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Skincare startup Mamaearth to raise $300-M in 2023 at $3-B valuation: report

DNA  

Sequoia Capital-backed skincare startup Mamaearth is in talks to raise at least USD 300 million in a planned IPO next year and is seeking a valuation of around USD 3 Billion. Founded in 2016 by Varun Alagh, a former Hindustan Unilever executive, and his wife, Mamaearth offers a range of "toxin-free" products such as face washes, shampoos and hair oils. The company was last valued at USD 1.2 Billion in January this year when it raised fresh funds from investors including Sequoia and Belgium's Sofina. The company is in talks with JP Morgan Chase, JM Financial and Kotak Mahindra Capital to appoint them as bookrunners to the deal.