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'What got us here won't...': Ghazal Alagh shares business lessons as Mamaearth marks first year as public company

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  Published in Business and Finance on Wednesday, September 3rd 2025 at 9:49 GMT by The Financial Express
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MamaEarth’s First Public‑Company Year: Ghazal Alagh Shares the Lessons that Built a Baby‑Care Brand into a Market Leader

When MamaEarth went public in early 2023, the company announced that it had raised an impressive 2.23 billion rupees—its valuation crossing the ₹5.4 billion mark. The IPO made headlines not just for the money it pulled in but for the story behind the brand: a clean‑beauty, baby‑care pioneer that has reshaped the way Indian parents shop for their children. Now, as the brand completes its first year as a listed company, founder‑CEO Ghazal Alagh is reflecting on the principles that got MamaEarth to the market and the new challenges that the public‑company life brings.

The Story Behind MamaEarth

Alagh founded MamaEarth in 2015 after noticing the lack of safe, chemical‑free baby products in India. With a background in commerce and a stint at PepsiCo’s marketing team, she identified a gap for a “purist” personal‑care brand that could be trusted by parents. The idea was simple: create baby and personal‑care products that are free from harmful chemicals, made with natural ingredients, and affordable for the average Indian family.

The brand’s first product, a baby lotion, was launched via an e‑commerce platform and quickly gained traction. By 2018, MamaEarth had expanded into baby wipes, hair care, and skin‑care, and the company had attracted venture capital interest, with Sequoia Capital and others investing in early rounds. Alagh has repeatedly cited “brand purpose” as a core driver—“if you’re selling something that matters to people, you can’t ignore the story behind it.”

What Got Us Here Won’t

In an interview with the Financial Express, Alagh explained that the brand’s success so far has been built on four pillars that she believes will remain relevant as the company navigates the public‑company stage:

1. Purpose‑Driven Branding
   “We built MamaEarth around a promise: safe, natural products for babies,” she says. “That promise is non‑negotiable. Whether we’re a start‑up or a listed company, the brand’s purpose must always drive the decision‑making process.” This purpose has translated into a strong brand identity and consumer loyalty.

2. Data‑Driven Product Development
   Alagh notes that the company uses consumer data and feedback loops to refine its product line. “We’re constantly measuring how people use our products, what ingredients they trust, and how the market evolves,” she says. The result is a portfolio that balances innovation with safety.

3. Local Supply Chain and Sustainability
   The company has invested heavily in a local supply chain that sources natural ingredients from India. “We don’t want to rely on long, carbon‑heavy supply chains. We’re building a sustainable ecosystem that supports local farmers and reduces our environmental footprint.” The company has already announced plans to achieve carbon neutrality by 2035.

4. Financial Discipline and Growth
   Even before going public, MamaEarth maintained a disciplined growth model—re‑investing profits into R&D and marketing while keeping operational costs under control. Alagh says this financial discipline has allowed the brand to scale responsibly.

First Year as a Public Company: New Challenges, New Opportunities

The IPO opened the door for greater capital resources, but it also came with increased scrutiny from shareholders and regulators. Alagh highlights several key lessons from the first year:

• Transparency and Governance
  “Public companies are held to a higher standard of transparency,” Alagh says. “We’ve had to implement more robust governance frameworks, comply with SEBI guidelines, and publish detailed disclosures. The learning curve is steep, but it’s essential for building trust with investors.”

• Stakeholder Communication
  In a public‑company environment, every stakeholder—employees, customers, suppliers, and shareholders—expects clear communication. Alagh credits a newly formed investor relations team for maintaining regular updates, especially during the volatility of the post‑IPO market.

• Managing Growth and Scale
  The company’s revenues grew by 45% YoY during the first year, but scaling a consumer‑goods brand also means scaling the supply chain, logistics, and customer support. Alagh notes that the brand has begun to diversify its distribution channels, adding a presence in offline retail through partnerships with major players like BigBasket and Nykaa.

• Risk Management
  “The public‑company world has a higher level of risk—financial, regulatory, reputational—so we’ve built a risk management framework,” Alagh explains. “From supply‑chain disruptions to regulatory changes in ingredient safety, we’re proactively monitoring risks and creating mitigation plans.”

Looking Ahead: Strategic Priorities

Alagh outlines the next steps for MamaEarth, which she believes will keep the brand on an upward trajectory:

1. Innovation Pipeline
   Expanding into new product categories such as baby nutrition, organic infant food, and eco‑friendly diapers is on the roadmap. The company plans to launch a dedicated R&D unit focused on ingredient innovation.

2. Geographic Expansion
   While MamaEarth already sells in 20+ states, the brand intends to penetrate Tier‑2 and Tier‑3 markets by leveraging local e‑commerce platforms and setting up regional distribution centers.

3. Technology Adoption
   AI and machine learning will be used to personalize product recommendations and streamline inventory management. A digital platform for parents will offer health advice, product education, and community engagement.

4. ESG Commitment
   Beyond carbon neutrality, the company aims to achieve a 100% recyclable packaging goal by 2025. Alagh cites this as part of the brand’s mission to “make India a better place for babies.”

The Takeaway

MamaEarth’s journey from a niche start‑up to a publicly listed company is a testament to the power of purpose, data, and sustainability. As founder‑CEO Ghazal Alagh reflects on the first year of public ownership, she emphasizes that the core principles that made the brand successful will continue to guide its future. “What got us here won’t,” she concludes, “but the commitment to safe, natural products, disciplined growth, and transparent communication will ensure that MamaEarth not only remains a market leader but also becomes a trusted partner for parents across India.”