Who Is the Mamaearth Owner? Everything You Need to Know

You have probably seen Mamaearth on a store shelf or in an online ad. But who actually runs it? The short answer is simple. The Mamaearth owner is a husband-and-wife team, Varun Alagh and Ghazal Alagh. They started the brand in 2016.

However, the full story is more interesting. Today, Mamaearth sits inside a listed company called Honasa Consumer Ltd. So the founders hold control, but thousands of investors own a slice too. In fact, you could also become a shareholder.

In this guide, we break it all down. First, you will meet the founders. You will learn about the brand’s origins next. Then we look at who owns what, how big the company is, and how you can check the numbers on your own.

1. Who Is the Mamaearth Owner? Meet Varun and Ghazal Alagh

Mamaearth has two founders. Both still lead the business today. In fact, they built it side by side from day one. Furthermore, both are first-time founders who built the brand from scratch.

Varun Alagh: The Brand Builder

Varun is the chairman, CEO, and co-founder of Honasa Consumer. Before that, he spent years at big consumer brands. For example, he worked at Hindustan Unilever, Diageo, and Coca-Cola. At Coca-Cola, he even helped launch Coke Zero in India.

He studied engineering at Delhi College of Engineering. After that, he earned a master’s in finance and marketing from XLRI Jamshedpur. He joined Mamaearth with extensive marketing expertise and a keen analytical mindset.

Varun is also the largest single shareholder. In addition, he backs other young firms as an angel investor. As a result, he has become one of the best-known faces in India’s consumer startup scene.

Ghazal Alagh: The Creative Co-Founder

Ghazal is the co-founder and chief innovation officer. Before Mamaearth, she worked as a corporate trainer and an artist. That creative streak still shapes how the brand looks and feels.

Later, she became a household name in India. That is because she appeared as a judge on Shark Tank India. Besides that, she invests in startups, mostly ones led by women.

Why This Pairing Works

Many articles about the owner of Mamaearth overlook this important point. The two founders cover very different ground. Varun brings the corporate playbook. Meanwhile, Ghazal brings the customer’s voice, since she was the parent hunting for safe products.

In other words, one knows how big brands win. The other knows how real buyers feel. Together, that mix helped a tiny online brand compete with global giants. So if you ask, “Who owns Mamaearth?” the best answer is a team, not one person.

2. How a Baby’s Skin Problem Started a Brand

Every outstanding brand begins with a problem. For the Alaghs, that problem was personal.

The Spark in 2016

Back in 2014, the couple had their first son, Agastya. Soon after, they began searching for gentle, toxin-free baby products. Sadly, they could not discover suitable options in India. So they ended up importing products from abroad. Of course, that was costly and slow.

Then a simple thought hit them. If they struggled, other parents surely did too. As a result, they launched Mamaearth in 2016 with just six baby care products. Their goal was clear: make safe products that parents could trust and afford.

Building Trust From Day One

Next, they needed proof that the products were truly safe. So Mamaearth became Asia’s first MadeSafe-certified brand. This label checks that products avoid known harmful chemicals. For a new brand, that badge built trust fast.

They also chose a digital-first path. Instead of fighting for shelf space, they sold online. Additionally, they leaned on social media and influencers. That kept costs low and growth high.

From Baby Care to Beauty

Over time, customers asked for more. So the brand grew into skin care, hair care, and body care. In fact, the range grew from six products to more than 140 by 2022.

Moreover, growth came quickly. The company earned ₹964 crore in FY22, more than double the year before. Then, in January 2022, it became a unicorn, valued at over US$1 billion.

The Unique Lesson

Here is a fresh angle. Mamaearth did not start as a “beauty company.” Instead, it started as a parenting solution. That trust with mothers later carried over to beauty buyers. So the brand did not have to win new customers from zero. It simply grew with the families it already served.

For anyone building a brand, this lesson is worth noting. Solve one real problem well first. Thereafter, expand into nearby needs that your customers already have.

