Honasa Consumer Acquires Reginald Men Brand for ₹195 Cr
Honasa Consumer Limited will acquire a 95% stake in BTM Ventures Private Limited, owner of the men's personal care brand Reginald Men, for ₹195 Crores. The acquisition is expected to close within four weeks. Reginald Men reported ₹74 Crores in revenue for the trailing twelve months ending October 2025.
The acquisition involves a significant investment and expands the company's product portfolio into a new category, which could have a moderate impact on its overall business and market position.
The acquisition of a brand in a growing market segment like men's personal care is a positive strategic move for the company, indicating expansion and potential for future growth.
Honasa Consumer Limited has announced the approval of its Board of Directors for the acquisition of BTM Ventures Private Limited, the entity that owns and operates the men's focused personal care brand "Reginald Men". The acquisition, approved on December 11, 2025, will see Honasa acquire a majority 95% equity stake in BTM Ventures via a secondary purchase.
The enterprise value for this initial stake is set at ₹195 Crores on a 'no-cash no-debt' basis, subject to closing adjustments. Honasa will acquire the remaining 5% equity stake in BTM Ventures after 12 months from the completion of the initial acquisition, based on pre-agreed valuation criteria.
Reginald Men offers men's focused personal care products, with sunscreens being a core offering. The brand was incorporated in 2022 and generated a revenue of ₹20.15 Crores in FY 2024-25, with ₹74 Crores in revenue for the trailing twelve months ending October 2025. The acquisition is expected to strengthen Honasa's position in the fast-growing male personal care category.
The acquisition is anticipated to close within the next four weeks from the signing of definitive agreements on December 11, 2025. The Board meeting where this decision was made commenced at 4:00 pm IST and concluded at 4:15 pm IST.
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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 medium impact: worth reading, rarely worth acting on by itself.
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