Mamaearth, which was founded in 2016, has gained popularity in India for its line of "toxin-free" products such as face washes, shampoos, and hair oils. In the booming personal care industry, Mamaearth competes with Unilever's India unit, Hindustan Unilever NSE, and Procter & Gamble Co.
The company was last valued at $1.2 billion in January of this year when it raised new funds from investors such as Sequoia and Sofina of Belgium.
Sources suggest, Mamaearth is aiming for a valuation of around $3 billion - 10-12 times forward earnings based on sales growth and future revenue potential. It intends to file draft regulatory papers by the end of this year.
Mamaearth's IPO plans coincide with a broader downturn in capital markets and a slowdown in India's thriving startup ecosystem, which raised a record $35 billion in funding last year. According to Reuters, some startups are reducing staff and having difficulty raising funds.
Varun Alagh, a former Hindustan Unilever executive, and his wife Ghazal co-founded Mamaearth. With popular Bollywood celebrities endorsing the brand, the duo has capitalized on growing e-commerce adoption in India by offering its products on platforms such as Amazon and Walmart's Flipkart.
Although online platforms account for 70% of Mamaearth's sales, the company plans to expand its offline presence this year, with the goal of reaching 40,000 retail outlets in 100 cities.
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