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- Mamaearth
Mamaearth Revenue, Valuation, Funding & Investors
Mamaearth is valued at $1B as of December 2021, a 10.0x multiple on its last reported $100M revenue.
Last Mamaearth valuation
$1B
Undisclosed stage · Dec 2021
Last Mamaearth funding round
$700K
Pre-seed · Sep 2022
Mamaearth revenue
$100M
Undisclosed stage · Dec 2021
Key investors in Mamaearth
Peak XV Partners
Sofina
Fireside Ventures
Stellaris Venture Partners
Shilpa Shetty
Sequoia Capital
About Mamaearth
Mamaearth is a Gurugram-based personal care brand offering toxin-free products for babies, mothers, and skincare. The portfolio includes shampoos, lotions, and diaper rash creams formulated with natural ingredients like oatmeal, aloe vera, and calendula. Certified by Made Safe, Mamaearth sells through e-commerce platforms Flipkart and Amazon India, as well as physical stores nationwide. Part of Honasa Consumer Ltd., listed on Indian stock exchanges since 2023.
Founded
2016
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Product sales
Revenue
$100M (Dec 2021)
Valuation
$1B (Dec 2021)
Mamaearth Valuation
Mamaearth is currently valued at $1B, based on its undisclosed-stage round in December 2021.
The $38M round was led by Peak XV Partners, with participation from Evolvence India Fund and Sofina.
Mamaearth's valuation has grown 1.4x from $730M at its Series C in July 2021 to $1B in December 2021, across 2 priced rounds.
Mamaearth valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Dec 2021 | Undisclosed stage | $1B | 10.0x |
| Jul 2021 | Series C | $730M | 13.5x |
Mamaearth Revenue
Mamaearth's latest recorded revenue is $100M, as of its undisclosed-stage round in December 2021. At a $1B valuation, that implies a 10.0x revenue multiple.
Revenue grew from $54M in July 2021 to $100M in December 2021, while the revenue multiple moved from 13.5x to 10.0x.
Mamaearth revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Dec 2021 | $100M | $1B | 10.0x | Undisclosed stage |
| Jul 2021 | $54M | $730M | 13.5x | Series C |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Mamaearth Funding History
Mamaearth has raised a total of $112M across 7 funding rounds.
Mamaearth's first fundraising round was a $1M seed round in September 2017. The most recent completed round was a $700K pre-seed round in September 2022.
Mamaearth funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2022 | Pre-seed | Shilpa Shetty (lead) | $700K | - | - |
| Dec 2021 | Undisclosed stage | Peak XV Partners (lead); Evolvence India Fund; Sofina | $38M | $1B | Mamaearth, a direct-to-consumer baby and mother care brand founded by Ghazal and Varun Alagh in Gurugram, India, raised around $37.5 million in a Series F round on approximately December 28, 2021, led by Peak XV Partners (formerly Sequoia Capital India), with participation from Evolvence India Fund and Sofina, achieving unicorn status with a post-money valuation exceeding $1 billion USD. The round involved allotment of 839 Series F preference shares at Rs 33,85,049 each, marking Mamaearth as the 43rd Indian unicorn of 2021 and one of few with a female co-founder. At the time of the funding, Mamaearth had crossed an annual revenue run rate of $100 million (Rs 700 crore) in financial year 2021, reflecting strong growth in the D2C personal care sector. Peak XV Partners entered the cap table at a valuation of less than Rs 700 crore ($84 million), setting the stage for substantial returns realized later through Mamaearth's oversubscribed IPO in November 2023 under Honasa Consumer, where Peak XV achieved a 10x return. The unicorn round propelled Mamaearth's expansion, following its recent acquisition of parenting content platform Momspresso and influencer marketing platform Momspresso MyMoney. |
