Honasa Consumer To Acquire Personal Care Brand Reginald Men For Rs 195 Crore
The deal is valued at Rs 195 crore for 95% equity stake on a 'no-cash no-debt' basis.
Mamaearth parent Honasa Consumer Ltd. on Thursday announced the acquisition of BTM Ventures Pvt. Ltd., which owns the premium personal care brand Reginald Men.
The deal is valued at Rs 195 crore for 95% equity stake on a 'no-cash no-debt' basis, according to a stock exchange filing. The transaction is expected to conclude by January. The remaining 5% will be acquired after 12 months based on pre-agreed valuation criteria.
BVPL offers men’s focused personal care products under the brand 'Reginald Men'. It was founded in 2022 and is headquartered in Hyderabad.
BVPL generated a revenue of Rs 20.15 crore during the financial year 2025 with Rs 74 crore revenue in trailing twelve months ending in October 2025.
Strategic Expansion
Reginald Men is a premium personal care brand for men that offers a curated range of men’s products, across personal care especially sunscreen and serum.
Honasa said the acquisition marks a "strategic expansion" into the rapidly growing men’s personal care category and further strengthens its presence in the South Indian market, where Reginald Men currently derives the majority of its revenue. The brand also adds strength in categories like sunscreen and serums, which are focus categories.
"Reginald Men has rapidly achieved significant organic traction in a short period of time by building a compelling multi-functional narrative and clean, minimal packaging that resonates strongly with modern male consumers. Its Helios Moisturizing Sunscreen has emerged as the No. 1 most searched sunscreen for men on Google in India, underscoring the brand’s rising popularity and strong consumer pull," according to a statement.
"The men’s personal care category is evolving rapidly, and Reginald Men’s deep insight into this segment, especially its nuanced understanding of what today’s male consumers seek makes them a strong strategic fit for us," said Mamaearth Co-founder and CEO Varun Alagh.
Indian men's personal care market is a sizable category projected to reach Rs 40,000 crore by 2032.
Shares of Honasa Consumer settled 0.5% lower at Rs 256.50 on the BSE, ahead of the announcement, compared to a 0.5% advance in the benchmark Sensex. The stock is down 2% since listing in December 2024.
