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<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

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>Honasa Consumer plans to raise ₹400 crore from fresh issue of equity shares and an offer for sale (OFS).</li><li>Co-founders of Mamaearth Varun and Ghazal Alagh, <keyword id="15915113" type="General" weightage="20" keywordseo="Snapdeal-founder-Kunal-Bahl" source="Orion">Snapdeal founder Kunal Bahl</keyword>, Bollywood actress <keyword id="6358615" type="General" weightage="20" keywordseo="shilpa-shetty" source="Orion">Shilpa Shetty</keyword> Kundra are among the shareholders who will sell stake via the IPO.</li><li>After launching Mamaearth in 2016, the company has added five new brands to its portfolio – <keyword id="10820965" type="General" weightage="20" keywordseo="The-Derma-Co" source="Orion">The Derma Co</keyword>., Aqualogica, Ayuga, <keyword id="2615227" type="General" weightage="20" keywordseo="BBlunt" source="Orion">BBlunt</keyword> and Dr Sheth’s. </li></ul>Digital-first beauty and personal care company Honasa Consumer, parent company of popular brands such as Mamaearth, BBlunt, Derma Co etc. may soon launch its initial public offering (IPO). It has filed its draft red herring prospectus (DRHP) with market regulator SEBI to raise funds through an IPO. As per the DRHP, the company plans to raise ₹400 crore from fresh issue of equity shares, and will sell up to 4.68 crore equity shares via an offer for sale (OFS), wherein promoters and shareholders will sell their stake. The shareholders who will sell stake in the company include co-founders of Mamaearth Varun and Ghazal Alagh; Snapdeal founder Kunal Bahl, Bollywood actress Shilpa Shetty Kundra, Sofina Ventures SA, Evolvence, Fireside Ventures, Stellaris Venture Partners among others. The company intends to utilize net proceeds from the IPO towards advertisement expenses to enhance the awareness and visibility of its brands, capital expenditure for setting up new exclusive brand outlets (EBOs), and investment in its subsidiary, BBlunt for setting up new salons. Ghazal Alagh was also a judge on Shark Tank India Season 1, a reality show where entrepreneurs pitch ideas for a business or product to raise money from judges. The unicorn heads for an IPO The company received its unicorn status in January 2022, and was one of the first to achieve the $1 billion valuation for the calendar year. After launching Mamaearth in 2016, the company has added five new brands to its portfolio, namely The Derma Co., Aqualogica, Ayuga, BBlunt and Dr Sheth’s. Its portfolio now includes products across baby care, face care, body care, hair care, colour cosmetics and fragrances. The company has set up a dedicated in-house start-up team called ‘Brand Factory’ that works with founders for end-to-end ideation, incubation and execution of new brands. Further, the company has to constantly follow up on changing consumer preferences, spending patterns, changing beauty and personal care trends to grow in the direct-to-consumer space. The company faces various forms of unfair trade practices, such as the sale of counterfeit, cloned, lookalike and pass-off products. “In the past, we have experienced incidents of passing-off and the sale of counterfeit products. The sale of counterfeit, cloned and pass-off products may result in heightened public reputation risk for us along with possibility of legal and regulatory claims,” said the company. Reliance on celebrities and social media influencers as part of its marketing strategy may adversely affect its business and demand for services, says the company in its DRHP. “We face intense competition which may lead to a reduction in our market share, cause us to increase our expenditure on marketing and promotion as well as cause us to offer discounts, which may result in an adverse effect on our business and a decline in our profitability,” said the company. While Honasa Consumer’s revenue has been increasing significantly, its profitability was impacted sharply in the last three financial years. <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;">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;">Total income </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;">Net profit </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;">FY22 </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;">₹964.34 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;">₹14.44 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;">FY21 </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;">₹472.10 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><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;">FY20 </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;">₹114.16 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;">-₹428 crore </td></tr></tbody></table>Source: DRHP The company says it has witnessed net cash outflows from operating activities primarily due to increases in working capital requirement as a result of an increase in the scale of business and the shift in channel mix towards offline channel. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/recession-will-be-an-opportunity-for-it-services-firms-focused-on-transformation-as-per-mphasis-ceo/articleshow/96544373.cms">“Recession will be an opportunity for IT services firms focused on transformation” - Mphasis CEO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/as-the-year-ends-tollywood-mourns-the-loss-of-legends-like-krishna-krishnam-raju-and-more/articleshow/96573301.cms">As the year ends, Tollywood mourns the loss of legends like Krishna, Krishnam Raju and more</a>

Shilpa Shetty, Kunal Bahl, promoters to sell stake as Mamaearth parent goes in for an IPO

<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>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>

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

New Delhi, Jan 8 () Personal care brand Mamaearth on Wednesday said it has raised Rs 130 crore in funding led by Sequoia India.
 The funding also saw participation from existing investors, Fireside Ventures, Stellaris Venture Partners and Sharp Ventures.
Founded in 2016 by husband-wife duo Varun and Ghazal Alagh, MamaEarth offers skin and hair care, and baby care products. 
The company plans to use the freshly acquired funds over the next three years to continue its growth, building it into a Rs 500 crore brand by acquiring five million new consumers, a statement said. 
The funds will also be used to launch more brands under the Honasa umbrella- all of which will be internet-first and focused on the needs of millennial consumers, it added. 
 Honasa is the parent company of personal care brand Mamaearth.
The company plans to utilise the funds to hire talent as the organization scales rapidly. It also plans to expand into key markets in Southeast Asia.
"Our vision is to create the FMCG conglomerate of the future by building brands that connect strongly with millennials and Gen Z customers using the combined power of digital marketing and e-commerce at large scale," Mamaearth founder and CEO Varun Alagh said in a statement.
Mamaearth, with a Rs 100 crore run-rate, has over 80 products in its portfolio with more than 1.5 million consumers in over 500 cities across India.
"Out of India's over USD 15 billion personal care market, online channels contribute to only 3-5 per cent. With 15-20 per cent of Indian shoppers influenced digitally and expected to double in next 7-8 years, digital first brands have the potential to redefine the architecture of tomorrow's FMCG companies," Sequoia Capital India LLP Principal Ishaan Mittal said. SR RUJ
RUJ

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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

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

PTI

Shilpa Shetty, Kunal Bahl, promoters to sell stake as Mamaearth parent goes in for an IPO

Bhakti Makwana

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

Kritti Bhalla

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

Bhakti Makwana

Mamaearth raises Rs 130 cr in funding led by Sequoia India

PTI

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