Honasa Consumer Limited has approved the acquisition of BTM Ventures Private Limited, owner of the Reginald Men brand, for ₹195 Crore. The acquisition involves a 95% equity stake via secondary purchase initially, with the remaining 5% to be acquired after 12 months. This move aims to expand Honasa’s presence in the men’s personal care category, leveraging Reginald Men’s strong performance and market position.
Strategic Acquisition
Honasa Consumer Limited is set to acquire BTM Ventures Private Limited, which owns and operates the Reginald Men brand. The deal, approved on December 11, 2025, marks Honasa’s entry into the men’s personal care segment.
Deal Structure
The acquisition involves Honasa acquiring a 95% equity stake in BTM Ventures through a secondary purchase at an enterprise value of ₹195 Crores. The remaining 5% equity stake will be acquired after 12 months, based on pre-agreed valuation criteria.
Reginald Men: Brand Overview
Reginald Men, established in 2022 and headquartered in Hyderabad, offers a range of men’s focused personal care products. The brand has shown promising financial performance. During the financial year 2024-25, it generated revenue of ₹20.15 Crores, with ₹74 Crores revenue in the trailing twelve months ending in October 2025.
Strategic Rationale
The acquisition is expected to expand Honasa’s presence in the sizeable and fast-growing male personal care category. By adding Reginald Men, Honasa aims to strengthen its position in key segments, such as sunscreens.
Future Growth Levers
Honasa plans to scale Reginald Men into multiple personal care categories for men. The company also intends to expand the brand’s reach across various channels. Furthermore, the company aims to drive geographic expansion, building on the brand’s success in South India.
Source: BSE
