Honasa Consumer (HCPL), the parent company ofand , on Monday, said that it has acquired Dr. Sheth’s, a skincare brand.
Through this acquisition, HCPL, founded by Varun Alagh and Ghazal Alagh, has control of the majority stake in Dr. Sheth’s at a valuation of Rs 28 crore. The primary round of funds will be directed to accelerate the future growth of the brand. While HCPL has control of the majority stake in Dr. Sheth’s, founder Dr. Aneesh Sheth will continue to lead the business and product innovation for the brand.
Founded in 2017, Dr. Sheth’s distributes through various e-commerce channels and its direct-to-consumer website. Dr. Aneesh Sheth, who has a PhD in Pharmacology, says he founded Dr. Sheth’s with the ambition of formulating skincare products using the knowledge aggregated over three generations and bringing the best of nature and science together.
The products, Dr Sheth’s says, are formulated to suit Indian skin. The brand’s product portfolio has solutions for skin concerns like pigmentation, acne, dryness, wrinkles, and many other conditions. With over 30 SKUs (stock-keeping units), the brand has claims to have served more than 200,000 consumers.
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The expertise of Dr. Sheth’s in creating specialized skincare for Indian consumers, coupled with the digital expertise of HCPL, will help scale the business of Dr. Sheth’s and further strengthen the leadership of HCPL in digital-first brands, according to a statement.
Commenting on the acquisition, Varun, Co-Founder and CEO, Honasa Consumer Pvt. Ltd. said, “Dr. Sheth’s is a brand that is synonymous with heritage and legacy, and we are excited about this partnership as it will help us widen our portfolio offerings under the HCPL umbrella.”
Honasa says it has established itself at the forefront of digital branding and marketing and that this acquisition will further strengthen the company’s strength in the millennial personal care segment.
Commenting on the partnership Aneesh said, “We are very excited about the partnership with HCPL – they bring a level of operational excellence that will make our expertise and our products accessible to a wider community. Their experience as a house of brands will also help us optimize our innovation and bring about a great range of skincare that combines the best of both worlds – science and nature. “