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Direct-to-consumer (D2C) skincare brand <keyword id="4548811" type="General" weightage="20" keywordseo="mamaearth" source="Orion">Mamaearth</keyword>, which posted a Rs 151 crore loss in FY23, is set to launch its initial public offering (IPO) on October 31. Honasa Consumer Pvt Ltd, the parent company of Mamaearth and other D2C brands such as The Derma Co and Aqualogica, is expected to raise Rs 10,500 crore in the IPO, reports Entrackr. The company will do a pre-IPO placement on October 30, with the public offering closing on November 2. Mamaearth intends to issue new shares for Rs 365 crore, coupled with an offer for sale (OFS) of 41.25 million shares, according to the company's red herring prospectus (RHP) filed with SEBI. The new proceeds are less than the Rs 400 crore suggested in the company's DRHP submitted in December last year, the report mentioned. MamaEarth co-founders <keyword id="4549709" type="General" weightage="50" keywordseo="varun-alagh" source="Orion">Varun Alagh</keyword> and Ghazal Alagh will sell a portion of their ownership in the company, while early investors such as Fireside Ventures, <keyword id="3537918" type="General" weightage="50" keywordseo="stellaris-venture-partners" source="Orion">Stellaris Venture Partners</keyword>, and Sofina will sell 7.97 million, 9.56 million, and 10.94 million shares during the IPO. In addition, Snapdeal founders <keyword id="219793" type="General" weightage="50" keywordseo="kunal-bahl" source="Orion">Kunal Bahl</keyword> and <keyword id="396598" type="General" weightage="50" keywordseo="rohit-bansal" source="Orion">Rohit Bansal</keyword>, along with investor and brand ambassador <keyword id="99676" type="General" weightage="50" keywordseo="shilpa-shetty-kundra" source="Orion">Shilpa Shetty Kundra</keyword>, will participate in the OFS. Mamaearth's operating revenue increased significantly in FY23, reaching Rs 1,493 crore from Rs 943 crore the previous year. However, overall expenditure increased from Rs 942 crore to Rs 1,502 crore. Employee benefit costs increased by 109 per cent to Rs 1,649 crore, while other expenses increased by 50 per cent to Rs 8,584 crore. Mamaearth became India's first unicorn of 2022 after raising $52 million in a funding round led by <keyword id="17628694" type="General" weightage="50" keywordseo="peak-xv" source="Orion">Peak XV</keyword> Partners.