3. Who Really Owns Mamaearth Today? The Shareholding Breakdown

Now let us size up each Mamaearth owner with real numbers. Mamaearth itself is a brand, not a separate listed company. Instead, it belongs to Honasa Consumer Ltd, which trades on India’s NSE and BSE stock exchanges.

The Founders’ Stake

According to Honasa’s mid-2026 filings, Varun Alagh holds about 32.4% of the company. That equals roughly 10.56 crore shares. Meanwhile, Ghazal Alagh holds about 3.06%. A few family members hold tiny stakes too.

Altogether, the promoter group owns roughly 35.5%. So the founders do not own a majority. Still, they are by far the largest and most active owners. That is why they steer the business.

Varun Keeps Buying More

Interestingly, Varun has been adding to his stake. For example, in December 2025, he bought about 18.5 lakh shares for around ₹50 crore. He purchased them from early investor Fireside Ventures. After that deal, his stake rose to 32.45%.

Why does this matter? Generally, when a founder buys more shares with his money, markets read it as a vote of confidence. In fact, Honasa’s stock jumped over 6% that day.

Who Owns the Rest?

So who holds the other 65% or so? The answer is a mix of:

• Foreign investors—over 100 foreign institutions held about 13.7% in early 2026
• Indian mutual funds—18 schemes held about 3.4%
• Early backers—venture firms like Peak XV (formerly Sequoia India), Stellaris, and Sofina
• Retail investors—tens of thousands of everyday people

Notably, even actor Shilpa Shetty Kundra invested early and sold part of her stake in the IPO.

A Different Way to See Ownership

Here is an insight that most guides overlook. When people ask, “Who owns Mamaearth?” they picture one boss. But a listed company really has two kinds of ownership. First, there is control, which the Alaghs hold. Second, there is economic ownership, which is spread across many shareholders.

The founders are responsible for the operations. However, every shareholder shares in the profits and risks.

4. Honasa Consumer: The Company Behind the Brand

To understand the Mamaearth parent company, you need to look at Honasa Consumer. Mamaearth is its biggest brand. Yet it is far from the only one.

A House of Brands

Over the years, Honasa has built or bought many brands. These include:

• Mamaearth, the flagship natural care brand
• The Derma Co., science-backed skin care
• Aqualogica, hydration-focused skin care
• BBlunt, hair care, and salons
• Dr. Sheth’s skin care for Indian skin
• Staze and Luminéve, newer beauty labels
• Reginald Men, men’s grooming, acquired and now past a ₹150 crore yearly run rate

Furthermore, in June 2026, Honasa bought a 58% stake in Fluence Pharma. This moved it into health and wellness products.

The 2023 IPO

Next came a big milestone. In late 2023, Honasa went public. The IPO raised about ₹1,701 crore at ₹324 per share. Then the shares were listed on November 7, 2023. Notably, the issue was oversubscribed about 7.6 times.

The Comeback Story

However, the post-IPO journey was challenging. In fact, Honasa posted a loss in the September 2024 quarter as sales slowed. So the team made a bold call. They narrowed Mamaearth’s focus to five key categories: shampoo, face serum, sunscreen, moisturizer, and baby care. Before that, it played in about 24 segments.

As a result, the numbers bounced back strongly:

Period	Revenue	Net Profit
FY25	₹2,067 crore	₹72.7 crore
FY26	₹2,392 crore	₹200.2 crore
Q1 FY27 (Apr–Jun 2026)	₹756 crore	₹90.5 crore

In other words, FY26 profit grew about 175%. Furthermore, Q1 FY27 brought the highest-ever quarterly revenue and profit. After those results, the company’s market value stood near ₹15,255 crore.

Why This Matters to You

The lesson is clear. Focus beat sprawl. When Mamaearth tried to sell everything, growth stalled. But once it cut back to what it did best, profits more than doubled.

