After unicorn club entry, Mamaearth sets sights on $3B IPO in 2023

The husband and wife founding team of Ghazal and Varun Alagh plans to take their skincare unicorn Mamaearth public next year.
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Mamaearth is reportedly planning to go public in 2023. The skincare unicorn is aiming to raise at least $300 million at a valuation of $3 billion. They currently compete with traditional giants such as Hindustan Unilever and Proctor & Gamble for the personal care industry in India.

According to Reuters, the $3 billion valuation is a 10-12X multiple on its current revenues. The company plans to file draft papers for their IPO later this year. It is reportedly talking to JP Morgan Chase, JM Financial, and Kotak Mahindra Capital to help with the book-running process.

Mamaearth was founded in 2015, and became a large player in the Indian personal care space by leveraging the ecommerce boom of the last few years. However, according to a Reuters report, only 5-6 percent of Indians use online sites, with brick-and-mortar retail outlets still a dominant force.

Earlier this year, the founders confirmed that they would be looking to expand their offline presence, with the target of 40,000 outlets in 100 cities for 2022. At the time of the announcement in January, the CEO confirmed that 70 percent of Mamaearth's business came from ecommerce sales.

Edited by Teja Lele Desai