Mamaearth parent Honasa Consumer has entered the nutraceuticals space by acquiring a 58% stake in Fluence Pharma in a deal valuing the company at approximately Rs 135 crore. The company has also outlined plans to acquire the remaining 42% stake in phased transactions over the next five to seven years.
As part of the expansion, Honasa will establish a wholly owned subsidiary, Honasa Health, dedicated to developing a direct-to-consumer nutraceuticals business. The company intends to leverage Fluence Pharma’s scientific expertise and extensive practitioner network alongside Honasa’s strengths in brand creation, digital marketing, and online distribution.
Amit Bhusari and Dr Rajendra Singh Rajput founded Fluence Pharma in 2012 to develop nutritional supplements focused on hair and skin health. The company markets products under brands such as Hair Fact, Skin Fact, and Pro Fact, distributing them primarily through dermatologists. Over the years, Fluence Pharma has built a network of more than 3,000 dermatologists across India and developed its proprietary Cyclical Nutrition Therapy (CNT) platform.
Honasa said the acquisition supports its broader vision of expanding into science-backed wellness and nutrition offerings, a segment benefiting from increasing consumer interest in holistic “inside-out” beauty solutions. India’s nutraceuticals market is currently estimated to exceed Rs 16,000 crore in size.
Fluence Pharma Reports Rs 40 Crore Revenue in FY26, EBITDA Margin Tops 20%
For FY26, Fluence Pharma generated revenue of roughly Rs 40 crore while maintaining an EBITDA margin above 20%, according to company disclosures. Hair-related products accounted for over 70% of the company’s total revenue during the period.
The deal marks Honasa’s second acquisition in less than six months. In December 2025, the company expanded its presence in the men’s grooming category through the acquisition of Reginald Men.
The ongoing wave of consolidation in India’s direct-to-consumer beauty and wellness sector has prompted major consumer companies to actively acquire emerging brands and strengthen their digital-first portfolios. Recently, L’Oréal agreed to acquire a majority stake in Innovist, while Hindustan Unilever Limited (HUL) acquired the remaining stake in Oziva. USV expanded its presence in the nutrition segment by acquiring a majority stake in Wellbeing Nutrition. Marico further strengthened its portfolio through investments in Cosmix and 4700BC. ITC also entered the health-food space with its acquisition of Yoga Bar. Earlier, HUL reinforced its beauty and personal care business by acquiring Minimalist at a pre-money valuation of Rs 2,955 crore.
