Honasa Consumer, the parent company of Mamaearth, has acquired a 58% stake in Mumbai-based Fluence Pharma Private Limited at an enterprise value of approximately Rs 135 crore. The board approved the deal on June 23, 2026, and disclosed it to the BSE and NSE the same evening. The acquisition values Fluence Pharma at about 3.4 times its FY26 revenue and 15 times its FY26 EBITDA, based on provisional figures before exceptional items and deal-related costs, according to medianama.com.
The transaction is expected to close within eight weeks of board approval. Honasa will acquire the remaining 42% stake in two additional tranches over the next five to seven years, following a pre-agreed valuation formula outlined in the Share Purchase Agreement and Shareholders’ Agreement. Fluence Pharma, incorporated in 2012 and headquartered in Mumbai, sells condition-specific OTC supplement kits exclusively through dermatologists. Its product line is based on a patented Cyclical Nutrition Therapy (CNT) method, which administers supplements in a structured sequence to address specific conditions.
This acquisition marks Honasa’s strategic push into the nutraceuticals segment, expanding beyond its core personal care business. Fluence Pharma’s patented CNT method, held in India and the United States, differentiates it in the OTC supplement market. The deal’s valuation multiples indicate investor confidence in the growth potential of condition-specific nutraceuticals. The acquisition aligns with broader trends of consumer health companies diversifying into specialized supplements, a sector that has seen increasing demand and innovation.
The deal’s closure is anticipated within eight weeks from June 23, 2026, with Honasa set to complete the full acquisition over the next five to seven years. The acquisition document was filed with the exchanges on the day of board approval, June 23, 2026, as per medianama.com.