Quick Take
- Honasa Consumer will buy a 58% stake in Fluence Pharma at Rs 135 Cr enterprise value.
- The deal is a full secondary purchase, set to close within eight weeks of approval.
- Honasa enters nutraceuticals via a new subsidiary, Honasa Health, targeting inside-out skin care.
In This Article
Honasa Buys 58% Fluence Pharma at a Rs 135 Cr ($16.3 Mn) enterprise value, the Mamaearth parent confirmed in a joint statement on June 23, 2026, marking its first move into nutraceuticals.
The Gurugram-based company will pick up the majority stake through a secondary share purchase from existing owners. The remaining 42% will follow in two tranches over the next five to seven years. The deal is its second acquisition in less than a year, according to the company statement.
StartupFeed Insight
The price tells the real story. At Rs 135 Cr for a brand doing Rs 37.2 Cr in FY25 revenue (company filing), Honasa is paying roughly 3.6 times sales, a measured number for a profitable target with 20%+ EBITDA margins. This is not a moonshot bet. It is a bolt-on built for cross-selling to Fluence’s 3,000 plus dermatologists. StartupFeed expects Honasa Health to log its first full revenue quarter by Q3 FY27, with nutraceuticals contributing a small but visible slice of group sales within two years. Watch whether Honasa can scale Fluence beyond clinics into mass retail, the harder half of this plan. By StartupFeed Desk.
Honasa Buys 58% Fluence Pharma: Deal Breakdown
Honasa Buys 58% Fluence Pharma in a deal valuing the nutraceuticals firm at Rs 135 Cr ($16.3 Mn) on an enterprise value basis. The structure is fully secondary, meaning no fresh capital enters Fluence, according to the company statement.
| Metric | Detail | Notes |
|---|---|---|
| Enterprise Value | Rs 135 Cr ($16.3 Mn) | Subject to closing adjustments |
| Stake Acquired | 58% (initial) | Secondary purchase |
| Remaining Stake | 42% | Two tranches over 5-7 years |
| Target Revenue (FY25) | Rs 37.2 Cr | Up 3% YoY (company filing) |
| New Subsidiary | Honasa Health Pvt Ltd | Rs 1 Lakh initial capital |
| Announcement Date | June 23, 2026 | Closing within eight weeks |
The standout detail: Fluence carries EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) margins above 20%, per the joint statement, making it rare among acquired D2C (direct-to-consumer) brands that often run at a loss.
About Fluence Pharma
Fluence Pharma is a Mumbai-based nutraceuticals firm founded in 2012 by Amit Bhusari and Dr Rajendra Singh Rajput. It sells over-the-counter skin and hair health supplements under the Hair Fact, Skin Fact and Pro Fact brands. Its products use a patented Cyclical Nutrition Therapy (CNT) approach and sell through a network of over 3,000 dermatologists and trichologists, according to the company statement.
Why did Honasa back Fluence Pharma?
Honasa backed Fluence Pharma to enter India’s nutraceuticals market, which the company estimates at around Rs 16,000 Cr today. The deal gives Mamaearth’s parent a science-led supplements platform and a ready dermatologist channel, according to the company statement.
“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,” said Varun Alagh, Co-Founder and CEO, Honasa Consumer.
The logic is clear. Honasa sells creams and shampoos that work from the outside. Fluence sells supplements that work from the inside. Bundling both lets Honasa pitch full skin and hair routines, a model rivals are also chasing. You can read more on the company’s broader strategy via Honasa Consumer’s official website.
Who are Honasa’s nutraceutical rivals?
Honasa’s nutraceutical rivals include large beauty groups now buying into ingestible wellness. Earlier this month, L’Oréal announced its acquisition of Innovist, the parent of Bare Anatomy, at a Rs 4,100 Cr valuation, a far bigger bet than Honasa’s Rs 135 Cr deal, according to media reports.
| Acquirer | Target | Deal Value |
|---|---|---|
| Honasa Consumer | Fluence Pharma (58%) | Rs 135 Cr EV |
| L’Oréal | Innovist (Bare Anatomy) | Rs 4,100 Cr valuation |
What sets Honasa apart is its clinic-first channel: Fluence already reaches dermatologists directly, a trust route that mass-market rivals must still build.
What’s Next
Honasa expects the Fluence Pharma deal to close within eight weeks of approval, placing completion around mid-August 2026. After that, Honasa Health will start building end-to-end B2C operations and fold Fluence’s CNT science into its consumer brands. Can Honasa turn a clinic-led supplements maker into a mass-retail nutraceuticals brand the way it scaled Mamaearth? The next four quarters will tell.
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Last updated: June 24, 2026 at 11:30 IST
Written by Avinash. Published: June 24, 2026. Updated: June 24, 2026. Have a tip? Write to us at editorial@startupfeed.in.
