Titan Capital

Mamaearth/Honasa IPO: Trailblazing the Digital Frontier in FMCG


We are overjoyed to witness the incredible journey of Mamaearth, a true testament to visionary entrepreneurship and outstanding growth.


Just 7 years ago, Mamaearth was selling natural mosquito repellent and doing less than INR 10 lakh in monthly sales. Fast forward to today, they’ve not only become profitable but achieved a phenomenal INR 1,493 crores in revenue for FY23. These numbers are nothing short of astounding, showcasing their unwavering dedication and innovative approach.


But it’s not just about the numbers; it’s about making a meaningful impact. Mamaearth’s journey represents bold risk-taking, unprecedented growth, sustainability, and social responsibility. They’ve redefined the personal care industry and set new standards for conscious and profitable business.


With an inspiring product line, by parents, for parents, Varun Alagh and Ghazal Alagh embarked on a mission to create toxin-free, internationally-qualified baby care products, and eventually expanding into many categories and brands.


This IPO redefines the entire sector. It reaffirms that digital-first brands can become enduring businesses with many millions of happy customers. Mamaearth becoming a successful public company within just 7 years of being founded is unparalleled in India, especially for a consumer brand.


We’re proud to be associated with this extraordinary journey, and we believe it’s a benchmark of the entire startup ecosystem in India.


Congratulations to the entire Honasa Consumer Ltd./mamaearth team for becoming the first Indian new age house of brands to achieve this monumental milestone.


At Titan Capital, we look forward to being partners to more inspiring journeys and groundbreaking successes. 🌟