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Stellaris Ventures Offloads 1% Mamaearth Stake For Rs 141 Crore In Bulk Deal

Stellaris Venture Partners' ownership in Honasa Consumer has decreased from 5.78 per cent to 4.78 per cent after this transaction

Stellaris Ventures Offloads 1% Mamaearth Stake For Rs 141 Crore In Bulk Deal
Honasa consumer Limited
POSTED ON January 09, 2024 11:02 AM

Stellaris Venture Partners, a domestic venture capital firm, has divested a 1 per cent stake in Honasa Consumer Limited, the parent company of Mamaearth, through an open market transaction.  

The National Stock Exchange (NSE) data reveals that Stellaris Venture Partners India I, an affiliate of the VC firm, has sold 32,17,468 shares of Honasa Consumer Limited at an average price of Rs 437.04 per share.

The total value of the deal is estimated at Rs 140.61 Crores. Following this transaction, Stellaris Venture Partners' ownership in Honasa Consumer has decreased from 5.78 per cent to 4.78 per cent. Since its establishment in 2017, Stellaris has provided support to various industry leaders, including Mamaearth, Whatfix, Propelld, Ayu Health, Turno, Rigi, and others. 

Stellaris Venture Partners closed its second fund at $225 million in August 2021. The VC firm had earlier supported Mamaearth, a Gurugram-based start-up focused on mother and baby care, by leading a $4 million Series A funding round in September 2018.   

Honasa Consumer Limited, Mamaearth's parent company, was founded in 2016 and owns brands like Mamaearth, The Derma Co., Aqualogica, and Ayuga. It also acquired stakes in BBlunt and Dr. Sheths. Mamaearth became a unicorn in December 2022, reaching a valuation of $1.2 billion after securing $52 million in funding led by Peak XV. The company went public on November 7, 2023.   

In the September quarter of the financial year 2023-24, Honasa Consumer Limited reported a profit of Rs 29.4 crore, a 94 per cent increase from the previous year. However, their sales revenue for the first half of FY24 was Rs 960.6 crore, down from Rs 1,492.7 crore in FY23, according to INC42.   

As of January 9, 2024, Mamaearth's shares started trading on the Bombay Stock Exchange at Rs 488.45, showing a 3.03 per cent increase. 

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