Mamaearth to acquire ‘Reginald Men’ at enterprise valuation of ₹195 crore
The deal also bolsters Honasa's presence in Southern India, the region from which Reginald Men derives the bulk of its revenue.
Honasa Consumer Ltd., which owns direct-to-consumer brands Mamaearth and The Derma Co. has agreed to acquire ‘Reginald Men’ maker BTM Ventures Pvt. Ltd. to enter the fast-growing men's personal care market.
The deal will see Honasa Consumer pick up a 95% stake in BTM Ventures at an enterprise valuation at ₹195 crore, according to a stock exchange filing on Thursday (11 December 2025). The remaining 5% will be acquired after 12 months as per the existing valuation criteria.
“The men's personal care category is evolving rapidly, and Reginald Men's deep insight into this segment…makes them a strong strategic fit for us,” said Varun Alagh, co-founder and chief executive officer at Honasa Consumer.
BTM Ventures — Company Profile
Founded in August 2022 by Trisha Reddy Talasani, BTM Venture offers curated range of men's personal-care products under the ‘Reginald Men’ brand. In the year through October 2025, the company has clocked revenue of ₹70 crore with an operational profitability of nearly 25%.
For Honasa, the acquisition is strategic for it marks its entry into the men's grooming industry that's seen growing at a compounded annual growth rate (CAGR) of 7-8% to roughly $5 billion by 2030.
The deal also bolsters Honasa's presence in South India, the region from which Reginald Men derives the bulk of its revenue, and strengthens sunscreen and serum offerings — a key focus area for the FMCG firm.
