Mamaearth’s early backers, including Peak XV Partners, Fireside Ventures, Sofina, and Stellaris Venture Partners, sold a 10% stake in the D2C firm’s parent company, Honasa Consumer, on Sept. 12.
“The most surprising thing about this block deal has been the quality of investors who are buying the shares now. A block deal worth Rs 1,800 crore means that Rs 1,800 crore of additional capital has been invested in buying the shares,” Varun Alagh said. CNBC-TV18.
“Whoever has bought the shares believes that the company will reach great heights and we are very happy with the trust that has been shown and we will continue to deliver on it,” the founder added. According to block trading data available on the National Stock Exchange (NSE), Peak XV Partners sold a 3.81% stake in Honasa Consumer and Fireside Ventures offloaded a 2.03% stake in the company.
Sofina Ventures SA offloaded 60.15 lakh shares or 1.85% stake, Stellaris Venture Partners sold 45.30 lakh shares, representing 1.4% stake in Honasa Consumer and Sequoia Capital Global Growth Fund III-US/India Annex Fund offloaded 28.71 lakh shares or 0.88% stake in the company.
Peak XV acquired a stake in Mamaearth in early 2020, and as of the end of the quarter ending June 2024, Peak XV Partners held an 18.69% stake in Honasa Consumer. Meanwhile, Sequoia Capital held a 4.35% stake and Fireside Ventures held a 4.28% stake in the company as of the end of the quarter ending June 2024. Sofina Ventures held 5.16% and Stellaris Ventures held a 4.75% stake in Honasa Consumer.
Following the share sale, Peak XV Partners’ stake in Honasa Consumer was reduced to 14.88%, Fireside Ventures’ to 2.25% and Sofina’s to 3.31%.
The partial exits come after Honasa Consumer, which owns and operates Mamaearth, reported a 63% year-on-year growth in its consolidated net profit, which stood at Rs 400 crore in the quarter ended June. A year ago, the profit stood at Rs 250 crore in the same period.
Meanwhile, ICICI Prudential Life Insurance acquired 28.78 lakh shares or 0.88% stake in Honasa Consumer and Morgan Stanley Asia Singapore bought 24.17 lakh shares of the company. The shares were purchased at an average price of ₹495 each, bringing the value of the combined deal to ₹262.17 crore.
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