| Jul 2021 | Series C | Sofina (lead); Peak XV Partners | $50M | $730M | Mamaearth, operated by Honasa Consumer Pvt Ltd, is a direct-to-consumer (D2C) baby and skincare products startup founded in 2016 by Varun and Ghazal Alagh. It has emerged as one of India's leading new-age consumer brands, focusing on millennial propositions with an internet-first approach, selling via websites and ecommerce platforms while planning offline expansion. The company raised $50 million in a funding round on July 26, 2021, led by Sofina Ventures with participation from Peak XV Partners (formerly Sequoia Capital India), valuing the company at $730 million post-money. This marked more than double its previous $300 million valuation from nine months earlier. Early investors including Fireside Ventures, Stellaris Venture Partners, Sharp Ventures, and Titan Capital sold portions of their stakes in the round, which also allowed some early employees to monetize vested ESOPs. Sofina led with $27 million according to regulatory filings. Mamaearth reported a revenue run rate of over Rs 500 crore (about Rs 42 crore monthly) at the time, though exact revenue figures were not disclosed. The funds were earmarked for aggressive offline distribution expansion, accelerating growth of sub-brand The Derma Co. (launched in 2020), and exploring inorganic growth opportunities like acquisitions in the beauty and personal care segment to build a house of brands. The round aligns with strong investor interest in India's D2C beauty sector, competing with players like Wow Skin Science (backed by ChrysCapital) and others pursuing Thrasio-like models such as GlobalBees. Mamaearth's strategy emphasizes disruptive innovations and rapid execution in personal care. Subsequent developments included further funding, such as a December 2021 round at $1.07 billion valuation led by Peak XV, and a 2023 IPO where it debuted as India's youngest unicorn to list with a $1.3 billion market cap. |
| Jan 2020 | Series B | Peak XV Partners (lead); Stellaris Venture Partners; Fireside Ventures; Sharp Ventures | $18M | - | Mamaearth, a Gurugram-based direct-to-consumer personal care brand founded in 2016 by Ghazal and Varun Alagh, initially focused on baby care products before expanding into broader personal care. The company reported revenue of INR 112 Cr in FY2020, marking a 6x increase from INR 17.9 Cr in FY2019, driven by product sales growing 6.7x to INR 109.7 Cr and other income doubling to INR 2.22 Cr. Despite this growth, it recorded losses of INR 5.9 Cr, with advertising expenses surging 5.2x to INR 45.8 Cr to boost e-commerce and website sales. Post-FY2020, Mamaearth achieved INR 300 Cr+ revenue in FY2021, more than doubling from FY2020 levels, as noted by Fireside Ventures' Kanwaljit Singh in January 2021. The company aimed for INR 1,000 Cr ARR by 2023 through international expansion. Later developments under parent Honasa Consumer showed continued growth, with recent quarters like Q3FY26 reporting INR 602 Cr revenue and INR 66 Cr EBITDA. |
| Sep 2018 | Series A | Fireside Ventures (lead); Stellaris Venture Partners (lead); Rohit Bansal; Rishabh Mariwala; Sequoia Capital; Sofina; Kunal Bahl | $4M | - | - |
| Apr 2018 | Pre-seed | Shilpa Shetty (lead) | $300K | - | - |
| Sep 2017 | Seed | Fireside Ventures (lead); Titan Capital | $1M | - | - |
Who has invested in Mamaearth?
12 investors have backed Mamaearth across its funding rounds, including Peak XV Partners, Sofina, Fireside Ventures, Stellaris Venture Partners, Shilpa Shetty and Sequoia Capital.
Lead investors include Shilpa Shetty, Peak XV Partners, Sofina, Fireside Ventures and Stellaris Venture Partners.
Mamaearth Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Sep 2017 | ||
| 3 | Lead | Sep 2018 | ||
| 3 | Lead | Jan 2020 | ||
| 2 | Lead | Sep 2018 | ||
| -- | 2 | Lead | Apr 2018 | |
| 1 | Participant | Dec 2021 | ||
| 1 | Participant | Sep 2018 | ||
| 1 | Participant | Sep 2018 | ||
| 1 | Participant | Jan 2020 | ||
| 1 | Participant | Sep 2018 | ||
This data is available for Pro users. Sign up to see all 12 Mamaearth investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by Mamaearth
Mamaearth has acquired 4 companies to date.
Last acquisition by Mamaearth was on May 16th 2022. Mamaearth acquired Dr. Sheth's for $4M.
