India, April 29 -- Brokerage firm ICICI Securities has initiated coverage on D2C unicorn Mamaearth's parent, Honasa Consumer Ltd, with a 'BUY' rating and a price target (PT) of INR 550.

The PT translates to an upside of nearly 28% from the stock's last close at INR 430.95 on the BSE on Monday (April 29).

In its report dated April 28, the brokerage said that Honasa's business model is relatively more agile and has lower-risk compared to traditional beauty and personal care (BPC) companies.

The digital-first approach of the startup, founded by Varun and Ghazal Alagh, allows for faster product launches and efficient resource allocation for marketing and distribution, it added.

Founded in 2016, Honasa sells a range of BPC products across ...