Honasa Consumer Acquires 95% Stake in Reginald Men for ₹195 Cr
Honasa Consumer acquired a 95% stake in men's personal care brand Reginald Men for ₹195 crore. The deal implies an EV/Revenue of 2.6x and EV/EBITDA of 10.9x. Honasa plans to increase its stake up to 51% and has governance rights. Exit is expected in 8-9 years via IPO or sale.
The acquisition diversifies Honasa's portfolio into a new, high-growth segment and represents a significant strategic move for the company.
The acquisition of Reginald Men marks a strategic entry into the growing men's personal care market, indicating expansion and potential for future growth.
Honasa Consumer Limited has announced its entry into the men's personal care market through the acquisition of Reginald Men, a premium personal care brand for men. The company is acquiring a 95% stake in Reginald Men, via a secondary purchase, at an enterprise value of ₹195 crore, subject to closing adjustments.
The remaining 5% stake will be acquired after 12 months based on pre-agreed valuation criteria. The implied Enterprise Value (EV) to Revenue multiple is 2.6x, and EV to EBITDA is 10.9x, based on an annualized revenue run-rate from April to August 2025.
Reginald Men, launched in August 2022, focuses on curated men's personal care products, with sunscreens as a core offering. The brand has shown rapid traction, particularly in South India, and is recognized as the number one searched men's sunscreen brand on Google. The Indian men's personal care market is projected to grow significantly, reaching over ₹40,000 crore by 2032, fueled by premiumization and an evolving self-care mindset.
Honasa's investment is structured via Series A CCPS, with a provision for a subsequent investment triggered if quarterly revenue reaches ₹25 crore. Governance will include a 4-member board with 3 founders and 1 investor director, requiring the investor's consent for reserved matters. Founders will retain day-to-day operational control. The agreement includes investor rights for information and inspection, pre-emptive rights, anti-dilution protection, and a 1x non-participating liquidation preference.
Founders will have a lock-in period, with suggestions for a 3-year limit and a 10% liquidity carve-out. The investor has rights for ROFR and Tag-along, with restrictions on sales to competitors. The exit timeline is projected within 8-9 years, with potential modes including IPO, third-party sale, or drag-along. The company aims to leverage this acquisition to expand its market share in the beauty and personal care sector, particularly in southern states, and explore further category and channel expansion.
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Honasa Consumer Limited filed this with the NSE as a statutory disclosure, categorised under acquisition. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by Honasa Consumer Limited. Read the original for the full detail.