MONEYCONTROL NEWS | DECEMBER 24, 2021
Honasa Consumer, the parent company of digitally-native brands such as Mamaearth and The Derma Co, has acquired content women-oriented platform Momspresso along with its associated influencer engagement platform Momspresso MyMoney. With this acquisition, Mamaearth now plans to enhance its content and community strategy, the company said in a press note.
“The experience of the founding team and capabilities of the platform show immense potential in expanding a content platform that enlightens, educates, and supports consumers in making informed decisions through high quality, user-generated content in beauty, health, fashion, lifestyle, pregnancy, motherhood and kids,” it added.
Founded in 2010 by Vishal Gupta, Asif Mohamed and Prashant Sinha, Momspresso caters to women, with a focus on mothers. The platform claims to have so far onboarded 60,000 content-creators in 10 languages, a community of 30 million women, and over 2,00,000 micro-influencers connected to 50 million consumers.
Commenting on the acquisition, Varun Alagh, co-founder and CEO, Honasa Consumer said,”We have experienced exponential growth due to our constant connect with community and consumers and the partnership with Momspresso will further scale up our creator network.”
Following the acquisition, Momspresso will continue to function independently and the founding team with co-founder and CEO Vishal Gupta, co-founder and CTO Asif Mohamed and co-founder and COO Prashant Sinha, will continue to lead the operations and manage the business as an independent entity.
Momspresso will deploy the funds received through the acquisition, towards enhancing the team, building data-science capability, and investing in technology to drive scale and efficiencies.
Vishal Gupta, co-founder and CEO said, “We are delighted to align forces with Honasa, which has established itself as the foremost DTC player in the country. Together, we are uniquely positioned to unlock synergies in creating a compelling content to commerce playbook. The possibilities are immense, and we are greatly excited at what lies ahead.”
The online content segment is in a consolidation mode of late and many platforms have been acquired by direct-to-consumer (D2C) companies. Online beauty platform MyGlamm had acquired POPxo last year and then after consolidating all its business under one umbrella and the formation of the Good Glamm Group it acquired ScoopWhoop and Miss Malini Entertainment.
Honasa Consumer was founded in 2016 by husband-wife duo Varun and Ghazal Alagh. The company initially focussed on offering toxin-free childcare products, however, later branched out to personal care products too. The company is backed by Sequoia Capital India, Sofina SA, Fireside Ventures, and Stellaris Venture Partners and aims to a billion-dollar FMCG conglomerate in the next five years. It had raised $50 million funding led by Sofina Ventures SA in July this year and was valued at $730 million then.