Zomato co-founder acquires stake in Honasa Consumer amid lukewarm retail investor interest

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Zomato co-founder acquires stake in Honasa Consumer amid lukewarm retail investor interest
Credit: © Reuters.

Zomato (NS: ZOMT )'s co-founder, Deepinder Goyal, has acquired 33,422 shares in the public issue of Honasa Consumer, the parent company of Mamaearth. This acquisition comes despite a larger application made by Goyal from Gurugram. The news follows the recent announcement that Honasa Consumer managed to raise ₹765.2 crore ($102 million) from 49 anchor investors ahead of its public issue.

However, the status of another potential investor, Bharatpe co-founder Ashneer Grover, remains uncertain. His name has not appeared on any lists related to the IPO application, casting doubt over his involvement.

Honasa Consumer has planned a listing for Tuesday, November 7, amidst lukewarm retail investor interest. Despite this tepid response from retail investors, the company has still managed to secure substantial funds from its anchor investors.

Mamaearth is a seven-year-old company known for its products such as onion hair growth oil. It has recently faced criticism over its high advertising costs, which account for 30-40% of its sales. Despite these criticisms and the lukewarm interest from retail investors, the company continues to attract investment from prominent industry figures like Zomato's Deepinder Goyal.

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