Honasa Consumer, the parent company behind Mamaearth and several other fast-growing personal care brands, has announced a major strategic move with the acquisition of BTM Ventures Private Limited, the company that owns the men’s grooming label Reginald Men. The Board approved the deal on December 11, 2025, marking one of Honasa’s most significant steps toward strengthening its presence in the rapidly expanding male personal care space.
Under the agreement, Honasa will pick up 95% equity in BVPL through a secondary purchase that values the company at ₹195 crore on a no-cash, no-debt basis. The remaining 5% will be acquired after a year, based on the valuation formula locked in under the Share Purchase and Shareholders’ Agreement. The company expects the first tranche to close within the next four weeks.
Reginald Men, headquartered in Hyderabad and incorporated in 2022, has quickly emerged as a notable player in men’s grooming and personal care. While its first two years barely saw any meaningful revenue, the brand witnessed an explosive scale-up recently. The company posted revenue of ₹20.15 crore in FY 2024–25 and has already hit ₹74 crore in trailing twelve-month sales as of October 2025. This sharp rise appears to be a key reason the acquisition caught Honasa’s attention, especially at a time when the men’s grooming category is growing faster than ever in India.
Honasa clarified that the acquisition is not a related-party deal and fits directly into its long-term strategy. The idea is to dominate the men’s grooming space just as the company has done in categories like skincare and haircare. With more Indian men spending on sunscreens, fragrances, beard care, and personal grooming essentials, Honasa sees this as one of the most promising segments for future expansion.
Since BVPL operates fully within the FMCG personal care sector, no regulatory approvals are required for the acquisition. The deal is entirely cash-based, and Honasa will secure complete control once the second tranche is wrapped up next year.
