Stellaris Sells 1% Stake In Mamaearth Parent For INR 141 Cr Via Bulk Deal

SUMMARY

Stellaris Venture Partners India I, has sold 32,17,468 shares of Honasa Consumer Limited, the parent company of Mamaearth, a beauty and personal care company

This bulk deal transpired at an average price of INR 437.04 per share, resulting in a transaction value of INR 140.61 Cr

Stellaris Venture Partners now holds a reduced shareholding of 4.78%, down from its previous 5.78% stake in Honasa Consumer

Homegrown venture capital firm Stellaris Venture Partners has offloaded 1% stake in Mamaearth’s parent entity Honasa Consumer Limited via an open market transaction, valuing the total deal at INR 140.61 Cr.

According to data from the National Stock Exchange (NSE), the VC firm, acting through its affiliate Stellaris Venture Partners India I, has sold 32,17,468 shares of Honasa Consumer Limited.

This bulk deal transpired at an average price of INR 437.04 per share, resulting in a transaction value of INR 140.61 Cr.

Following this recent transaction, Stellaris Venture Partners now holds a reduced shareholding of 4.78%, down from its previous 5.78% stake in Honasa Consumer.

Since its establishment in 2017, Stellaris has supported various industry leaders, including Mamaearth, Whatfix, Propelld, Ayu Health, Turno, Rigi, and others.

Earlier in August 2021, Stellaris Venture Partners announced the closing of its second fund at $225 Mn.

Mamaearth, a Gurugram-based startup specialising in mother and baby care, had secured $4 Mn (INR 27.5 Cr) in a Series A funding round led by Stellaris Ventures in September 2018.

Founded in 2016 by Varun and Ghazal Alagh, Honasa Consumer Limited operates brands such as Mamaearth, The Derma Co., Aqualogica, and Ayuga. The company also acquired stakes in BBlunt and Dr. Sheths.

Achieving unicorn status in December 2022, Honasa secured $52 Mn at a valuation of $1.2 Bn in a fundraising round led by VC firm Peak XV (formerly Sequoia Capital). It was subsequently listed on public markets on November 7, 2023.

In the September quarter (Q2) of the financial year 2023-24 (FY24), HCL reported a profit after tax (PAT) of INR 29.4 Cr, marking a substantial 94% increase from the INR 15.2 Cr recorded in the corresponding period of the previous year. For H1 FY24, the company achieved INR 960.6 Cr in sales revenue, compared to INR 1,492.7 Cr in FY23.

On January 9, 2024, Mamaearth shares opened trading on the Bombay Stock Exchange (BSE) at INR 488.45, reflecting a 3.03% increase.