Latest Acquisitions by Mamaearth
| Description | Dr. Sheth's is a Mumbai-based skincare brand developed by dermatologists for Indian skin types prone to sensitivity and pollution. It offers products like soaps, creams, and serums addressing acne, pigmentation, and hydration using natural ingredients such as turmeric and neem. Available through e-commerce and pharmacies across India, the line draws from generations of clinical expertise. | BBlunt is a Mumbai-based hair care brand offering salon-grade products like permanent hair colors, ammonia-free dyes, shampoos, conditioners, and styling gels through 500 salons across India. Its Hot Shot range provides 40-minute color applications in 20 shades, while serums target damage repair. Acquired by Godrej in 2014, BBlunt expands via e-commerce and franchise salons in Southeast Asia. | Momspresso is an Indian online marketplace in Mumbai curating kids' activities and services. Parents book classes, events, and party venues in cities like Delhi and Bangalore through the app. Features include reviews, online payments, and cash options for camps and birthday spots. | Momspresso MyMoney is a Mumbai-based influencer marketing platform connecting brands with parent creators. Operating under Momspresso, it manages campaigns for products like diapers and toys across Instagram and YouTube. Tools track engagement metrics for Indian markets. |
| HQ Country | ||||
| HQ City | Mumbai | Mumbai | Gurgaon | Gurgaon |
| Deal Date | 16 May 2022 | 14 Feb 2022 | 24 Dec 2021 | 24 Dec 2021 |
| Valuation | $4M | $18M | $2M | $4M |
| EV/Revenue | ||||
| EV/EBITDA | ||||
This data is available for Pro users. Sign up to see all Mamaearth acquisitions and their M&A valuation multiples. Start Free Trial | ||||
Mamaearth Competitors
Mamaearth competitors include listed companies like Chicmax Cosmetic, The Honest Company, PZ Cussons and Tiger Brands, and private ones like Augustinus Bader and BeiBei.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $1.4B | $235M | $1.1B | 0.8x | ||
| Publicly listed | $371M | ($8M) | $571M | 1.4x | ||
| Publicly listed | $727M | $132M | $552M | 0.8x | ||
| Publicly listed | $2.1B | $414M | $2.4B | 1.1x | ||
| Private | $100M | - | $1B | 10.0x | ||
| Private | - | - | $1B | - |
Mamaearth Public Comps
Mamaearth is still privately-owned, but its public comps include Cosmecca Korea, Chicmax Cosmetic, Procter & Gamble Health, Mega Lifesciences, T Hasegawa, Sarantis Group, ODDITY Tech, Brainbees Solutions, Menicon and Rastar Group.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $467M | $71M | 2.5x | 2.1x | 16.5x | 12.9x | |||
| $1.4B | $235M | 0.8x | 0.8x | 4.5x | 7.3x | |||
| $144M | $48M | 6.4x | 6.0x | 19.1x | 18.3x | |||
| $425M | $82M | 2.0x | 1.9x | 10.2x | 8.4x | |||
| $472M | $96M | 1.5x | 1.4x | 7.2x | - | |||
| $690M | $104M | 1.3x | 1.3x | 8.7x | 8.3x | |||
| $810M | $131M | 1.5x | 1.8x | 9.6x | 18.3x | |||
| $866M | $29M | 1.1x | 1.0x | 31.8x | 23.1x | |||
This data is available for Pro users. Sign up to see all Mamaearth competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Mamaearth
| When was Mamaearth founded? | Mamaearth was founded in 2016. |
| Where is Mamaearth headquartered? | Mamaearth is headquartered in Gurgaon, India. |
| Is Mamaearth publicly listed? | No, Mamaearth is a private, VC-backed company. |
| What is Mamaearth's valuation? | Mamaearth was last valued at $1B in its undisclosed-stage round in December 2021. |
| How much funding has Mamaearth raised? | Mamaearth has raised $112M across 7 funding rounds. |
| What was Mamaearth's last funding round? | Mamaearth's last funding round was a $700K pre-seed round in September 2022, led by Shilpa Shetty. |
| Who are Mamaearth's investors? | Mamaearth's investors include Fireside Ventures, Sofina, Peak XV Partners, Stellaris Venture Partners, Shilpa Shetty, Evolvence India Fund, Rohit Bansal, Rishabh Mariwala, Sharp Ventures, Sequoia Capital and 2 others. |
| What is Mamaearth's revenue? | Mamaearth's latest recorded revenue is $100M (December 2021). |
| What is Mamaearth's revenue multiple? | Mamaearth's latest valuation implies a 10.0x revenue multiple ($1B valuation on $100M of revenue). |
| Which companies are comparable to Mamaearth? | Companies comparable to Mamaearth include Chicmax Cosmetic, The Honest Company, PZ Cussons, Tiger Brands, Augustinus Bader and BeiBei. |
| How many companies has Mamaearth acquired? | Mamaearth has acquired 4 companies, including Dr. Sheth's, BBlunt, Momspresso and Momspresso MyMoney. |
| What was the largest acquisition by Mamaearth? | The $18M acquisition of BBlunt in February 2022 is the largest acquisition Mamaearth has made to date. |
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