Mamaearth posts Rs 151cr loss in FY23 as it prepares for IPO on Oct 31

<ul><li>The latest fund allows <keyword id="3494841" type="PERSON" weightage="20" keywordseo="stellaris">Stellaris</keyword> to make bets in Series A rounds and make follow-on investments in its portfolio companies.</li><li>Stellaris’ partner Rahul Chowdhri, highlighted that the firm would keep a large reserve of the fund for its best performing portfolio companies.</li><li>It has invested in 19 startups to date, which includes Mamaearth, Whatfix, MFine and Slintel.</li></ul>Early-stage investment firm <keyword id="3537918" type="PERSON" weightage="20" keywordseo="Stellaris-Venture-Partners">Stellaris Venture Partners</keyword> has closed its second fund at $225 million to invest in 25-30 startups over the next few years. The firm usually invests in seed to Series A rounds, but the latest fund allows it to invest in larger Series A rounds and make follow-on investments in its portfolio companies. Alok Goyal, partner at Stellaris, in an email interaction with Business Insider said, “We have a thesis-driven approach where we’ve backed companies that are new entrants in new categories. Some of these gamechangers from our first fund include Mamaearth, Whatfix and MFine to name a few. This will continue to be our investment strategy in the second fund.” Rahul Chowdhri, partner at Stellaris, also emphasises that the $225 million fund would keep a large reserve for its best-performing portfolio companies and back them through 3-4 funding rounds. Some of the successful companies in Stellaris Venture Partners’ portfolio include: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Business </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Uptick </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mamaearth </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">COVID-19 brought many new transacting customers to consumer brand Mamaearth. The company is now valued at $730 million. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Whatfix </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Whatfix is a SaaS solution that helps organisations provide in-app guidance and performance support for web applications. After the tailwind of 2020, the company is now valued at half a billion. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">MFine </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">MFine provides virtual medical consultation, online prescriptions, lab tests and medicine delivery through a mobile application. The platform claims to have more than 3 lakh transactions a month. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Slintel </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Slintel builds sales intelligence tools for enterprise. The company claims to have seen 5-fold growth in both revenue as well as customer base in 2020 due to the pandemic. </td></tr></tbody></table> Though the investment firm did not comment on the sectors it will be keeping a close eye on for their upcoming deals, Goyal did share the sectors Stellaris has a positive thesis on. This includes artificial intelligence (AI)-focused software-as-a-service (SaaS), fullstack healthcare, embedded financial services, creator economy to help creators make money from audiences, global consumer businesses from India, and developer and infrastructure software. “India’s venture ecosystem has come of age over the last few years with large exits and a massive increase in the volume and quality of new startups. The larger second fund gives us dry powder to tap into this growing opportunity with an ability to back entrepreneurs with more capital and support them for longer. We keep a large reserve for our best-performing portfolio companies and back them through 3-4 funding rounds,” said Rahul Chowdhri, partner at Stellaris Venture Partners. With this fund, Stellaris Venture Partners now has more than $300 million in assets under management (AUM). Stellaris Venture Partners closed its $50 million maiden fund in 2017 and has invested in 19 startups to date. The firm has already led a <a href="https://economictimes.indiatimes.com/tech/funding/vegan-brand-zouk-gets-1-5-million-from-stellaris-others/articleshow/84609318.cms">$1.5 million </a>round in direct-to-consumer brand Zouk recently, and has four other startups in the pipeline, in 2021, for fund II. The firm was initially planning to raise $160 million for Fund II, but the round was oversubscribed by more than $50 million. The fund has got three exits, till date, from e-sports gaming company Gaming Monk, snack vending machine company Kwik24 and e-commerce platform Shop101, according to data aggregation platform Crunchbase. Though the company has not shared much information about these exits. Commenting about the potential initial public offering (IPO) exits, Goyal told Business Insider, “Last 12 months have shown a very healthy investor appetite for tech IPOs and also the emergence of scaled start-ups that are ready to list. We expect this to only go up in the next 5-10 years. There is no specific number of IPOs we have in mind from our portfolio, though many of them are capable of being there in that timeframe.” SEE ALSO <a href="https://www.businessinsider.in/business/ecommerce/news/swiggy-reports-nearly-three-fold-increase-in-annual-revenue-in-neck-and-neck-race-with-zomato/articleshow/85233393.cms">Swiggy reports nearly three-fold increase in annual revenue, in neck and neck race with Zomato</a> <a href="https://www.businessinsider.in/careers/news/lenskart-aims-to-hire-over-2000-employees-to-ramp-up-its-operations/articleshow/85235059.cms">Lenskart aims to hire over 2000 employees to ramp up its operations</a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-may-dominate-the-foldable-smartphone-market-with-88-share-says-report/articleshow/85091203.cms">Samsung may dominate the foldable smartphone market with 88% share, says report</a>

Mamaearth and MFine-backer Stellaris Venture Partners closes second fund to make bigger bets in existing portfolio and up to 30 new startups

