Date: June 23, 2026
Acquisition Details
Target Entity: Fluence Pharma Private Limited
Type of Deal: Acquisition of majority stake (58%) via secondary purchase with option for full acquisition
Stake/Capacity: 58% equity stake acquired initially, with remaining 42% to be acquired in two tranches over next 5-7 years
Deal Value: ~₹135 Crores enterprise value, subject to closing adjustments
Funding Source: Cash consideration (secondary share purchase)
Financial Impact: Fluence Pharma reported ~₹40 Crores FY26 revenue with 20%+ EBITDA margin. Historical audited revenues: ₹32.24 Crores (2022-23), ₹35.99 Crores (2023-24), ₹37.21 Crores (2024-25). Acquisition multiples: ~3.4x EV/FY26 Revenue and ~15x EV/FY26 EBITDA.
Timeline: Expected to close over next 8 weeks
Strategic Rationale: Expansion into fast-growing nutraceuticals category, strengthening portfolio with differentiated and patented science-led brand. Fluence Pharma offers condition-specific OTC supplement kits using patented Cyclical Nutrition Therapy, sold exclusively through dermatologists. The company has built a strong doctor-led distribution network with over 3,000 dermatologists and 10+ years of in-clinic evidence-based performance. Hair-focused solutions contribute more than 70% of revenue.
Approval Status: Board approved on June 23, 2026
Reference Regulation: SEBI Regulation 30
Wholly Owned Subsidiary Formation
Name: Honasa Health Private Limited
Purpose: Undertake business-to-consumer (B2C) operations of nutraceuticals business
Capital Structure: Initial paid-up capital of ₹1,00,000 comprising 10,000 equity shares of face value ₹10 each
Ownership: 100% wholly owned subsidiary of Honasa Consumer Limited
Approvals Required: Ministry of Corporate Affairs, Government of India
Additional Information
Fluence Pharma was incorporated on March 5, 2012, and is headquartered in Mumbai, Maharashtra, India. The acquisition does not constitute a related party transaction.