Honasa Consumer Limited has announced the acquisition of a 58% equity stake in Fluence Pharma Private Limited at an enterprise value of approximately Rs 135 crore. The board approved the deal at its meeting on June 23, 2026, through a secondary share purchase of shares from existing shareholders. Honasa will acquire the remaining 42% stake in two tranches over the next five to seven years at a pre-aligned valuation construct.
Fluence Pharma offers condition-specific OTC supplement kits under the brands Hair Fact, Skin Fact and Pro Fact, built on patented Cyclical Nutrition Therapy. It generated approximately Rs 40 crore in revenue in FY26 with an EBITDA margin exceeding 20%. The implied valuation multiples stand at approximately 3.4 times FY26 revenue and 15 times FY26 EBITDA.
The acquisition marks Honasa Consumer's entry into the nutraceuticals segment, a category it describes as sizeable and fast-growing. Fluence Pharma has built a network of more than 3,000 dermatologists over more than a decade of in-clinic, evidence-based performance. Hair-focused solutions contribute more than 70% of its revenue. Honasa plans to build a nutraceuticals franchise worth Rs 500 crore through this acquisition and the subsidiary.
Honasa has also approved the incorporation of a wholly owned subsidiary, Honasa Health Private Limited, to handle business-to-consumer operations in nutraceuticals. The subsidiary will be capitalised with an initial paid-up capital of Rs 1,00,000 comprising 10,000 equity shares of face value Rs 10 each. The acquisition is structured as a cash transaction.
Fluence Pharma reported revenue of Rs 32.24 crore in FY23, Rs 35.99 crore in FY24, and Rs 37.21 crore in FY25. It is headquartered in Mumbai. The transaction is expected to close within eight weeks, subject to customary closing adjustments and conditions precedent.
Disclaimer: This article is based on company filings submitted to the Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE) and is for informational purposes only. It does not constitute investment advice or a recommendation. Investors should conduct their own research and consult a qualified financial advisor before making investment decisions.