Skin care brand Aqualogica, owned by Honasa Consumer Ltd (HCL), claims to have achieved the Rs 12.5 crore monthly revenue milestone within 18 months.

HCL's in-house portfolio also includes digital-first consumer brands like Mamaearth, The Derma Co. and Ayuga. Apart from these owned brand, it has acquired stakes in beauty brand BBlunt and Dr. Sheth’s skincare solution chain. 

Commenting on this Varun Alagh, co-founder and CEO of the company, said, “HCL has attained expertise in building brands with a digital-first approach as this allows us to tell our story and connect with consumers directly. We have built playbooks created to launch and scale brands, which are showing results with every new brand we launch, Aqualogica being the recent example.”  

Aqualogica is expanding beyond six product ranges and 50 SKUs and strengthening its online presence and offline network. It caters to over 1.2 million consumers, said the company in its statement. 

Last December, HCL submitted a Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) to initiate an initial public offering (IPO). In March 202, it delayed its IPO due to unfavourable market conditions.

Earlier this month, SEBI granted approval to HCL to raise funds through a public listing.  

As outlined in the DRHP, its fundraising strategy involves a dual approach: a fresh issue of equity shares, each with a face value of Rs 10, and an offer-for-sale (OFS).

The intended funds from the fresh issue of equity shares amount to Rs 400 crore, while the OFS encompasses a total of 46,819,635 equity shares and encompasses both external investors and individual shareholders.

The list of OFS shareholders features prominent names, including founder Varun Alagh, who holds up to 3,186,300 equity shares; his wife and co-founder Ghazal Alagh, with up to 100,000 equity shares; Evolvence India Coinvest PCC, holding up to 220,613 equity shares; Evolvence India Fund III Ltd, with up to 862,987 equity shares; Fireside Ventures Fund, contributing up to 7,972,478 equity shares; Sofina Ventures, with up to 19,133,948 equity shares; and Stellaris Venture Partners India, holding up to 12,755,965 equity shares.

Notably, its investor Sequoia (now Peak XV Partners) was not mentioned within the OFS segment.

Further notable OFS shareholders encompass Kunal Bahl, who possesses up to 777,672 equity shares; Rishabh Harsh Mariwala, holding up to 477,300 equity shares; Rohit Kumar Bansal, with up to 777,672 equity shares; and Shilpa Shetty Kundra, holding up to 554,700 equity shares.

The anticipated utilisation of the net proceeds from the IPO encompasses several key avenues. These include directing funds towards advertising expenditures aimed at enhancing the visibility and recognition of the company's brands, establishing new brand outlets, making investments in the subsidiary BBlunt to establish new salons, and catering to general corporate requirements as well as potential inorganic acquisitions.

While the IPO's collective size could range from Rs 2,400 crore to Rs 3,000 crore, the precise amount at the time of listing would be contingent on final valuations, as reported by Moneycontrol.