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Peak XV, others sell their Rs 1,600 crore stake in MamaEarth’s parent company

In total, Stellaris Ventures, Sofina Ventures, Fireside Ventures, and Peak XV (previously Sequoia Capital) sold shares in Honasa Consumer Limited, the parent company of the direct-to-consumer (D2C) skincare and beauty brand MamaEarth, for Rs 1,600 crore ($190 million).

According to the company’s bulk deal data obtained from the National Stock Exchange, the aforementioned investors sold 3.24 crore shares of MamaEarth at an average price of Rs 495.48 per share.

During the bulk deal, Sofina Ventures, Stellaris Ventures, and Fireside Ventures sold shares valued at Rs 298 crore, Rs 225 crore, and Rs 326 crore, respectively, while Peak XV and its previous entity Sequoia Capital Global Growth Fund III divested shares worth about Rs 753 crore ($90 million).

Notably, Morgan Stanley and ICICI Prudential Life bought a total of Rs 262 crore worth of MamaEarth shares. In this one large transaction, MamaEarth reportedly sold 10% of its shares, according to media estimates. As of June 30, 2024, the company had 32.42 crore outstanding shares.

The shares were sold on Tuesday of this week, when the Gurugram-based company’s share price hit an all-time high of Rs 547. As of September 12, MamaEarth’s total market capitalization was Rs 16,046 crore ($1.91 billion), according to NSE data.

The company reported a 17.6% quarter-over-quarter increase in revenue in the first quarter of the current fiscal year, reaching Rs 554 crore, up from Rs 471 crore in Q4 FY24. With a profit after tax of Rs 40 crore, this was the company’s most profitable quarter to date (PAT).

Companies like Blinkit, Zomato, Freshworks, Awfis, Ixigo, Go Fashion, MamaEarth, and others are part of Peak XV’s recent exit portfolio.

 

 

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