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Honasa forays into men’s grooming with 95% purchase of Reginald Men for Rs 195 crore
Honasa Consumer said that the remaining 5% stake will also be acquired through a secondary purchase 12 months after the completion of the initial transaction.
Reginald Men's parent firm, BVPL was incorporated in 2022. It reported Rs 20.15 crore in revenue in FY25.
Honasa Consumer Ltd, the parent company of Mamaearth, has announced its entry into the men’s personal care segment with the acquisition of a 95% stake in Reginald Men, owned by Hyderabad-based BTM Ventures Pvt. Ltd. (BVPL).
In a stock exchange filing on Thursday, the Gurugram-headquartered company said it will acquire the majority stake via a secondary purchase, valuing BVPL at an enterprise value of Rs 195 crore on a no-cash, no-debt basis. The remaining 5% stake will also be acquired through a secondary purchase 12 months after the completion of the initial transaction.
The acquisition is expected to close within four weeks.
BVPL, incorporated in 2022, reported Rs 20.15 crore in revenue in FY25, and Rs 74 crore in trailing 12-month revenue as of October 2025. Reginald Men has built a strong foothold in South India, with over 80% of its sales coming from southern states, supported by high repeat usage.
Honasa said the acquisition marks a significant step in expanding its presence in South India, while strengthening its portfolio in a rapidly growing category. India’s men’s personal care market is projected to exceed Rs 40,000 crore by 2032, positioning the company to tap into a fast-expanding consumer base.
“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," Varun Alagh, Co-founder & CEO, Honasa Consumer said.
The acquisition also aligns with a broader trend of large FMCG companies expanding their presence in men’s grooming. Just last month, Godrej Consumer Products Ltd (GCPL) completed the acquisition of men’s grooming brand Muuchstac in a Rs 450-crore deal. Earlier in 2024, Emami acquired the remaining 49.60% stake in Helios Lifestyle, the parent company of The Man Company, for Rs 177.63 crore.
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