Reuters reveals Indian skincare startup Mamaearth eyes $3 bln valuation in 2023 IPO

Reuters was first to report that Sequoia Capital-backed Indian skincare startup Mamaearth is in talks to raise at least $300 million in a planned IPO next year and is seeking a valuation of around $3 billion. Founded in 2016, Mamaearth has become popular in India with its range of “toxin-free” products such as face washes, shampoos and hair oils. It competes with Unilever’s India unit, Hindustan Unilever and Procter & Gamble Co in the booming personal care industry.