Honasa Consumer Limited, the company behind popular brands like Mamaearth, The Derma Co., Aqualogica, and BBlunt, has acquired a 58% majority stake in Mumbai-based Fluence Pharma Private Limited. The deal values Fluence Pharma at around ₹135 crore and marks Honasa’s entry into India’s growing nutraceutical and health supplements market.
The acquisition reflects the increasing demand for wellness products that support health from within, alongside traditional skincare and beauty products.
Honasa Expands Beyond Beauty and Personal Care
The transaction has been structured as a secondary share purchase and is expected to be completed within the next eight weeks. Industry estimates suggest the deal size could be between $15 million and $18 million.
As part of the agreement, Honasa also has the option to buy the remaining 42% stake in Fluence Pharma in two phases over the next five to seven years.
The move supports Honasa’s long-term growth strategy as it looks to expand beyond skincare and personal care products. The company believes there is strong potential in the nutraceutical sector, which is valued at more than ₹16,000 crore in India and is expected to continue growing steadily.
Honasa Co-founder and CEO Varun Alagh said that while beauty products such as creams and serums have dominated the market over the past decade, consumers are now increasingly looking for solutions that address problems from the inside. This trend has led to growing interest in nutritional supplements for hair, skin, and overall wellness.
The acquisition also follows a larger trend in the FMCG industry, where companies are investing in health and wellness brands to strengthen their portfolios and tap into new growth opportunities.
Fluence Pharma’s Strong Clinical Focus
Founded in 2012 by nutraceutical expert Amit Bhusari and dermatologist and trichologist Dr. Rajendra Singh Rajput, Fluence Pharma focuses on science-backed nutritional products.
The company offers supplements for hair, skin, and other health concerns under brands such as Hair Fact, Skin Fact, Pro Fact, and Ortho Fact.
A key feature of Fluence Pharma’s business is its patented Cyclical Nutrition Therapy (CNT) platform. The approach involves taking nutrients at specific intervals rather than every day. According to the company, this helps improve nutrient absorption and reduces the possibility of nutrients interfering with each other.
Fluence Pharma has grown without raising money from institutional investors. Its revenue increased from ₹32.24 crore in FY23 to ₹35.99 crore in FY24 and further to ₹37.21 crore in FY25. For FY26, the company is expected to generate around ₹40 crore in revenue while maintaining an EBITDA margin of more than 20%.
More than 70% of the company’s revenue comes from hair-care solutions. Unlike many supplement brands that sell through online platforms or retail stores, Fluence Pharma mainly distributes its products through a network of over 3,000 dermatologists across India. This doctor-led model has helped the company build trust among medical professionals and consumers.
Honasa Health to Lead the New Growth Journey
To manage its expansion into the health and wellness segment, Honasa has created a new wholly-owned subsidiary called Honasa Health Private Limited.
The subsidiary has been launched with an initial paid-up capital of ₹1 lakh and will focus on building Honasa’s presence in the nutraceutical space. Dheeraj Nagpal has been appointed CEO of Honasa Health. He brings over 15 years of experience in consumer businesses and has previously co-founded nutraceutical brand Zingavita. He has also worked with companies such as Zomato and American Express.
Through this acquisition, Honasa plans to combine Fluence Pharma’s clinical expertise and strong doctor network with its own digital marketing strengths, consumer insights, and distribution reach.
However, industry experts believe there are some challenges ahead. One major challenge will be expanding Fluence Pharma into the broader consumer market without affecting the trust it has built among dermatologists. Maintaining the brand’s clinical reputation while reaching more customers will be important for long-term success.
The company will also need to meet strict regulatory requirements in the nutraceutical industry, where product quality, safety, and health claims are closely monitored.
Despite these challenges, the acquisition is an important step for Honasa Consumer. It gives the company a foothold in the rapidly growing health supplements market and supports its vision of offering consumers complete beauty and wellness solutions that work both inside and out.