health, dedicated to establishing a direct-to-consumer nutraceuticals business. The plan is to merge Fluence Pharma’s clinical expertise and network of practitioners with Honasa’s strong brand-building and digital marketing skills.

Overview of Fluence Pharma

Founded in 2012 by Amit Bhusari and Dr Rajendra Singh Rajput, Fluence Pharma is known for providing hair and skin health supplements via dermatologists under several brands including Hair Fact, Skin Fact, and Pro Fact. The company has notably developed the patented Cyclical Nutrition Therapy (CNT) platform and has established a network of over 3,000 dermatologists throughout India.

Strategic Alignment and Market Potential

Honasa believes that this acquisition aligns with its broader strategy to venture into science-driven wellness and nutrition products, capitalising on the increasing consumer interest in “inside-out” beauty solutions. The nutraceuticals sector in India is projected to be valued at over Rs 16,000 crore.

Fluence Pharma’s Financial Performance

Fluence Pharma reported a revenue of roughly Rs 40 crore in FY26, boasting an EBITDA margin exceeding 20%, according to the company’s financial presentation. A significant portion, over 70%, of its revenue is generated from products focused on hair health.

Honasa’s Recent Business Moves

This acquisition marks Honasa’s second strategic investment in a short span of six months. In December 2025, the company entered the men’s grooming industry with the acquisition of Reginald Men.

Trends in India’s D2C Beauty and Wellness Sector

India’s direct-to-consumer beauty and wellness market has witnessed a flurry of acquisitions in recent times as major consumer organisations have sought to enhance their portfolios through digital-first brands. Recently, French beauty leader L’Oréal agreed to acquire a majority stake in the personal care startup Innovist. Earlier this year, Hindustan Unilever Limited (HUL) purchased the remaining 49% share in Oziva for Rs 824 crore, while USV acquired a 79% stake in Wellbeing Nutrition. Furthermore, Marico secured a 60% holding in Cosmix at a valuation of Rs 375 crore. Other notable transactions included Marico’s acquisition of 4700BC and ITC’s purchase of Yoga Bar. The trend towards consolidation accelerated last year when HUL acquired Minimalist at a pre-money valuation of Rs 2,955 crore.