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Mamaearth

D2C (Personal Care)Gurugram, Haryana, India

Mamaearth is an Indian direct-to-consumer personal care brand selling toxin-free skincare, haircare and baby care products. It is the flagship brand of listed parent Honasa Consumer Limited, which also operates The Derma Co, Aqualogica and BBlunt.

1StartupFox story
2016Founded
D2C(Personal Care)Sector
May 2026Latest coverage

Funding

Mamaearth has raised $2.01B across 5 disclosed rounds, most recently a IPO in Nov 2023.

$2.01BRaised
IPOLatest round · Nov 2023
₹324Valuation
5Events
IPONov 2023reported
$1.7B
InvestorsPublic issue, NSE and BSE (Honasa Consumer Ltd)
ValuationListed at ₹324/share; ~$1.3B market cap on debut
Tap any bar to see that round
Listed at ₹324/share; ~$1.3B market cap on debut
Nov 2023IPO$1.7BPublic issue, NSE and BSE (Honasa Consumer Ltd) Listed at ₹324/share; ~$1.3B market cap on debut
Jan 2022Series E$52MSequoia Capital India (Peak XV Partners), Sofina Ventures, Evolvence India $1.2B
Dec 2021Series D$78MEvolvence India, Sofina Ventures, Sequoia Capital India (Peak XV Partners)
Jul 2021Series C$50MSofina Ventures, Sequoia Capital India, Fireside Ventures, Stellaris Venture Partners $730M
Jan 2020Series B$130MSequoia Capital India, Fireside Ventures, Stellaris Venture Partners

Valuation journey

Price marks from disclosed rounds — Mamaearth has been a unicorn since Jan 2022, last reported at $1.3B (unconfirmed).

$358M$717M$1.1B$1.4B $730M$1.2B$1.3B JUL 2021JAN 2022NOV 2023
◉ Disclosed at round◌ Reported, unconfirmed
IPO · $1.7BNov 2023reported
$1.3B
Step-up1.1× vs Jan 2022
Listed at ₹324/share; ~$1.3B market cap on debut
Tap any mark to see that valuation

Investor roster

Every disclosed backer and how often they've written a cheque — repeat names are the strongest conviction signal on the cap table.

New · Latest leadPublic issue1 round · 2023
Sofina Ventures3 rounds · since 2021
Evolvence India2 rounds · since 2021
Sequoia Capital India (Peak XV Partners)2 rounds · since 2021
Fireside Ventures2 rounds · since 2020
Sequoia Capital India2 rounds · since 2020
Stellaris Venture Partners2 rounds · since 2020
NSE and BSE (Honasa Consumer Ltd)1 round · 2023
Aggregated automatically from the disclosed rounds above.

Financials

Revenue and profit after tax as filed with the Registrar of Companies.

FY26Revenuefiled
₹2,392 Cr
PAT₹200 Cr profit
EBITDA
Growth+16% YoY
Basisconsolidated
Reported revenue; like-for-like ₹2,479 Cr after a Flipkart accounting change (~₹87 Cr). Maiden dividend of ₹3/share announced
Tap any bar to see that year
₹ figures as filed, not restated

Leadership

VAVarun AlaghCo-founder · CEO, Honasa Consumer

The Mamaearth journey

2016 · founded
Founded in Gurugram by Ghazal Alagh, Varun Alagh.
Jan 2020 · funding
Series B — $130M, led by Sequoia Capital India.
Jul 2021 · funding
Series C — $50M at $730M, led by Sofina Ventures.
Dec 2021 · funding
Series D — $78M, led by Evolvence India.
Jan 2022 · funding
Series E — $52M at $1.2B, led by Sequoia Capital India (Peak XV Partners).
Nov 2023 · funding
IPO — $1.7B, led by Public issue.
IPO Watchconfirmed
StatusListed on NSE & BSE since Nov 2023 (Honasa Consumer)
Source ↗

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Latest on Mamaearth

Lite Updates
Mamaearth Founders Join Deepinder Goyal's Temple Pilot, Wearing the Experimental Brain Tracker
9 MAY 2026 · 3 MIN READ

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Frequently Asked

What is Mamaearth?

Mamaearth is an Indian direct-to-consumer personal care brand selling toxin-free skincare, haircare and baby care products. It is the flagship brand of listed parent Honasa Consumer Limited, which also operates The Derma Co, Aqualogica and BBlunt.

Who founded Mamaearth?

Mamaearth is associated with Ghazal Alagh, Varun Alagh.

How much funding has Mamaearth raised?

Mamaearth has raised $2.01B across 5 disclosed rounds. The most recent was a $1.7B IPO in Nov 2023.

Who are Mamaearth's investors?

Disclosed investors in Mamaearth include Public issue, NSE and BSE (Honasa Consumer Ltd), Sequoia Capital India (Peak XV Partners), Sofina Ventures, Evolvence India, Sequoia Capital India, Fireside Ventures, Stellaris Venture Partners.

What is Mamaearth's valuation?

Mamaearth was last reported at Listed at ₹324/share; ~$1.3B market cap on debut, at the time of its IPO in Nov 2023.

Is Mamaearth profitable?

Per its FY26 consolidated filing, Mamaearth reported ₹2,392 Cr in revenue, with a ₹200 Cr profit.

What is the status of the Mamaearth IPO?

Listed on NSE & BSE since Nov 2023 (Honasa Consumer).

What is the latest news on Mamaearth?

The most recent StartupFox coverage is “Mamaearth Founders Join Deepinder Goyal's Temple Pilot, Wearing the Experimental Brain Tracker” (9 May 2026). All stories are listed on this page.