She Couldn't Find Safe Products for Her Baby, So She Built a Listed Company

From Personal Need to Asia's First MADE SAFE Brand

Before Honasa Consumer was a listed company with six brands, it was a couple trying to find something safe for their baby. According to the company's own account, Ghazal Alagh and her husband, Varun, could not find products they trusted, so they decided to make them. They founded Honasa in 2016. Ghazal studied information technology, took a course in modern art and design at the New York Academy of Arts, and had worked as a corporate trainer before becoming what Honasa's page calls an "artist-cum-entrepreneur."

Varun brought experience in fast-moving consumer goods; Ghazal, in the words of an Entrepreneur India feature, brought an entrepreneurial knack. She told the magazine that the company "was started by two middle class individuals, Varun and I" and that "we were crafting for India."

From One Brand to Six: Scaling the Portfolio

Mamaearth, which Honasa describes as Asia's first MADE SAFE-certified brand, was the start. Others followed: The Derma Co. for sunscreen and active skincare, Aqualogica, Dr. Sheth's, and Staze for colour cosmetics. The group also acquired the haircare brand BBLUNT. Ghazal, as co-founder and chief innovation officer, helped develop these brands. In 2022 a US$52 million round led by Sequoia Global made it the first Indian unicorn of the year, at a valuation of US$1.2 billion.

“We were crafting for India.”

The Public Listing and Market Recognition

Honasa's IPO ran from 31 October to 2 November 2023, in a price band of Rs 308-324 a share. It raised Rs 1,701 crore, of which Rs 365 crore was a fresh issue, and the shares began trading on 7 November 2023 on both the BSE and NSE. The company's own page says Ghazal was part of the core leadership team for the IPO. She was also one of the original judges on Shark Tank India (Season 1), and has been named on Fortune's Most Powerful Women in Business lists (2022 and 2023) and by Business Today in 2024.

The Year That Tested Them: The FY25 Correction

A listing does not guarantee smooth sailing. In an August 2025 feature, Inc42 reported that Honasa's FY25 revenue rose 8% to Rs 2,066.9 crore but profit fell 32% to Rs 72.6 crore, with a Q2 FY25 net loss of Rs 18.6 crore and a share price down about 40%. Two senior executives left, and Varun described FY25 as "a year of learnings, focussed execution and necessary corrections."

The analysis behind the reset is worth studying. Honasa had launched 122 products in 2023 alone, which Inc42 said diluted focus. The company responded by concentrating on six owned brands that together account for more than 80% of revenue. Three categories (serums, face cleansers and sunscreen) each crossed Rs 100 crore in annual run-rate revenue. It shifted its emphasis toward quick commerce, expanded its reach to about 2.4 lakh FMCG outlets by June 2025, and moved about half its inventory to a direct distribution model.

Signs of Recovery and Operational Discipline

The numbers since then are encouraging. Honasa reported Q1 FY26 net profit of Rs 41.3 crore on operating revenue of Rs 595.3 crore. For Q3 FY26, announced on 12 February 2026, revenue from operations was Rs 602 crore, up 16.2%, and profit after tax was Rs 50 crore, up 93% on the year before. Over nine months, operating revenue was Rs 1,735 crore, up 13.2%. During the period it bought 95% of the men's grooming brand Reginald Men for Rs 195 crore, and Varun raised his stake to 32.45% through a Rs 50 crore block deal. Market capitalisation that day was about Rs 9,725 crore (about US$1.1 billion).

How the Roles Are Split & Founder Takeaways

Founder couples often succeed or fail on who owns what. At Honasa, Varun is chairman and runs the business side, while Ghazal leads product and innovation, which in a beauty company means formulations, new categories and the stream of launches that keep a brand fresh. The 2025 reset shows why that split matters. When a growth plan overreaches, the innovation leader's discipline about what not to launch becomes as important as the ideas she backs. A company that drops from 122 launches in a year to a focused set of six brands is making a statement about its own judgement.

What other founders can take from her story: 1. Start from a real problem at home. The founding reason was a parent's, not a market-research slide. 2. Be willing to trim. Launching 122 products was a growth story until it became a focus problem. 3. Fix distribution, not just marketing. Direct distribution and quick commerce changed the economics. 4. Share the load. Varun runs the business side and Ghazal leads innovation; clear roles helped them through a hard year.

Independent editorial profile built from public sources. We have not interviewed Ms Alagh.