Honasa Consumer acquires Reginald Men owner BTM Ventures for Rs 195 crore

New Delhi: Honasa Consumer, the parent company of Mamaearth and The Derma Co, has announced the acquisition of BTM Ventures, owner of men’s grooming brand Reginald Men, at an enterprise value of Rs 195 crore as it looks to build a stronger play in the fast-growing men’s personal care market.

Founded in August 2022 by Trisha Reddy Talasani, Reginald Men offers a curated range of men’s personal care products with a strong focus on sunscreens and serums. Over the 12-month period from November 2024 to October 2025, the brand clocked more than Rs 70 crore in revenue with nearly 25% EBITDA, the companies said in a joint statement.

As part of the transaction, Honasa will acquire a 95% stake in BTM Ventures through a secondary purchase at an enterprise value of Rs 195 crore, subject to closing adjustments. The remaining 5% stake will be acquired after 12 months based on pre-agreed valuation criteria.

The deal marks Honasa’s strategic entry into the men’s personal care category and is expected to strengthen its position in the south Indian market, from where Reginald Men currently derives a majority of its revenue. It also deepens Honasa’s play in focus categories such as sunscreens and serums.

Commenting on the acquisition, Honasa Consumer Co-founder and CEO Varun Alagh said the move further consolidates the company’s position in India’s beauty and personal care landscape.

“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,” Alagh said.