Shares of fell 3.07 per cent to ₹407 on Wednesday on the NSE, a day after the Mamaearth parent announced the acquisition of a majority 58 per cent stake in science-backed nutraceuticals company Fluence Pharma Private Ltd. The stock opened higher at ₹429.05, before declining sharply, with sell orders outpacing buys roughly 70-30. The counter traded 16.62 lakh shares worth ₹69.33 crore, giving the company a market capitalisation of ₹13,287 crore.
The deal, disclosed to exchanges on June 23, 2026, values Fluence Pharma at an enterprise value of ₹135 crore — approximately 3.4x EV/ sales — according to SBI Securities. Honasa has also agreed to absorb the remaining 42 per cent stake over the next five to seven years. To execute the strategy, the company has incorporated a dedicated subsidiary, Honasa Health Private Ltd, to be led by Dheeraj Nagpal, formerly co-founder of nutraceuticals brand Zingavita.
Fluence Pharma, co-founded by CEO Amit Bhusari and trichologist Dr. Rajendra Singh Rajput, reported revenues of approximately ₹40 crore and EBITDA margins above 20 per cent in FY26. The company’s patented Cyclical Nutrition Therapy — OTC supplements administered in a structured sequence — is prescribed by over 3,000 dermatologists across India. Its current sales are entirely B2B; Honasa plans to build a B2C portfolio leveraging its digital distribution and brand-building capabilities.
JM Financial analyst Mehul Desai maintained a BUY rating with a target price of ₹485, noting that the acquisition is small — roughly 1.7 per cent of Honasa’s FY26 sales — but could unlock a ₹500-crore revenue opportunity over the long term. He added the deal valuation was more attractive than HUL’s acquisition of Oziva and Marico’s purchase of Plix, which were struck at approximately 4x and 6x sales, respectively.
SBI Securities termed the move positive in the medium- to long-term. India’s nutraceuticals market is currently valued at over ₹16,000 crore.