<ul><li><keyword id="4372171" type="COMPANY" weightage="20" keywordseo="Eruditus">Eruditus</keyword> has raised $650 million in a funding round led by investment firms Accel and SoftBank.</li><li>It is the third highest valued edtech startup in India, after Byju’s and Unacademy.</li><li>Earlier this week, Ronnie Screwvala’s upGrad entered the <keyword id="152045" type="ORGANIZATION" weightage="20" keywordseo="Unicorn">unicorn</keyword> club after raising $185 million.</li></ul>Mumbai-based Eruditus has raised $650 million in a funding round led by investment firms Accel and SoftBank. This round has valued Eruditus at $3.2 billion, making it the third highest valued edtech startup in India. The Canada Pension Plan Investment Board also<a href="https://techcrunch.com/2021/08/11/india-eruditus-valued-at-3-2-billion-in-650-million-fundraise/"> participated </a>in the new round. Prior to this, the company had raised <a href="https://markets.businessinsider.com/news/stocks/eruditus-closes-113m-series-d-co-led-by-leeds-illuminate-and-prosus-ventures-1029549472">$113 million</a> in Series D round led by Leeds Illuminate and Prosus Ventures. The Chan Zuckerberg Initiative (CZI), a non-profit organisation headed by Facebook co-founder Mark Zuckerberg and his wife Priscilla Chan, has also participated in the round that valued Eruditus at $700 million. Founded in 2010 by Chaitanya Kalipatnapu and Ashwin Damera, Eruditus works with universities globally to offer six to eight months-long executive-level courses to students present across 80 countries. These courses cost anything between $5,000 to $40,000, and are available for on-campus, off-campus and online modes. Some of the universities it has tied up with include Columbia, Harvard Business School, INSEAD, Tuck at Dartmouth, Wharton, UC Berkeley and London Business School. This is SoftBank’s second major bet in India’s edtech sector. The Japanese conglomerate has also invested in Bengaluru-based Unacademy, which is the second highest valued edtech startup after Byju’s. Unacademy raised $440 million, earlier this month, in a funding round led by Singapore’s Temasek Holdings. The Gaurav Munjal-led startup is currently valued at $3.4 billion, and counts General Atlantic and Tiger Global as investors. Apart from that, Ronnie Screwvala-led higher education platform upGrad entered the unicorn club earlier this week, after raising <a href="https://www.businessinsider.in/business/news/ronnie-screwvalas-upgrad-is-indias-newest-entry-into-the-unicorn-club-as-it-closes-a-185-million-funding-round/articleshow/85175717.cms">$185 million</a> from Temasek, IFC (International Finance Corporation, a sister organisation of the World Bank) and IIFL. The company is now valued at $1.2 billion. A unicorn is a startup valued at or above $1 billion. Out of all the edtech startups in India, Byju’s is the only decacorn (valued at above $10 billion) with a valuation of $16.5 billion. It is also the highest valued edtech startup in the world and the most valued startup in India. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/dailyhunt-josh-parent-verse-innovation-raises-over-450-million-doubles-valuation/articleshow/85262790.cms" data-type="tilCustomLink">Dailyhunt, Josh parent VerSe Innovation raises over $450 million, doubles valuation</a> <a href="https://www.businessinsider.in/business/startups/news/stellaris-venture-partners-closes-fund-2-to-make-bets-in-existing-portfolio-new-startups/articleshow/85261404.cms" data-type="tilCustomLink">Mamaearth and MFine-backer Stellaris Venture Partners closes second fund to make bigger bets in existing portfolio and up to 30 new startups</a> <a href="https://www.businessinsider.in/careers/news/lenskart-aims-to-hire-over-2000-employees-to-ramp-up-its-operations/articleshow/85235059.cms">Lenskart aims to hire over 2000 employees to ramp up its operations</a>

