India, Dec. 12 -- Honasa Consumer Ltd., which owns direct-to-consumer brands Mamaearth and The Derma Co. has agreed to acquire 'Reginald Men' maker BTM Ventures Pvt. Ltd. to enter the fast-growing men's personal care market.

The deal will see Honasa Consumer pick up a 95% stake in BTM Ventures at an enterprise valuation at Rs.195 crore, according to a stock exchange filing on Thursday (11 December 2025). The remaining 5% will be acquired after 12 months as per the existing valuation criteria.

"The men's personal care category is evolving rapidly, and Reginald Men's deep insight into this segment.makes them a strong strategic fit for us," said Varun Alagh, co-founder and chief executive officer at Honasa Consumer.

Founded in August 2022...