Mamaearth’s parent company, Honasa Consumer and The Derma Co, has acquired a majority stake in dermatologist-formulated skincare brand Dr Sheth’s, valuing the company at Rs 2.8 lakh. On May 16, Honasa Consumer said the first round of funding would be used to accelerate the growth of the Dr Sheth brand but did not disclose further financial details of the deal.

“This partnership will help us expand our portfolio offerings under the umbrella of HCPL (Honasa Consumer). Varun Alagh, co-founder and CEO of Honasa Consumer, says it is a symbiotic relationship where knowledge is shared across brands and brand portfolios, and its products are jointly created.

Dr Aneesh Sheth, who founded Dr Sheth’s in 2016, will continue to lead the brand’s business and product innovation. The company makes products for skin concerns such as hyperpigmentation, acne, dryness and wrinkles and has popular brands such as Amla VC20 Vitamin C Serum, Haldi and Hyaluronic Acid Sleeping Mask, Cica and Ceramude Night Repair Serum.

Dr Sheth claims to have more than 30 storage units and says it can meet the needs of more than 200,000 consumers. The company said it is betting on the changing needs of millennials, who want skincare products that blend traditional Indian and scientific ingredients.

Honasa Consumer said Honasa Consumer’s digital-first capabilities would complement Dr Sheth’s expertise in creating speciality skincare products for Indian consumers, helping Dr Sheth expand their business. Honasa Consumer has acquired expertise in building millennial brands with a digital-first approach, Alagh said.

“We will leverage our expertise and proficiency in digital marketing to accelerate Dr Sheth’s growth and scale, which we are confident of making it a Rs 100 crore brand within two years,” he added.