Eruditus is India’s fourth edtech unicorn, valued at $3.2 billion

<ul><li><keyword id="4548811" type="General" weightage="20" keywordseo="mamaearth" source="Orion">Mamaearth</keyword> parent Honasa Consumer plans to raise as much as ₹1,701 crore via an <keyword id="6354763" type="General" weightage="20" keywordseo="ipo" source="Orion">IPO</keyword>.</li><li>The price band is fixed at ₹308-324, and the IPO will open on October 31 and close on November 4.</li><li>The company intends to use net proceeds towards ad expenses, set-up outlets, and others. </li></ul>House of brands Honasa Consumer is planning to raise as much as ₹1,701 crore from its maiden public offer. The IPO of the parent company of Mamaearth brand will open on October 31 till November 4. The price band for the issue has been fixed at ₹308-324. Investors can bid for a minimum of 46 shares in multiples thereof. The issue is a combination of a fresh issue and an offer-for-sale. Some of its selling shareholders include its celebrity investor and actress Shilpa Shetty, Snapdeal’s Rohit Kumar Bansal and Kunal Bahl; and Rishabh Harsh Mariwala of the Marico family. This is apart from promoters Varun and Ghazal Alagh, Fireside Ventures Fund, Sofina and Stellaris. The company intends to use net proceeds from the fresh issue towards advertisement expenses, to set-up exclusive brand outlets, investment in its subsidiary, BBlunt, general corporate purposes and unidentified inorganic acquisitions. The issue allocates 10% of the offer to retail investors, 15% to non-institutional investors and 75% to qualified institutional buyers (QIBs). Kotak Mahindra Capital, Citigroup Global, J M Financial and J P Morgan are the book running lead managers of the issue and KFIn is the registrar. Loss on account of impairment The company has reported a progressive growth in revenue for the last three years. It slipped back into losses in FY23, after posting profits in FY22. It was due to an impairment loss it had to take in the last financial year to the tune of ₹154 crore. “This was primarily due to the management decision to scale down the majority of the business verticals of Momspresso, a content platform operating under our subsidiary, Just4Kids Services, and acquired by us in December 2021,” the company said. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY23 (consol) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY22 (consol) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY21 (standalone) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue from operations </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,492 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹943 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹459 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Restated Profit/Loss </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">(₹150.9 crore)* </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹14.4 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">(₹1,332 crore) * </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source: RHP * it represents a loss A top heavy profile While the BPC D2C brand has a wide array of products, most of its revenues depend on top 10 products. As of June 2023 end, a third of revenues from operations or around 29% of revenues came from these products. “While our dependence on sales of our top 10 products has been declining with increasing contributions from our other products, any decrease in the sales of our top 10 products, whether due to increase in sale of products or market share of competitors with similar products or any other reason, will adversely affect our business, results of operations, financial condition and cash flows,” the company said. Its top products include the Mamaearth brand, the Derma Co, Dr Sheth’s, and Aqualogica brands in the face care and hair care categories. Around 9% of its revenues came from the same two products. Moreoso, the auditor’s report on internal financial controls issued on its standalone financial statements in FY21 contains a disclaimer of opinion. The opinion relates to the auditors’ inability to obtain appropriate audit evidence to provide a basis for opinion on adequate internal financial controls. The company which depends on influencers also sees them as a business risk. “Influencers may use their platforms to communicate directly with our consumers without our knowledge in a manner that reflects poorly on our brands and may be attributed to us,” Honasa said. The company sells its products via its own D2C channel like its brand and mobile websites, and mobile applications. But its third party e-commerce marketplaces bring in the most sales. As of June 2023 end, it derives 64% of its revenue from operations from e-commerce marketplaces. High ad expenses &amp; heightened competition The company’s ad expenses stood at 34.99% of its revenue from operations as of June end. The company is also in a segment that’s extremely competitive. And some of these competitors are larger and have substantially greater resources than them. That gives them the ability to spend more on advertising and marketing and offer substantial discounts, the company says. Then, there is also the threat of new entrants which may have more flexibility in responding to changing business and economic conditions. “As the BPC products space has a fairly low barrier to entry, these new entrants could potentially heighten the competitive landscape, which may lead to intensified competition on pricing,” the company said. It also said that its subsidiaries acquired in the past, including Just4Kids, BBlunt, B:Blunt Spratt and Fusion, have incurred losses for certain historical periods. There is no assurance that these entities will be profitable in the future,” the company cites as its risk factors. The company has undertaken one criminal and three material civil proceedings. It has two tax and two material civil litigations proceeding against it, where the aggregate amount involved is ₹100 crore.

