Sofina Ventures exits 1.28% of Honasa Consumer in ₹177 Cr bulk deal at ₹424/share
Belgian investor Sofina Ventures offloaded 41.78 Lakh shares of Mamaearth-parent Honasa Consumer for ₹177.2 Cr. The exit comes amid Honasa's 42% YTD rally, its ₹135 Cr Fluence Pharma acquisition for a 58% stake, and the 'Honasa 3.0' roadmap targeting ₹5,500 Cr revenue with 15% EBITDA margin by FY31.
What happened
Sofina Ventures sold a 1.28% stake in Honasa Consumer for ₹177.2 Cr via bulk deal at ₹424.07/share. Sale follows Honasa's Fluence Pharma acquisition and 'Honasa
Key facts
- ₹177.2 Cr
- 41.78 Lakh shares
- ₹424.07 per share
- 1.28% stake
- 42% YTD gain
- ₹437.90 52-week high
- ₹135 Cr Fluence acquisition
- 58% stake
- ₹5,500 Cr FY31 revenue target
- 15% EBITDA margin
Why this matters
The Fluence Pharma 58% buy-in for ₹135 Cr signals Honasa is using its re-rated equity to bolt on adjacencies, making it both a consolidator and a benchmark for BPC deal multiples.
What to watch
- Additional PE block deals (Sequoia, Stellaris, Fireside lock-up status)
- Q3 FY26 results — Mamaearth segment growth re-acceleration vs Plum/Minimalist
- Brokerage target price revisions post-Sofina exit
- D2C beauty category commentary from Nykaa, Plum, Minimalist on competitive intensity
- Fluence Pharma revenue contribution guidance
- Track remaining Sofina holding and any 13D-equivalent disclosure for residual stake size
- Monitor Q3 FY26 print for Mamaearth volume recovery and BBlunt/Dr.Sheth's growth contribution
- Watch Fluence Pharma integration milestones — derma/cosmeceutical SKU launches
- Check MF/FII shareholding shifts in Dec-25 quarter filings to confirm block absorption profile