Honasa Consumer Limited has approved the acquisition of a 58% equity stake in Fluence Pharma Private Limited for an enterprise value of approximately ₹135 crore, marking its strategic entry into the nutraceuticals sector. The Board of Directors approved the transaction on June 23, 2026, facilitating the company's expansion into science-backed, "inside-out" beauty solutions through a secondary share purchase. The acquisition is subject to closing adjustments and the completion of conditions precedent, with the deal expected to close over the next eight weeks.

About Fluence Pharma

Fluence Pharma, incorporated on March 5, 2012, and headquartered in Mumbai, Maharashtra, offers condition-specific over-the-counter supplements under the brands Hair Fact, Skin Fact, and Pro Fact. The company utilizes a patented Cyclical Nutrition Therapy and distributes its products exclusively through a network of over 3,000 dermatologists. Hair-focused solutions contribute more than 70% of its revenue. The company reported an approximate revenue of ₹40 crore and a 20%+ EBITDA margin in FY26.

Key Financials of Fluence Pharma

Fluence Pharma has demonstrated consistent revenue growth across recent financial years, as detailed below:

Deal Structure and Valuation

The acquisition strategy includes a call option to acquire the remaining 42% equity stake in Fluence Pharma, to be executed in two tranches over the next 5-7 years following the completion of the initial acquisition. The transaction implies an enterprise value-to-FY26 revenue multiple of approximately 3.4x and an enterprise value-to-FY26 EBITDA multiple of approximately 15x, based on provisional numbers.

Honasa Health Private Limited

Concurrent with the acquisition, Honasa Consumer approved the incorporation of a wholly owned subsidiary named Honasa Health Private Limited. This new entity will undertake business-to-consumer operations for the nutraceuticals business and will be incorporated with an initial paid-up capital of ₹1,00,000, divided into 10,000 equity shares with a face value of ₹10 each. Dheeraj Nagpal, CEO of Honasa Health, will spearhead the subsidiary, bringing over 15 years of consumer business experience.

Strategic Rationale

The expansion into nutraceuticals is intended to strengthen Honasa's portfolio with a science-led brand. The strategic move targets India's rapidly growing nutraceuticals market, which is currently valued at over ₹16,000 crore.

Promoters of Honasa Consumer Limited have confirmed that no encumbrance was created on the equity shares held by them during the financial year ended March 31, 2026. The declaration was submitted by Varun Alagh on behalf of the promoters and members of the promoter group to the National Stock Exchange of India and BSE.

The disclosure was made pursuant to Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. It confirms that no charges were created on the shares, either directly or indirectly, other than those already disclosed to the exchanges.

The list of individuals and entities covered under this declaration includes promoters Varun Alagh and Ghazal Alagh, along with members of the promoter group such as Mukesh Alagh, Jaspal Alagh, and Sunita Sahni. The promoter group also comprises entities like Ghazal Alagh LLP, Printech India, and Underneat Clothing Private Limited.

Promoter and Promoter Group Details