VCs happy with returns as early backers offload 10% stake in Honasa Consumer
Early backers of Honasa Consumer, a fast-moving consumer goods (FMCG) company, have offloaded a 10% stake in the company, generating healthy returns on their investment.
The stake sale was led by DSG Consumer Partners, which invested in Honasa Consumer in 2018, and Sixth Sense Ventures, which invested in the company in 2019.
The sale of the stake is a sign of confidence in Honasa Consumer's business model and growth prospects. Founded in 2016, the company sells a range of FMCG products, including personal care, home care, and food products, through its own website and e-commerce platforms such as Amazon and Flipkart.
Honasa Consumer has been growing rapidly in recent years. In the financial year 2021-22, the company's revenue grew by 100% to Rs 1,000 crore. The company is targeting revenue of Rs 2,000 crore in the current financial year.
The company's growth has been driven by a number of factors, including the rising demand for FMCG products in India, the increasing popularity of online shopping, and Honasa Consumer's strong brand portfolio.
The stake sale has generated healthy returns for DSG Consumer Partners and Sixth Sense Ventures. DSG Consumer Partners invested Rs 100 crore in Honasa Consumer in 2018, and its stake sale has generated a return of over 3x.
Sixth Sense Ventures invested Rs 50 crore in Honasa Consumer in 2019, and its stake sale has generated a return of over 2x.
The stake sale is a positive development for Honasa Consumer. It demonstrates the confidence of investors in the company's business model and growth prospects. The proceeds from the stake sale will be used to fund the company's expansion plans.
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