Sequoia Capital backed Indian skincare start up Mamaearth is planning to raise $3 billion in the next year IPO.
Mamaearth is famous for it's toxin free products. It's competitors are Unilever's India limited, Hindustan Unilever, and Protector & Gamble Co.
After the investments from Sequoia and Belgiums Sofina it was raised to a value of $1.2 billion. Now it is targeting a value $3 billion in IPO with a third source pegging the number at $350 million. Mamaearth's IPO plans came during a broader rout in capital markets and slow down in india's booming start up ecosystem.
India's beauty and personal care industry is expected to grow to $27.5 billion by 2025, from $17.8 billion in 2020, Indian financial services firm Avendus estimates.
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