India’s largest D2C beauty company to raise ₹1,701 crore via an IPO

<ul><li><keyword id="13281567" type="General" weightage="20" keywordseo="locofast" source="Orion">Locofast</keyword> has raised $15 million in a round co-led by Stellaris Venture Partners and Chiratae Ventures.</li><li>The company has also raised debt from strategic partners such as Stride Ventures and BlackSoil Capital.</li><li>Locofast wants to use this capital to expand to more than 15 cities in India, and launch new product categories as well.</li></ul>Business-to-business (B2B) textile marketplace Locofast has raised $15 million in a round co-led by Stellaris Venture Partners and Chiratae Ventures, with participation from Kris Gopalakrishnan’s fund Axilor Ventures, <keyword id="7349800" type="General" weightage="20" keywordseo="bharatpe" source="Orion">BharatPe</keyword>’s CEO Suhail Sameer, Park+’s CEO Amit Lakhotia and Uni’s Nitin Gupta. Alongside equity, the company has also raised debt from strategic partners such as Stride Ventures and BlackSoil Capital. The investment was a part of Series A round. Locofast was founded by serial entrepreneurs Deepak Wadhwa and Mohit Piplani, who previously founded a travel marketplace WeAreHolidays. The company wants to address the currently broken textile supply chain through a platform that connects vendors as well as suppliers. The company claims to have rapidly expanded to onboard over 500 suppliers, who have collectively executed over 5,000 orders pan India. The company claims to have touched a supply chain of over 700 brands, including Zara, H&amp;M, Primark and others. Locofast wants to use this capital to expand to more than 15 cities in India, and launch new product categories as well. It will also look to expand its workforce and invest heavily in building technology to help small and medium enterprises (SME) to scale their business. “Despite being a major contributor to India’s GDP [gross domestic product], the textile industry is fragmented and slow in terms of technological adoption. With our previous entrepreneurial experience coupled with technical expertise, on-ground study of the ecosystem and understanding of SME [small and medium enterprises] functioning, our mission is to enable a sophisticated tech-enabled platform for textile SMEs and empower them with market linkages from across the world,” Deepak Wadhwa, founder and chief executive (CEO) of Locofast, said. The company aims to be the largest textile marketplace in Southeast Asia. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/ashneer-grover-resigns-from-bharatpe-heres-what-he-wrote-in-his-resignation-letter/articleshow/89912762.cms" data-type="tilCustomLink">Ashneer Grover resigns from BharatPe. This is what he had to say.</a> <a class="tout-title-link" href="https://www.businessinsider.in/business/startups/news/swiggy-dunzo-zepto-and-grofers-should-roll-back-10-minute-delivery-says-petition/articleshow/89900739.cms">A netizen is seeking roll back of the 10 minute delivery feature on Swiggy, Dunzo, Zepto and Grofers</a> <a href="https://www.businessinsider.in/stock-market/news/as-long-as-mukesh-ambani-is-there-to-rescue-the-market-doesnt-care-about-future-retails-financial-stress/articleshow/89886569.cms">As long as Mukesh Ambani is there to rescue, the market doesn't care about Future Retail's financial stress</a>

BharatPe CEO, PayU's cofounder and others invest $15 million in an online textile marketplace

