Honasa Consumer, the parent company of personal care brand Mamaearth, has announced its entry into the men’s grooming segment through the acquisition of BTM Ventures Pvt Ltd. The transaction involves the purchase of a 95% stake in BTM Ventures, which owns the men’s personal care brand Reginald Men, for an enterprise value of approximately $23.5 million on a no-cash, no-debt basis. The deal expands Honasa’s footprint in a fast-growing category and strengthens its exposure to South India, where Reginald Men has built a strong consumer base.
A Strategic Foray Into Men’s Personal Care
The acquisition marks Honasa Consumer’s formal entry into the men’s personal care market, a segment seeing rising demand and product innovation. Reginald Men was founded in August 2022 by Trisha Reddy Talasani and offers a focused range of grooming and skincare products, including sunscreens and serums designed specifically for male consumers. The brand’s portfolio aligns closely with Honasa’s existing skincare priorities, enabling immediate category expansion.
Since launch, Reginald Men has scaled rapidly through targeted digital marketing and region-specific consumer insights. Its emphasis on functional, everyday grooming products complements Honasa’s broader strategy of building purpose-driven personal care brands across multiple demographics.
Transaction Structure and Integration Plan
According to Honasa’s exchange filing, the company will acquire a 95% stake in BTM Ventures through a secondary transaction, subject to customary closing adjustments. The remaining 5% stake is expected to be acquired after 12 months, based on pre-agreed valuation parameters. This phased structure is intended to ensure operational continuity while aligning long-term incentives between Honasa and the founding team.
The transaction is expected to close in the coming weeks, following regulatory and procedural approvals. Reginald Men will continue to operate as an independent brand within Honasa’s portfolio, supported by the group’s distribution, marketing, and supply chain infrastructure.
Strengthening Presence in South India
A central rationale for the acquisition is Reginald Men’s strong traction in South India, which accounts for the majority of the brand’s sales. Honasa plans to leverage this regional strength to deepen its own penetration in southern markets, where consumer preferences and brand dynamics differ materially from other parts of the country.
By combining Reginald Men’s localized market understanding with Honasa’s national distribution capabilities, the company aims to accelerate growth across both online and offline channels. The brand’s clean packaging, multifunctional positioning, and digital-first approach are expected to support broader national expansion over time.
Leadership Commentary on the Partnership
Varun Alagh, Co-founder and CEO of Honasa Consumer, said Reginald Men’s rapid growth and strong understanding of male consumers make it a strategic addition to Honasa’s brand ecosystem. He noted that the acquisition supports the company’s ambition to build differentiated brands across emerging personal care categories.
Trisha Reddy Talasani, Founder of BTM Ventures, described the partnership as a major milestone for Reginald Men. She highlighted the alignment in vision and expressed confidence that Honasa’s platform would help scale the brand while preserving its core identity and product philosophy.
Financial Performance and Market Context
Reginald Men generated more than $8.4 million in revenue over the last twelve months, with an EBITDA margin of approximately 25%, underscoring strong operating efficiency for a young brand. Honasa Consumer recently returned to profitability, reporting a net profit of roughly $4.7 million in the second quarter after posting a loss in the same period last year.
While Honasa’s publicly listed shares have faced recent pressure, the acquisition is seen as a strategic move to diversify revenue streams and enter a higher-growth segment. Investors are expected to closely monitor execution and brand integration as indicators of long-term value creation.
Overall, Honasa Consumer’s acquisition of Reginald Men represents a calculated expansion into men’s personal care, anchored by a fast-growing brand with regional strength. The move reinforces Honasa’s strategy of building a multi-brand personal care platform positioned for sustained growth in a competitive FMCG landscape.