Saturday, June 15, 2024
Outlook.com
Outlook India
Outlook Business

Mamaearth Is Not Withdrawing IPO Plans: Co-Founder Varun Alagh

Hoanasa earlier planned to utilise the prospects of the IPO in its marketing initiatives

Mamaearth Is Not Withdrawing IPO Plans: Co-Founder Varun Alagh
Varun Alagh, CEO of Mamaearth
LinkedIn
POSTED ON March 28, 2023 11:11 AM

Ghazal Alagh and Varun Alagh-led Mamaearth denied reports that the New Delhi-based start-up was withdrawing its initial public offering (IPO) plans. According to multiple media reports, the company claimed that its parent firm Honasa Consumer is in the process of engaging with SEBI on this issue. 

The reaction came after multiple media reports claimed that the beauty and wellness company put on hold its IPO plans due to volatile market conditions. However, its co-founder Varun Alagh refuted these speculations. 

In an interaction with CNBC TV18, Alagh said, “The reports are largely baseless. We are still in the process and are engaging with the banks and more importantly, the regulator and are awaiting approval on the draft prospectus that we have filed.” He also added that the company would have a time period of 12 months to file the Red Herring Prospectus (RHP) after getting the approval of SEBI. 

When asked whether there would be any change in the D2C brand's PO size as well, Alagh replied in the negative. “The reports are largely baseless. We are still in the process and are engaging with the banks and more importantly, the regulator and are awaiting approval on the draft prospectus that we have filed,” he noted. 

Hoanasa earlier planned to utilise the capital raised from the IPO for its marketing initiatives and strengthen its offline presence across the country. 

Mamaearth stepped into the unicorn club last year after raising $52 million from Sequoia Capital at a valuation of $1.2 billion. It also turned profitable in FY22. 

  • Related Articles

    In his blog post, the Binance co-founder claimed the allegations unexpected and disappointing

    Binance CEO Changpeng Zhao Denies Manipulation Allegations Against The Crypto Platform

    The platform has reportedly facilitated over 1750 deals of Rs 1375 crore, working with more than 15 developers across 30 projects in the last 15 months

    Proptech Start-Up,  PeProp.Money Secures Seed Funding From India Accelerator

    The company reported an adjusted EBITDA of Rs 63 crore in the first half of FY2023 in its filing with Securities and Exchange Board of India (Sebi) in an update to its Draft Red Herring Prospectus...

    OYO Expects More Than Rs 5,700 Revenue In FY23