Mamaearth parent Honasa Consumer has called off its proposed acquisition of a 58% stake in nutraceuticals company Fluence Pharma due to the non-fulfilment of closing conditions under the share purchase agreement. The company informed the stock exchanges on August 25 that it had terminated the proposed transaction. Honasa hadannouncedthe acquisition in June at an enterprise value of around Rs 135 crore. As part of the deal, the company was set to acquire 58% of Fluence Pharma, with the remaining 42% to be purchased in two tranches over the next five to seven years. The company had also planned to incorporate a wholly owned subsidiary, Honasa Health, to build a business-to-consumer nutraceuticals business by combining Fluence Pharma’s clinical science and practitioner network with Honasa’s brand-building and digital distribution capabilities. Founded in 2012 by Amit Bhusari and Dr Rajendra Singh Rajput, Fluence Pharma offers hair and skin health supplements through dermatologists under brands including Hair Fact, Skin Fact and Pro Fact. It has built a network of over 3,000 dermatologists in India and uses its patented Cyclical Nutrition Therapy (CNT) platform. Fluence Pharma reported revenue of around Rs 40 crore in FY26, with an EBITDA margin of over 20%, according to Honasa’s presentation. Over 70% of its revenue came from hair-focused products. Despite calling off the transaction, Honasa said it remains committed to its nutraceutical strategy and will continue evaluating organic and inorganic opportunities to build a consumer-focused business in the category. Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investorshere.