<ul><li>The funding round has also provided partial exits to some of <keyword id="4548811" type="PERSON" weightage="20" keywordseo="Mamaearth">Mamaearth</keyword>’s early investors.</li><li>Mamaearth will also use the funding to double down on its brand’s growth through offline expansion.</li><li>Mamaearth has crossed ₹300 crore in revenue in the financial year 2020-21.</li></ul>Gurugram-based personal care startup Mamaearth has raised $50 million in a funding round led by Belgian investment fund <keyword id="1898010" type="PERSON" weightage="20" keywordseo="Sofina">Sofina</keyword>. Mamaearth, founded by Ghazal Alagh and Varun Alagh, will use the funding to double down on its offline expansion, particularly its skincare brand Derma Co, including acquisitions in the beauty and personal care space. Existing investor <keyword id="122716" type="CITY" weightage="20" keywordseo="Sequoia-Capital">Sequoia Capital</keyword> also participated in the round, which valued Mamaearth at $730 million. The latest round was mostly in the form of fresh issue of shares, although some existing investors partially sold their stake. Investors who sold some of their shares in this round: <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fireside Ventures </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sharp Ventures </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stellaris Venture Partners </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Titan Capital </td></tr></tbody></table> Besides this, the company has also bought back shares from some of the early employees. “The plan is to double the sales by 100% this year. Because of COVID-19’s second wave, offline expansion was halted, but now we plan to deepen our offline presence,” the company’s co-founder Varun Alagh has said. The Gurugram-based direct-to-consumer (D2C) personal care brand Mamaearth was founded in 2016. The company had started its journey as a baby care brand, but eventually evolved into a personal care brand. The company has expanded its product line by introducing 12 products in the beginning of 2020, which led to a surge in the company’s revenue in the financial year 2021. Kanwaljit Singh of Fireside Ventures, one of Mamaearth’s investors, in an event held on January 20, had announced that Mamaearth has crossed ₹300 crore in revenue for financial year 2020-21. Mamaearth’s revenue had grown nearly six-fold in FY20 to ₹112 crore, from ₹17.9 crore in FY19, according to data platform Tofler. The company has 140 products, which are sold both online and offline across 12,000 stores pan India. SEE ALSO <a href="https://www.businessinsider.in/business/news/reliance-retail-the-cash-cow-for-mukesh-ambanis-ril-may-be-hit-by-the-second-wave-of-the-pandemic/articleshow/84644924.cms">Reliance Retail, the cash cow for Mukesh Ambani’s RIL, may be hit by the second wave of the pandemic</a> <a href="https://www.businessinsider.in/tech/news/zomato-paytm-sony-liv-disneyhotstar-down-as-massive-internet-outage-sweeps-across-many-countries/articleshow/84653441.cms">Zomato, Paytm, Sony LIV, Disney+Hotstar back up after glitch takes down internet</a>

An Indian skin care products startup gets a $750 million valuation with $50 million cheque for new acquisitions

New Delhi, <keyword id="4549708" type="General" weightage="20" keywordseo="honasa-consumer" source="Orion">Honasa Consumer</keyword> Ltd, which owns new-age FMCG brands like <keyword id="4548811" type="General" weightage="100" keywordseo="mamaearth" source="Orion">Mamaearth</keyword> and The Derma Co, is set to launch its Initial Public Offering (IPO) on October 31. The issue will conclude on November 2 and the anchor book of the offer will open for a day on October 30, according to the red herring prospectus. The IPO comprises a fresh issue of equity shares worth Rs 365 crore and an Offer for Sale (OFS) component of 4.12 crore equity shares by promoters, investors, and other selling shareholders. Those offering shares in the OFS include promoters and founders -- Varun Alagh and Ghazal Alagh -- and investors like Fireside Ventures Fund, Sofina, Stellaris, Kunal Bahl, Rohit <keyword id="252288" type="General" weightage="80" keywordseo="kumar-bansal" source="Orion">Kumar Bansal</keyword>, <keyword id="19259895" type="General" weightage="80" keywordseo="rishabh-harsh-mariwala" source="Orion">Rishabh Harsh Mariwala</keyword> and Bollywood actor <keyword id="6358615" type="General" weightage="80" keywordseo="shilpa-shetty" source="Orion">Shilpa Shetty</keyword> Kundra. Proceeds from the fresh issue would be utilised towards advertising expenses to improve awareness and brand visibility, setting up new exclusive brand outlets, investment in its subsidiary BBlunt for setting up new salons, general corporate purposes, and inorganic acquisition. The Gurugram-based beauty and personal care company was founded in 2016 by husband-wife duo Varun and Ghazal Alagh. It began with the launch of Mamaearth and over the years added five more brands to its portfolio, including The Derma Co, Aqualogica, Ayuga, BBlunt, and Dr Sheth's, and built a 'House of Brands' architecture. In January 2022, the company entered the unicorn club. Kotak Mahindra Capital Company, Citigroup Global Markets India, JM Financial and JP Morgan India Pvt Ltd are the book-running lead managers to the issue. The equity shares of the company will be listed on the BSE and NSE.

