JSA Advises Honasa on ₹135 Crore Fluence Pharma Acquisition
JSA Advocates & Solicitors advised Honasa Consumer Limited on its acquisition of a 58% stake in Fluence Pharma Private Limited, marking the Mamaearth parent’s entry into the nutraceuticals segment. The board approved the deal on 23 June 2026 and disclosed it to the BSE and NSE the same evening under Regulation 30 of SEBI’s Listing Obligations. The transaction is one of the more consequential consumer-sector M&A deals of mid-2026, combining a listed FMCG house with a clinically grounded supplements company.
Introduction
Honasa Consumer has acquired a 58% stake in nutraceuticals company Fluence Pharma at an enterprise value of around ₹135 crore. Honasa will purchase the remaining 42% stake in two tranches over the next 5–7 years.
As part of the transaction, Honasa will also incorporate a wholly owned subsidiary, Honasa Health, which will focus on building a business-to-consumer nutraceuticals business. The strategy follows a two-track model: Fluence will continue selling through dermatologists under its existing brands, while Honasa Health will develop consumer-facing products online.
Fluence Pharma was founded in 2012 by Amit Bhusari and Dr. Rajendra Singh Rajput, and offers hair and skin health supplements through dermatologists under brands such as Hair Fact, Skin Fact and Pro Fact. The company is known for its patented Cyclical Nutrition Therapy (CNT) platform and has built a network of more than 3,000 dermatologists across India.
Deal Value
Honasa Consumer acquired the 58% stake in Fluence Pharma Private Limited at an enterprise value of approximately ₹135 crore. The acquisition document filed with the exchanges states that the ₹135 crore enterprise value represents approximately 3.4 times Fluence’s FY26 revenue and about 15 times its FY26 EBITDA, both calculated using provisional figures before exceptional items and one-time deal-related costs.
Honasa will acquire the remaining 42% in two additional tranches over the next five to seven years, following a pre-agreed valuation formula set out in the Share Purchase Agreement and the Shareholders’ Agreement.
Legal Teams Involved
JSA Advocates & Solicitors advised Honasa Consumer Limited on the transaction. The JSA corporate team and tax team are listed below.
Corporate Team — JSA Advocates & Solicitors
- Lalit Kumar, Partner (Lead)
- Amandeep Singh Virk, Partner (Lead)
- Muskaan Gupta, Associate
- Sameer Dahiya, Associate
- Rahul Kapoor, Associate
- Aditi Sharma, Associate
Tax Team — JSA Advocates & Solicitors
- Kumarmanglam Vijay, Partner and Head of Practice, Direct Tax
- Surajkumar Shetty, Partner
Further details of any counsel advising Fluence Pharma or its existing shareholders were not disclosed.
Significance and Impact
According to Honasa, the acquisition aligns with its strategy to expand into science-led wellness and nutrition products amid growing consumer demand for “inside-out” beauty solutions. The nutraceuticals market in India is estimated to be worth over ₹16,000 crore.
Fluence Pharma reported revenue of around ₹40 crore in FY26 with an EBITDA margin of over 20%, and more than 70% of its revenue comes from hair-focused products. This provides Honasa with an immediately profitable platform on which to build its nutraceuticals franchise.
The acquisition is Honasa’s second strategic deal in the last six months; in December 2025, the company entered the men’s grooming segment through the acquisition of Reginald Men. Honasa Consumer has now spent around ₹664 crore on six acquisitions over the past six years as it accelerates efforts to diversify beyond beauty and personal care.
From a legal standpoint, the deal is structured as a phased buy-out, with Honasa securing control through an initial majority stake and retaining optionality on the balance via a pre-agreed formula in the Share Purchase and Shareholders’ Agreements — a structuring approach increasingly common in Indian consumer-sector M&A. For context on how deal activity in the Indian legal market is tracked, see the Deal Meter.
Conclusion
The JSA-advised acquisition of a 58% stake in Fluence Pharma Private Limited by Honasa Consumer Limited for ₹135 crore signals the Mamaearth parent’s deliberate pivot toward science-backed wellness. The phased acquisition structure, the formation of a dedicated subsidiary in Honasa Health, and the dual-channel go-to-market strategy collectively make this one of the more intricately structured consumer deals of 2026. JSA Advocates & Solicitors fielded a cross-practice team spanning M&A and direct tax to execute the transaction.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
