Mamaearth parent Honasa to discontinue ayurvedic beauty brand Ayuga
Beauty and personal care company Honasa Consumer – the parent entity of Mamaearth – is discontinuing its ayurvedic beauty brand Ayuga.
In an earnings presentation on Friday, Honasa Consumer said it could not establish a product-market fit and started sunsetting the brand from June this year.
Following the discontinuation of Ayuga, Honasa Consumer will have six brands in its portfolio – Mamaearth, its largest brand, The Derma Co, Aqualogica, Dr Sheth’s, BBlunt, and Staze, under which the company sells colour cosmetics products.
Honasa Consumer reported a 19% year-on-year increase in operating revenue for the April-June period to Rs 554 crore, while net profit rose 62% on year to Rs 40 crore.
In the presentation, Honasa said Ayuga was launched to introduce ayurvedic beauty products in modern formats for Indian millennials back in December 2021. The brand was revamped two years later, based on consumer feedback, it added.
However, the brand failed to get any traction despite the changes. Ayuga was an online only brand.
Other new-age brands in the ayurveda-focused beauty and personal care space include Peak XV Partners and Fireside Ventures-backed Nathabit, Sixth Sense Ventures-backed The Ayurveda Company, and Vertex Ventures-backed Kapiva.
Nathabit has reportedly crossed an annualised revenue rate of Rs 100 crore in FY24, while Kapiva reported Rs 114 crore in operating revenue in FY23.
