Mamaearth's IPO: Deepinder Goyal Allotted Shares, Ashneer Grover Absent from List

Mamaearth, A renowned Indian personal care brand Mamaearth, known for its natural and non-toxic products, recently made headlines.

Manisha Sharma
New Update
Deepinder Goyal

Mamaearth, A renowned Indian personal care brand Mamaearth, known for its natural and non-toxic products, recently made headlines with its initial public offering (IPO). The move has surprised and sparked speculation in business and investment circles.


Deepinder Goyal, founder and CEO of Zomato, has stepped in by offering 33,422 shares in the IPO of Honasa Consumer, the parent company of popular direct-to-consumer beauty brand Mamaearth.

Mamaearth's IPO:

Founded in 2016 by Varun Alagh and Ghazal Alagh, Mamaearth has quickly gained a reputation for its commitment to providing natural, chemical-free and eco-friendly care products. The brand's impressive history of rapid growth, customer trust and environmental sustainability.


The company's choice to enter the stock market with an IPO is highly anticipated by the Indian business community. Both investors and consumers want to see how the brand will grow as a public company.

Deepinder Goyal’s Joining:

A significant turn of events unfolded in Mamaearth's IPO journey as it was revealed that Deepinder Goyal, the co-founder and CEO of Zomato, had been granted shares in the offering. It's important to note that Goyal, though not directly linked to Mamaearth, is widely recognized for his instrumental role in shaping Zomato into a global food delivery and restaurant discovery platform.


The inclusion of Goyal's name in the list of IPO allottees left many observers intrigued. This development has ignited discussions about potential synergies or strategic partnerships between Mamaearth and Zomato, leading to questions regarding whether this allocation reflects an independent investment decision made by Goyal or hints at deeper collaboration opportunities.

Ashneer Grover's Non-Participation:

However, the most interesting is the absence of Ashneer Grover, known for the collaboration of Mamaearth with Varun and Ghazal Alagh. Ashneer Grover has been a prominent figure in the startup and business ecosystem, most notably as a co-founder of BharatPe, a fintech company. Its removal from the list of IPO recipients has raised concerns and speculations about Mamaearth's internal dynamics.


So far, there is no official statement from the Zomato Co-founder on this matter. Deepinder Goyal applied for 3.08 lakh shares but got only 3,344,422 shares, the source said.

Previously, Ashneer Grover, co-founder of Bharat Pe, had stated that he had applied for the Honasa Consumer IPO.

Ashneer Grover

Ashneer Grover

Regarding Deepinder Goyal's involvement, it is not clear whether the move indicates a deeper partnership between Mamaearth and Zomato or is just Goyal's investment decision. Such events are often kept hidden until further notice.

Further to this, in the dynamic world of business and startups, surprises like these are not uncommon. As the story of Mamaearth's IPO unfolds, it will be fascinating to see how these developments shape the brand's journey into the public market and its future in the personal care industry.