Honasa Consumer Limited 's Board of Directors has approved the strategic acquisition of BTM Ventures Private Limited (BVPL), the company behind men's personal care brand Reginald Men. The board meeting held on December 11, 2025, from 4:00 PM to 4:15 PM (IST), sanctioned this expansion into the men's personal care segment.

Acquisition Structure and Financial Terms

The acquisition follows a phased approach with specific financial parameters:

The transaction is structured as a cash consideration through secondary share purchase, subject to closing adjustments. The remaining 5% equity stake will be acquired upon completion of 12 months from the initial acquisition, following predetermined valuation criteria outlined in the Share Purchase and Shareholders Agreement.

Target Company Performance and Market Position

BTM Ventures Private Limited demonstrates strong financial performance in the men's personal care segment:

Incorporated in August 2022 and founded by Trisha Reddy Talasani, BVPL operates exclusively in the Indian market. The company focuses on men's personal care products under the Reginald Men brand, with sunscreens as its core offering. Reginald Men's Helios Moisturizing Sunscreen has achieved recognition as the most searched sunscreen for men on Google in India, demonstrating strong product acceptance and consumer pull.

Leadership Perspectives and Strategic Vision

Varun Alagh, Co-founder CEO of Honasa Consumer Limited, expressed enthusiasm about the acquisition: "We are deeply inspired by what the Reginald Men team has built in such a short span of time. Their sharp understanding of the modern male consumer, combined with their ability to quickly translate ideas into action, aligns perfectly with Honasa's long-term vision."

Trisha Reddy Talasani, Founder of BTM Ventures Private Limited, commented on the partnership: "Joining hands with Honasa Consumer and its visionary founders, Ghazal and Varun, is a landmark moment for us. Our shared passion for innovation and commitment to excellence forge a strong partnership, and I am excited to collaboratively elevate our brand to new horizons."

Strategic Rationale and Market Opportunity

The acquisition aligns with Honasa Consumer's expansion strategy in the fast-moving consumer goods sector. The men's personal care market in India represents a rapidly evolving category driven by premiumization and heightened awareness of self-care among men.

Reginald Men has established strong market traction through compelling multi-functional products and clean, minimal packaging that resonates with modern male consumers. The brand offers multi-benefit propositions combining sun protection with moisturization, built on performance and clear benefit messaging.

Business Integration and Growth Prospects

The acquisition provides Honasa Consumer with opportunities to scale into multiple personal care categories for men using existing product equity. The company plans to leverage Reginald Men's established presence beyond current direct-to-consumer channels, expanding across offline, e-commerce, and quick commerce platforms. The strong South India revenue base strengthens Honasa's position in a large beauty and personal care market with distinct regional preferences, offering significant headroom for growth beyond South India through localized go-to-market strategies.

Regulatory Compliance and Approvals

The acquisition does not fall within related party transactions, and no governmental or regulatory approvals are required for completion. The transaction details have been disclosed pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and the SEBI Master Circular dated November 11, 2024.

Mamaearth , the parent company of brands like Mamaearth, The Derma Co, and Aqualogica, has reported a strong performance in the second quarter of fiscal year 2026. The company achieved a revenue of INR 566.00 crores, marking a 22.5% year-on-year growth, while maintaining robust profitability.

Financial Highlights

Key Performance Indicators

• Strong Unit Volume Growth (UVG) at 16.7%
• Maintained negative working capital position

Brand Performance

Mamaearth

• Returned to positive growth across channels
• Focus on six core categories contributing 75% of revenue
• Launched premium skincare brand 'Dermasoft' in collaboration with dermatologists

The Derma Co

• Achieved INR 750.00 crores net sales Annual Run Rate (ARR)
• Became the #1 sunscreen brand in India for 2024 (as per Euromonitor)
• Expanding into moisturizer and shampoo categories

Young Brands Portfolio

• 20% year-on-year growth
• Continued focus on core category activation and innovation across BBlunt, Aqualogica, and Dr. Sheth's

Strategic Initiatives

1. Launch of Lumineve: A premium night care-focused skincare brand, exclusively launched with Nykaa
2. Investment in Fang: Strategic investment in the oral care brand to tap into the growing oral beauty market
3. Distribution Expansion:
   • 35% year-on-year increase in direct outlet billings
   • Presence in over 250,000 retail outlets (based on Nielsen data)
   • 80% of business now coming from direct distributor contribution

Innovation and R&D

• Developed deep penetration formula for Derma Co's active serums
• Created the first in-vivo tested sunscreen with anti-pollution factor for Aqualogica

Outlook

Varun Alagh, Co-Founder, Chairman, and CEO of Honasa Consumer Limited, commented on the results: "We're pleased with our performance this quarter, especially the turnaround of Mamaearth and the strong growth in our young brands portfolio. Our focus on core categories and innovation continues to drive our growth. Looking ahead, we aim to maintain this momentum and further strengthen our position in the beauty and personal care market."

The company expects to maintain its EBITDA margin in the coming quarters and is targeting high single-digit growth for Mamaearth in the near term, with an aim to reach double-digit growth by Q4.

Honasa Consumer's strategic investments in new brands like Lumineve and Fang demonstrate its commitment to capturing emerging opportunities in the premium skincare and oral care segments, positioning the company for sustained growth in the evolving Indian beauty market.