Honasa Consumer Limited announced on Thursday (December 11) that it will acquire a 95% stake in BTM Ventures Pvt Ltd, the parent company behind men’s personal care brand Reginald Men, via a secondary purchase at an enterprise value of ₹195 crore. The company said the remaining 5% stake will be acquired after 12 months based on pre-agreed valuation criteria.

Reginald Men, founded in August 2022 by Trisha Reddy Talasani, is a premium men’s personal care brand with sunscreens and serums as focus categories. Honasa said the brand “has done ₹70+ crore top line with nearly 25% EBITDA” in the last 12-month period (Nov 2024 – Oct 2025).

The announcement also states transaction multiples and recent financials: an implied EV/revenue of 2.6x and implied EV/EBITDA of 10.9x, and trailing-12-months figures showing net revenue of ₹74 crore and EBITDA of ₹18 crore (EBITDA ~24%) as of October 2025.

With the deal, Honasa is venturing into the men’s personal care category. In the press release, the company noted that Reginald Men’s Helios moisturising sunscreen is a core product and that the brand derives the majority of its sales from South India.

The shares of the company ended 0.87% in the red on Thursday. The stock has gained 2.2% in the year so far.

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