M&A
Undone: Honasa Consumer calls off acquisition of hair and skin health player Fluence Pharma
Gurugram-based, publicly listed Honasa Consumer, which operates under the brand Mamaearth, has terminated its proposed acquisition of a 58% stake in Mumbai-based Fluence Pharma citing “non-fulfilment of closing conditions outlined in the share purchase agreement”. The company had initially announced the deal in June with an enterprise value of about INR 135-Cr.Founded in 2012 by Amit Bhusari and Dr. Rajendra Singh Rajput, Fluence Pharma provides skin and hair health supplements through a network of more than 3,000 dermatologists in India. The company reported revenue of around INR 40-Cr for FY26 with an EBITDA margin exceeding 20%.Honasa Consumer had originally intended to establish a wholly owned subsidiary, Honasa Health, to develop a business-to-consumer (B2C) nutraceuticals offering. This initiative aimed to integrate Fluence Pharma’s clinical science and practitioner network with Honasa's digital distribution and brand-building infrastructure.
For FY25, Fluence Pharma had reported about INR 37 Cr in Operating Income and about INR 9 Cr in PAT.
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