5. How to Check the Mamaearth Owner’s Stake Yourself

Ownership numbers change every quarter. So instead of trusting old blog posts, you can check the facts yourself. Here is how.

Step 1: Visit Honasa’s Investor Page

First, go to honasa.in and open the investor relations section. There, you will discover the latest shareholding pattern reports. These are official PDFs filed each quarter. Look for the table titled “Promoter and Promoter Group.”

Step 2: Use NSE or BSE

Next, search for the ticker HONASA on the NSE website. Alternatively, use BSE code 544014. Both sites show the same filings. Plus, they list recent bulk deals and insider trades.

Step 3: Read the Quarterly Results

Then, review the latest earnings release. Honasa usually posts results a few weeks after each quarter ends. So the September 2026 quarter results should arrive around mid-November. These reports show how each brand is doing.

Step 4: Track Founder Trades

After that, watch for promoter buying or selling. For instance, a founder buying more often signals confidence. Heavy selling, however, can serve as a warning sign. Either way, it is useful context.

Step 5: Decide If You Want a Stake

Finally, you can become a part-owner too. To do so, you need a demat and trading account with a broker that offers Indian stocks. However, always study the risks first. Beauty is a crowded market, and past growth does not promise future gains. Ideally, speak with a licensed financial adviser before you invest.

A Quick Tip for Global Readers

If you live outside India, check whether your broker allows trades on Indian exchanges. Some global platforms do not. In that case, you may need a specialist broker. Furthermore, keep currency swings in mind, since the shares trade in rupees.

Conclusion

So, who is the Mamaearth owner? In short, it is Varun and Ghazal Alagh. They founded the brand in 2016 after struggling to find safe products for their baby. Today, they control Honasa Consumer, the listed company behind Mamaearth.

Let us recap the key points. First, Varun holds about 32.4% and leads as CEO. Meanwhile, Ghazal holds about 3% and drives innovation. Together, the founders own around 35.5%. The rest belongs to foreign funds, mutual funds, early backers, and everyday investors.

Next, remember that Mamaearth is now part of a bigger family. Honasa also owns The Derma Co., Aqualogica, Dr. Sheth’s, BBlunt, and more. Following a challenging period in 2024, the company sharpened its focus. As a result, FY26 profit nearly tripled, and Q1 FY27 set new records.

Above all, the Mamaearth story imparts a significant lesson. Solve a real problem, earn trust, and stay focused. That simple formula took a six-product baby brand to a company worth thousands of crores.

Frequently Asked Questions

1. Who is the current Mamaearth owner and CEO of Honasa Consumer today?

Varun Alagh is the CEO, Chairman, and largest shareholder of Honasa Consumer. He co-founded Mamaearth in 2016 with his wife, Ghazal Alagh. Together, the founders and their family control roughly 35.5% of the company.

2. How much stake does Varun Alagh hold in Mamaearth’s parent company?

Varun Alagh owns about 32.4% of Honasa Consumer, according to mid-2026 filings. He also raised his stake in December 2025 by buying shares worth around ₹50 crore from early investor Fireside Ventures.

3. Is Mamaearth an Indian company, or does a foreign brand own it now?

Mamaearth is an Indian brand based in Gurugram. It is owned by Honasa Consumer Ltd, which trades on India’s NSE and BSE. Foreign funds own shares, but the Indian founders keep control of the business.

4. What role does Ghazal Alagh play at Mamaearth’s parent company now?

Ghazal Alagh is a co-founder and the chief innovation officer at Honasa Consumer. She holds about 3.06% of the company. She also invests in women-led startups and appeared as a judge on Shark Tank India.

5. Which other brands does the Mamaearth parent company own right now?

Honasa Consumer also owns The Derma Co., Aqualogica, BBlunt, Dr. Sheth’s, Staze, Luminéve, and Reginald Men. In June 2026, it also bought a 58% stake in Fluence Pharma, a nutraceutical company.