Mamaearth's parent firm Honasa Consumer IPO to open on Oct 31

<ul><li><keyword id="774476" type="General" weightage="20" keywordseo="rishabh-mariwala" source="Orion">Rishabh Mariwala</keyword> stands to make as much as ₹184 crore if the IPO shares are subscribed at the upper end of the price band.</li><li>Honasa promoter Varun Alagh is expected to be richer by ₹103 crore at the upper end of the price band.</li><li><keyword id="6358615" type="General" weightage="20" keywordseo="shilpa-shetty" source="Orion">Shilpa Shetty</keyword> Kundra is all set to make as much as ₹45 crore from the share sale. </li></ul>Actress and brand ambassador of <keyword id="4548811" type="General" weightage="20" keywordseo="mamaearth" source="Orion">Mamaearth</keyword>, Shilpa Shetty, is all set to gain a windfall from its parent company Honasa’s initial public offer (IPO). However, she might not be the shareholder who will make the most from one of India’s most talked about IPOs this year. It’s Rishabh Harsh Mariwala, the son of Marico owner Harsh Mariwala, who stands to gain as much as ₹184 crore if all the shares are subscribed at the the upper end of the price band of ₹308-324. Rishabh Mariwala was an early investor in the D2C brands company, and acquired shares at ₹6.05, as per the company’s DRHP. He is also selling the most shares – 5.7 million – in the upcoming share sale and that makes him the biggest gainer from the IPO. <div type="image" title="rishabh mariwala" msid="104721117" hostid="261" sizebytes="13596" caption="&amp;lt;p&amp;gt;Source: Linkedin&amp;lt;/p&amp;gt;"></div> Rishabh Mariwala heads Sharpp Ventures which manages <a href="https://www.indiatoday.in/magazine/inheritors/story/20220103-rishabh-mariwala-sharrp-sighted-1892552-2021-12-26">Mariwala family office</a>, but he has also been keen on the beauty and the personal care sector. He runs Kaya which is known for skin clinics and products. He had also founded Soap Opera N More to market bath and body care products. This is in addition to introducing luxury skin products under the brand PureSense. The IPO, which opens on October 31 and ends on November 2, will see the promoter of the company, Varun Alagh sell 3.18 million sharese get richer by approximately ₹103 crore. However, his wife and co-founder of the company, <keyword id="4548812" type="General" weightage="20" keywordseo="ghazal-alagh" source="Orion">Ghazal Alagh</keyword> of Shark Tank fame, is selling only 1 lakh shares for ₹3.2 crore. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Name of the selling shareholder </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">No of shares being sold </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Weighted cost of acquisition </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Possible gains from share sale (at upper end of price band) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Varun Alagh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3,186,300 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Negligible* </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹103 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ghazal Alagh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">100,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Negligible* </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3.2 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rishabh Harsh Mariwala </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5,700,188 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.05 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹184.6 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shilpa Shetty Kundra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,393,200 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">41.86 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹45 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kunal Bahl </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,193,250 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.21 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹38.6 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rohit Kumar Bansal </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,193,250 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.21 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹38.6 crore </td></tr></tbody></table>*Ghazal and Varun Alagh are promoters Bahl &amp; Bansal bag a better deal Snapdeal founders and serial investors Kunal Bahl and Rohit Kumar Bansal will also be selling 1.19 million shares each in the IPO. They will make around ₹38.5 crore each. It Is noteworthy that all these calculations are made at the upper end of the price band. They would also probably be making more profit from the investment than other selling shareholders as their weighted cost of acquisition is at ₹3 per share. Shilpa Shetty Kundra who stands to make as much as ₹45 crore from the share sale, has purchased the stock at a slightly higher cost. The weighted cost of acquisition for her is at ₹41 per share. The other selling shareholders include Fireside Ventures Fund, Sofina and Stellaris. The IPO stands to raise anywhere between ₹1,635 crore to ₹1,701 crore. It will open on October 31 and close on November 2.

