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Mamaearth is the first unicorn of 2022, raises $52 million at valuation of $1.2 billion

The baby and skincare products company Mamaearth's parent Honasa Consumer is the first unicorn of the year 2022. It will use the money to expand to overseas markets and double down on its plans to become a house of brands

January 01, 2022 / 01:05 PM IST
Varun Alagh CEO Mamaearth

Varun Alagh CEO Mamaearth

Honasa Consumer, the parent company of personal care brands such as Mamaearth and The Derma Co, said on January 1 that it has raised $52 million in a round led by Sequoia at a valuation of $1.2 billion, as the funding boom carries into the new year.

Sofina Ventures SA and Evolvence also participated in the round. This comes six months after the company raised $50 million in a funding round led by Sofina Ventures, valuing it at $730 million.

“We will be deploying the funds towards brand launches, expanding distribution, inorganic growth, and expanding the current portfolio across borders,” Varun Alagh, Co-Founder and CEO, Honasa Consumer, said.

While the company said the round also gave employees an opportunity to sell their vested ESOP (employee stock options), it did not specify the quantum or how many would benefit from it.