MamaEarth has managed to raise around $80 million in a new round at unicorn valuation led by Sequoia. This is the company’s second funding round in 2021, following a $50 million round led by Sofina at $730 million.
MamaEarth has approved the issue of 1,741 Series F preference shares at an issue price of Rs 33,85,049 to raise Rs 589.3 crore or $79.5 million, according to regulatory filings.
Mamaearth, on the other hand, is a direct-to-consumer brand that sells its products both online and offline. The company has raised nearly $80 million (589 crores) as per regulatory filings.
As per regulatory filings, Sequoia Capital’s Sequoia Capital Growth Fund III led the funding. In the transaction, the company issued 839 compulsorily convertible preference shares (CCPS) with a face value of Rs 10 each at a total issue price of Rs 33,85,049 each.
The capital was raised for expansion of its business and to finance its operations, according to regulatory filings. Initially, Entrackr reported the news, saying the funding was raised at a valuation of over $1.07 billion. A message sent to Honasa Consumer went unanswered.
In July, Sofina Ventures SA and Sequoia Capital invested $50 million in the company, which was valued at $730 million at the time. Later, the company stated it would use the funds to drive brand growth through aggressively expanding its offline distribution and exploring inorganic growth opportunities in beauty and personal care.
The company added that early employees would have the option to monetize their vested ESOPs.
Since then, the company has acquired content platform Momspresso and Momspresso’s influencer engagement platform MyMoney. The company recently announced an ESOP worth Rs 20 crore for all employees.
There are currently 140 products under Mamaearth, and over 40 products under The Derma Co. The company has also made its intentions of becoming a ‘house of brands very clear. There are currently 140 products under Mamaearth, and over 40 products under The Derma Co.
According to VCCircle, The Good Glam Group, owner of MyGlamm, is in the process of negotiation to invest in a male grooming brand, Ustraa. A startup that deals in feminine hygiene products, Sirona, was acquired by the Good Glamm Group recently for an undisclosed sum and Miss Malini Entertainment was acquired for an undisclosed sum by the Good Glamm Group.