This FMCG scion is all set to gain a windfall from Honasa Consumer IPO

<ul><li>Lok Sabha passed the <keyword id="6366282" type="DEFINITION" weightage="20" keywordseo="General-Insurance">General Insurance</keyword> Business (Nationalisation) Amendment Bill, 2021 on August 2.</li><li>The bill seeks to remove the requirement of the union government holding not less than 51% of the equity capital in a specified insurer.</li><li>Now this bill will bring in higher private sector participation in government held <keyword id="35450" type="COMPANY" weightage="20" keywordseo="insurance">insurance</keyword> companies.</li><li>This is in relation to the finance minister’s budget speech where she mentioned that the government wants to privatise two public sector banks and one general insurance company.</li></ul>The General Insurance Business (Nationalisation) Amendment Bill, 2021 was passed by the Rajya Sabha on August 11. The bill seeks to remove the requirement that the union government should hold 51% stake in a specified general insurer. With this bill, the government will progress its divestment plans and privatise one of the general insurance companies. The government hopes that this will lead to more people getting insurance in the country. Right now, less than four in every 100 Indians have any kind of insurance. With the move, foreign investors will be able to hold up to 74% in the divested general insurance company. A report by <a href="https://timesofindia.indiatimes.com/business/india-business/centre-to-scrap-51-holding-clause-to-privatise-insurer/articleshow/84747204.cms">Times of India</a> suggests that the government will privatise one of the general insurance companies from United India Insurance, National Insurance and Oriental Insurance. The Finance Minister had said in the budget it would privatise one of the public general insurance companies. This is in relation to India’s Finance Minister Nirmala Sitharaman’s budget 2021-22 speech where she had announced a big ticket privatisation agenda, which included two public sector banks and one general insurance company. There are four general insurance companies in the public sector -- National Insurance Company, New India Assurance Company, Oriental Insurance Company and the United India Insurance Company. So what difference will this bill bring? Firstly, this bill will aid the government to sell stakes in some general insurance companies to private sector companies. To put it into perspective, although public sector insurance firms have a bigger market share in the insurance industry, they have a bad financial health which restricts them from offering low cost affordable insurance products. This eventually hinders the growth of insurance penetration in the country. With the private sector getting some control over such companies, they would be able to infuse capital and get things working. United India Insurance posted a net loss of ₹1,485 crore in 2019-20 while National Insurance Company posted a loss of ₹4,100 crore. Lack of capital made it difficult for insurers to expand their reach to unpenetrated regions. India’s insurance penetration stood at 3.76% in FY20, which is much lower against the global average of 7%, as per Insurance Regulatory and Development Authority (IRDAI) data. The low insurance penetration data tells that a large section of the country is still uninsured. While the pandemic has already boosted awareness and the importance of having health coverage, the move to <keyword id="11845055" type="UNKNOWN" weightage="20" keywordseo="privatise-general-insurance">privatise general insurance</keyword> space might improve insurance coverage in the country. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/eruditus-is-indias-fourth-edtech-unicorn-valued-at-3-2-billion/articleshow/85267050.cms">Eruditus is India’s fourth edtech unicorn, valued at $3.2 billion</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/stellaris-venture-partners-closes-fund-2-to-make-bets-in-existing-portfolio-new-startups/articleshow/85261404.cms">Mamaearth and MFine-backer Stellaris Venture Partners closes second fund to make bigger bets in existing portfolio and up to 30 new startups</a>

You Searched For "stellaris fund 2" and got 9 results

Mamaearth posts Rs 151cr loss in FY23 as it prepares for IPO on Oct 31

IANS

Mamaearth and MFine-backer Stellaris Venture Partners closes second fund to make bigger bets in existing portfolio and up to 30 new startups

Kritti Bhalla

Eruditus is India’s fourth edtech unicorn, valued at $3.2 billion

Kritti Bhalla

India’s largest D2C beauty company to raise ₹1,701 crore via an IPO

Katya Naidu

BharatPe CEO, PayU's cofounder and others invest $15 million in an online textile marketplace

Kritti Bhalla

An Indian skin care products startup gets a $750 million valuation with $50 million cheque for new acquisitions

Kritti Bhalla

Mamaearth's parent firm Honasa Consumer IPO to open on Oct 31

PTI

This FMCG scion is all set to gain a windfall from Honasa Consumer IPO

Katya Naidu

New general insurance law will allow the government to privatise some state-owned insurers

Bhakti Makwana

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