Honasa Calls Off 58% Stake Acquisition in Fluence Pharma – Nutraceutical Strategy Continues

Honasa’s Deal Termination Honasa Consumer, the parent of Mamaearth and The Derma Co, announced on August 25 that it has called off its proposed purchase of a 58 % stake in nutraceutical firm Fluence Pharma. The deal, initially announced on June 23, was to be executed at an enterprise value of Rs 135 crore, contingent on closing adjustments and fulfillment of conditions precedent. The company did not disclose which specific conditions were unmet, but the termination means the planned secondary purchase of the remaining 42 % over five to seven years will not proceed.

Impact on the Nutraceutical Strategy Despite the setback, Honasa reiterated its commitment to the nutraceutical sector. The company plans to evaluate both organic growth and other inorganic opportunities to build a consumer‑focused health business. The original plan involved creating a dedicated subsidiary, Honasa Health, that would merge Fluence’s clinical and formulation expertise with Honasa’s brand and digital distribution strengths. Fluence, founded by Amit Bhusari and dermatologist Rajendra Singh Rajput, serves over 3,000 dermatologists and reported FY26 revenue of approximately Rs 40 crore with an EBITDA margin exceeding 20 %.

Looking Ahead Honasa’s decision to drop the Fluence deal does not signal a retreat from the health market. Instead, the company is opening the door to alternative partnerships and product lines that align with its consumer‑centric approach. Analysts expect Honasa to continue scouting for strategic investments that can accelerate its entry into the growing nutraceutical segment while leveraging its existing e‑commerce and brand equity.