Honasa Consumer Ltd., a holding company of Mamaearth, has announced the acquisition of CosmoGenesis Labs, a cosmetic formulation and development company.
The acquisition will help the company take a major leap in research-driven innovation and also help it stay ahead of the curve in terms of crafting for Indian consumers, it said in a statement on Monday.
Innovation has been at the core of Honasa Consumer, said Chief Information Officer and Co-Founder Ghazal Alagh.
"With CosmoGenesis in the Honasa family, we're confident that our ability will drive and scale meaningful growth and make a lasting impact in the beauty industry while staying true to our values of innovation, quality, and sustainability," she said.
Shares of Honasa Consumer closed 1.01% lower at Rs 426.15 apiece, compared to a 0.03% fall in the benchmark BSE Sensex.
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