Honsa Consumer, a Delhi-based consumer goods company, raised a $37 million Series F round led by venture capital firm Sequoia Capital, becoming the latest Indian startup to achieve unicorn status.
The funding round values the startup at $1.07 billion, according According to estimates by Indian news site VCCircle. Honsa had earlier raised $50 million in July led by Sequoia Capital and Sofina Ventures, the Belgium-based investment company it is best known for. Investment Indian edtech billionaire Byju Ravindran’s Byju’s and Indian craft beer brand Bira at 91.
According to Indian news outlets, Honsa is the 45th startup in India to achieve unicorn status this year. Mint, Earlier this week, New Delhi-based nine-month-old startup GlobalBiz also joined the unicorn club after raising nearly $110 million in Series B financing led by Indian billionaire Azim Premji’s investment firm Premji Invest.
Honnasa – which stands for Honest, Natural and Safe – is known for operating the baby and beauty care brand Mamaearth. Some of Mamaearth’s best sellers include Vitamin C and Turmeric Face Wash, Onion Hair Oil and Tea Tree Shampoo. Their products are endorsed by notable Bollywood actresses such as Sara Ali Khan and Shilpa Shetty.
The startup was founded in 2016 by the husband-wife team of Varun and Ghazal Alagh. Varun is a consumer goods veteran who has worked at Coca-Cola, Diageo and Unilever, while Ghazal is a serial entrepreneur. Prior to Honsa, Ghazal founded DietExpert, a startup customizing diet plans for clients.
Honasa also runs Consumer Derma Company, another personal care startup for men and women. Derma Company sells its products on its website as well as Amazon, Flipkart and Nykaa, an Indian e-commerce company founded by Falguni Nair, India’s second richest self-made woman.