Honasa Consumer shares in focus as board approves acquisition of men’s personal care brand Reginald Men

Shares of Honasa Consumer, the parent of beauty and baby care products maker Mamaearth, will be in focus on Friday, December 12, after its board of directors approved the acquisition of BTM Ventures Pvt Ltd (BVPL).

In a regulatory filing dated December 11, the company stated that BVPL offers men focused personal care products under the brand “Reginald Men”.

The firm will acquire a majority 95% equity stake in BVPL through a secondary purchase for an enterprise value of ₹195 crore on a ‘no-cash no-debt’ basis, subject to closing adjustments, it added.

Furthermore, Honasa Consumer will acquire the remaining 5% after 12 months based on pre-agreed valuation criteria as per the share purchase and shareholders’ agreement.

The acquisition is expected to close over the next four weeks from the date of signing of the definitive agreement, which is December 11.

With the acquisition, the company aims to expand in the sizeable and fast-growing category of male personal care, and strengthen its position in its focus categories like sunscreens.

Commenting on the development, Varun Alagh, Co-founder & CEO, Honasa Consumer Limited, said: “We are deeply inspired by what the Reginald Men team has built in such a short span of time. Their sharp understanding of the modern male consumer, combined with their ability to quickly translate ideas into action, aligns perfectly with Honasa’s long-term vision.”

Reginald Men’s top line stood at over ₹70 crore in the last twelve-month period, from November 2024 to October 2025. Additionally, its EBITDA (earnings before interest, tax, depreciation and amortisation) was nearly 25%. The brand derives the majority of its revenue from the South Indian market.

“The men’s personal care category is evolving rapidly, and Reginald Men’s deep insight into this segment, especially its nuanced understanding of what today’s male consumers seek, makes them a strong strategic fit for us. This acquisition further strengthens our mission of shaping the future of India’s beauty and personal care landscape.”

The brand also adds strength in categories like sunscreen and serums, which are focus categories for Honasa Consumer, the company stated.

“Joining hands with Honasa Consumer and its visionary founders, Ghazal and Varun, is a landmark moment for us. Our shared passion for innovation and commitment to excellence forge a strong partnership, and I am excited to collaboratively elevate our brand to new horizons,” said Trisha Reddy Talasani, the Founder of BTM Ventures Pvt Ltd.

Shares of Honasa Consumer closed 0.87% lower at ₹255 apiece on the National Stock Exchange (NSE) on Thursday. However, the development was announced after the market closed.

The firm has a total market capitalisation of ₹8,296.93 crore, as of December 11, 2025, according to data on the NSE.