Founded by Rohini Manoj in 2011, CosmoGenesis offers cosmetics product development services to beauty brands operating in the skincare industry
Leveraging CosmoGenesis’ expertise in cosmetics formulation, Honasa aims to enter into newer sub-categories and offer a wider range of skincare solutions to users
The board of Honasa had approved the asset purchase agreement with CosmoGenesis for INR 4 Cr in a meeting held last week, as per its exchange filings
Honasa Consumer Ltd, the parent company behind popular brands like Mamaearth, the Derma Co and BBLUNT, has bought the assets of Thane-based skincare company CosmoGenesis Labs.
With this buyout, Honasa seeks to strengthen its research and development and manufacturing capabilities, the company said in a filing.
Founded by Rohini Manoj in 2011, CosmoGenesis offers cosmetics product development services to beauty brands operating in the skincare industry.
Leveraging CosmoGenesis’ expertise in cosmetics formulation, Honasa aims to enter into newer sub-categories and offer a wider range of skincare solutions to users.
The board of Honasa had approved the asset purchase agreement with CosmoGenesis for INR 4 Cr in a meeting held last week, as per its exchange filings.
As part of the agreement, Honasa said it would acquire over 4,000 cosmetic formulations developed by CosmoGenesis in the beauty and personal care category.
Additionally, the Delhi-NCR based firm said it would acquire formulations expertise, R&D Lab along with a small manufacturing facility.
“This strategic alliance with CosmoGenesis will exponentially increase our ability to research new trends with greater efficiencies and help craft best-in-class products,” said Ghazal Alagh, cofounder and chief innovation officer of Honasa.
Founded by the husband-wife duo Varun and Ghazal Alagh, Honasa went public last year.
The firm reported a consolidated net profit of INR 30.47 Cr and saw its EBITDA rise 7% year-over-year to INR 33.8 Cr in Q4FY24.
Meanwhile, its revenue from operations grew 21% YoY to INR 471 Cr. Overall, the company reported a profit of INR 110.52 in FY24, against a loss of INR 150.96 Cr in the previous year.
The growth was driven by the surge in popularity of brands other than Honasa’s flagship brand Mamaearth. Currently, Honasa has a portfolio of seven brands, including The Derma Co, Bblunt, Ayuga and Aqualogica among others.
In the last few years, Honasa has made several strategic acquisitions, including Dr Sheth’s, BBLUNT and The Derma Co.
Recently, the Mamaearth
parent launched a new brand dubbed ‘Staze’ marking its entry into the colour cosmetics space.
It was also reported earlier that the board of Honasa has approved the merger of the company with its two wholly-owned subsidiaries – Just4Kids Services and Fusion Comsecutics – to prevent cost duplication.
