With the brand endorsed by popular Bollywood celebrities, the duo has cashed in on growing e-commerce adoption in India by offering its products on platforms such as Amazon and Walmart's Flipkart. Mamaearth was co-founded by Varun Alagh, a former Hindustan Unilever executive, and his wife Ghazal.

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The number of online shoppers for beauty products is also projected to rise to 135 million from 25 million during that period, it added. One equity research analyst, however, said the success of Mamaearth's IPO could hinge on how it plans to rapidly expand into offline sales.
Most Indians still go to retail outlets to shop, with e-commerce accounting for just 5-6% of spending.





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MUMBAI, June 21 (Reuters) - 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, three people with direct knowledge of the company's plans told Reuters.

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Phillips, 57, a freelance reporter, was doing research for a book on the trip with Brazilian indigenous expert Bruno Pereira, a former head of isolated and recently contacted tribes at federal indigenous affairs agency Funai.

CEO Alagh told the Business Standard newspaper in January that 70% of Mamaearth's sales come from online platforms, but it was targetting a bigger offline presence and aiming to reach 40,000 retail outlets in 100 cities this year.