Personal care-focused e-commerce platform Honasa Consumer, which sells its products under the labels of Mamaearth, The Derma Co and House of Brands,  has raised $52 million in the latest funding round led by Sequoia, valuing it at $1.2 billion, thus becoming the first unicorn in the new year. The new funding round also had participation by Belgium-based investment fund Sofina Ventures and the UAE-based India-focused fund Evolvence Capital.

The company makes the plan to use the funds to expand the portfolio of personal care D2C (direct to consumer) brands, expand distribution for existing brands, and explore strategic inorganic growth opportunities in the beauty and personal care segment.

Varun Alagh, co-founder and CEO of Honasa Consumer, said, “We have been on a constant quest to becoming a company that is the first choice of evolving Indian millennials in the be in the beauty and personal care segment. Our flagship brand Mamaearth, has established itself as a leader in D2C personal care concerns ” Ghazal Alagh, co-founder and CIO, said personal care concerns are dynamic and, “with our D2C approach, we are updated on the changing consumer demands”.