CosmoGenesis, founded by Rohini Manoj in 2011, provides cosmetic product development services to beauty firms working in the skincare industry. Leveraging CosmoGenesis’ experience in cosmetics formulation, Honasa seeks to enter into emerging sub-categories and give people a greater selection of skincare options. The board of Honasa authorized the asset purchase deal with CosmoGenesis for INR 4 Cr in a meeting held last week, according to its exchange records.
Honasa Consumer Ltd, the parent company of popular brands like as Mamaearth, Derma Co, and BBLUNT, has acquired the assets of Thane-based skincare startup CosmoGenesis Labs.
Honasa’s takeover aims to expand its R&D and manufacturing capabilities, according to a filing.
CosmoGenesis, founded by Rohini Manoj in 2011, provides cosmetic product development services to beauty firms in the skincare market.
Honasa intends to expand into additional sub-categories and provide users with a broader selection of skincare options by leveraging CosmoGenesis’ experience in cosmetic formulation.
Honasa’s board authorized the asset purchase agreement with CosmoGenesis for INR 4 crore at a meeting last week, according to its exchange records.
Honasa stated that as part of the arrangement, it will acquire nearly 4,000 cosmetic formulas produced by CosmoGenesis in the BPC category.
In addition, the Delhi-NCR-based company announced that it would acquire formulation expertise, an R&D lab, and 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, Honasa’s cofounder and CIO.
Honasa, founded by husband and wife Varun and Ghazal Alagh, went public last year.
In Q4FY24, the company reported a consolidated net profit of INR 30.47 crore and EBITDA of INR 33.8 crore, up 7% year on year.
Meanwhile, revenue from operations increased by 21% year on year to INR 471 Cr. Overall, the company reported a profit of INR 110.52 Cr in FY24, compared to a deficit of INR 150.96 Cr the previous year.
The increase was driven by the popularity of brands other than Honasa’s main brand Mamaearth. Honasa currently owns seven brands, including The Derma Co, Bblunt, Ayuga, and Aqualogica, among others.
Honasa has made many major purchases in recent years, including Dr. Sheth’s, BBLUNT, and The Derma Company.
Mamaearth’s parent company recently introduced a new brand called ‘Staze’, signifying its foray into the colour cosmetics industry.
