Mamaearth raises $1M in second round of funding led by Fireside Ventures and other investors
Delhi-based mother and childcare products company Honasa Consumer Pvt Ltd’s brand Mamaearth recently raised a second round of funding of $1 million led by Fireside Ventures and other individual investors. The funds will be utilised to build the brand's innovation pipeline in the mother and childcare segment, marketing, building the organisation and expanding offline distribution.
Mamaearth was founded by husband-wife duo Varun and Ghazal Alagh after they became parents. The couple found that safety was a big concern for parents and decided to launch the company which focuses on safe, toxin-free international standard products.
The first round of funding was led by Kanwaljit Singh and a few other investors in 2016.
Varun Alagh said, “They (Kawaljit Singh and Fireside Ventures) have been a great partner since the beginning and their support to help innovation in the mother and childcare space will take us to the big league in the near future. We already have 30,000 happy consumers across 100 cities in India and we intend to reach two lakh consumers by the end of next year.”
The brand currently offers over 20 products for babies and mothers and claims to have sold over 20,000 units of All Natural Mosquito repellent within eight months of launch. It has recently launched products for lactation, stress relief, and postpartum weight loss under ‘Traditional Recipes’ for new mothers.
Kanwaljeet, Founder, Fireside Ventures and lead investor said, “We are really excited about our investment in Mamaearth. It is a large opportunity and a fast-growing market. Varun and Ghazal bring personal experience as well as professional competence to the business."
Mamaearth has stores in Delhi, Mumbai and, Bengaluru and plans to expand to 20 cities. The products are available on Amazon, Flipkart, Firstcry, Nykaa, and BabyChakra.
Ghazal Alagh, the co-founder said, “Mamaearth aims to reduce parental stress, by providing natural and safe solutions.”
Talking about the drivers of success for Mamaearth she adds, “We are a 'mum-powered' company and work with a large number of mothers who are involved in the process, right from ideation, conceptualisation to the actual product launch. We believe this connect with mothers will continue to be the biggest driver of success.”
The Indian maternity and baby care products market have been witnessing tremendous growth in the last few years, in comparison to the other emerging markets across the world.
According to statistics collected by ResearchMoz, the baby care market in India will grow at 17 percent CAGR between 2014 and 2019.
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