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

Mamaearth Overview

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

IndiaGurgaon

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
Mamaearth valuation by funding round
DateStageValuationRevenue Multiple
Dec 2021Undisclosed stage$1B10.0x
Jul 2021Series C$730M13.5x

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

Mamaearth revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Dec 2021$100M$1B10.0xUndisclosed stage
Jul 2021$54M$730M13.5xSeries 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

Mamaearth funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Sep 2022Pre-seedShilpa Shetty (lead)$700K--
Dec 2021Undisclosed stagePeak XV Partners (lead); Evolvence India Fund; Sofina$38M$1BMamaearth, 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 2021Series CSofina (lead); Peak XV Partners$50M$730MMamaearth, 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 2020Series BPeak 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 2018Series AFireside Ventures (lead); Stellaris Venture Partners (lead); Rohit Bansal; Rishabh Mariwala; Sequoia Capital; Sofina; Kunal Bahl$4M--
Apr 2018Pre-seedShilpa Shetty (lead)$300K--
Sep 2017SeedFireside 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

Investors in Mamaearth by funding rounds participated
InvestorHQRoundsRoleFirst check
Fireside VenturesIndiaBangalore3LeadSep 2017
SofinaBelgiumBrussels3LeadSep 2018
Peak XV PartnersIndiaBangalore3LeadJan 2020
Stellaris Venture PartnersIndiaBangalore2LeadSep 2018
Shilpa Shetty--2LeadApr 2018
Evolvence India FundIndiaMumbai1ParticipantDec 2021
Rohit BansalIndiaGurgaon1ParticipantSep 2018
Rishabh MariwalaIndiaMumbai1ParticipantSep 2018
Sharp VenturesIndiaHyderabad1ParticipantJan 2020
Sequoia CapitalUnited StatesSan Francisco, CA1ParticipantSep 2018

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Acquisitions 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

Dr. Sheth's
BBlunt
Momspresso
Momspresso MyMoney
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 CountryIndiaIndiaIndiaIndia
HQ City
Mumbai
Mumbai
Gurgaon
Gurgaon
Deal Date16 May 202214 Feb 202224 Dec 202124 Dec 2021
Valuation$4M$18M$2M$4M
EV/Revenue
EV/EBITDA

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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.

Public and private companies comparable to Mamaearth
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Chicmax CosmeticChinaChinaPublicly listed$1.4B$235M$1.1B0.8x
The Honest CompanyUnited StatesUnited StatesPublicly listed$371M($8M)$571M1.4x
PZ CussonsUnited KingdomUnited KingdomPublicly listed$727M$132M$552M0.8x
Tiger BrandsSouth AfricaSouth AfricaPublicly listed$2.1B$414M$2.4B1.1x
Augustinus BaderUnited KingdomLondonPrivate$100M-$1B10.0x
BeiBeiChinaHangzhouPrivate--$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 FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Cosmecca Korea$467M$71M2.5x2.1x16.5x12.9x
Chicmax Cosmetic$1.4B$235M0.8x0.8x4.5x7.3x
Procter & Gamble Health$144M$48M6.4x6.0x19.1x18.3x
Mega Lifesciences$425M$82M2.0x1.9x10.2x8.4x
T Hasegawa$472M$96M1.5x1.4x7.2x-
Sarantis Group$690M$104M1.3x1.3x8.7x8.3x
ODDITY Tech$810M$131M1.5x1.8x9.6x18.3x
Brainbees Solutions$866M$29M1.1x1.0x31.8x23.1x

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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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