Honasa pivots from Mamaearth-only D2C to multi-brand FMCG play targeting HUL, P&G, Marico
Honasa Consumer is rebuilding offline distribution via Project Neev and scaling The Derma Co. (ARR >₹750 cr) after a Q2 FY25 net loss of ₹18.5 cr and a ~60% stock slide. FY31 goals: revenue >₹5,500 cr, Mamaearth ₹2,000 cr, The Derma Co. ₹1,500 cr+, EBITDA margin lifting to 15% from ~10%.
Honasa Consumer is transforming from single-brand D2C player Mamaearth into a diversified FMCG portfolio to rival HUL, P&G and Marico, rebuilding offline distribution via Project Neev and scaling The Derma Co. amid intensifying beauty market competition.