The Derma Co’s 30% AHA + 2% BHA Peeling Solution is made by Alaina Healthcare in Baddi under licence HIM/COS/16/227. Mamaearth’s Vitamin C Daily Glow Sunscreen, sold as “100% natural and non-toxic”, names the same plant and the same licence number on its own page. Both brands belong to Honasa Consumer Limited, both were founded by Ghazal and Varun Alagh, and three of the six factories in a 12-product sample are shared. That is where this audit starts.
The Derma Co is Honasa’s second brand, launched in 2020, and it makes nothing itself: six contract factories appear across 12 product pages, three of them the plants Mamaearth uses. Nine of the 12 products name a percentage on the front; none carries it in the ingredient list. Four sunscreens publish in-vivo SPF studies; two publish consumer polls instead. The serums cost ₹14.63 to ₹22.37 per ml against Mamaearth’s ₹10.00 to ₹11.67, at least 46% more, checked 1 September 2026.
Snapshot
- Brand of
- Honasa Consumer Limited, Gurugram, listed as HONASA since 7 November 2023
- Launched
- 2020, in-house, by Ghazal and Varun Alagh, the founders of Mamaearth
- Who makes it
- Third parties only; six factories across 12 product pages, three shared with Mamaearth
- Published testing
- About 100 NABL lab reports, about 120 patch-test certificates, four in-vivo SPF studies
- Core line, selling price
- ₹439 to ₹671 on 30 ml serums, ₹439 to ₹587 on 50 g sunscreens, checked 1 September 2026
- Brand revenue
- Above ₹500 crore in FY2024-25, “our second-largest brand”, per Honasa’s annual report
How it started
There is no company called The Derma Co. It is one of eight brands of Honasa Consumer Limited, the Gurugram company that built Mamaearth on “toxin-free” care and listed on 7 November 2023. Honasa launched The Derma Co in-house in 2020 with the opposite pitch: a named synthetic active at a named concentration, under the slogan “India’s Go-To Dermatologist”. The About page names Honasa as owner and never mentions Mamaearth.
- 2020Launched in-house, no acquisition
- September 2023₹350 crore run rate; ₹30 crore a month reached in 41 months
- FY2024-25Revenue above ₹500 crore, “our second-largest brand”, in the annual report
- May 2026About ₹750 crore run rate, in FY2026 results coverage
A run rate annualises a recent month; only the FY2024-25 figure is audited revenue.
Storyboard18, 20 September 2023; Honasa Annual Report 2024-25; FY2026 results coverage, May 2026.
The error every article makes is that The Derma Co overtook Mamaearth. It has not; Honasa’s latest audited annual report calls it “our second-largest brand”, inside a group with ₹2,392 crore of FY2026 revenue. The myth comes from a September 2023 report that the brand reached ₹30 crore a month faster than Mamaearth had. That was about speed, repeated ever since as if it were about size.
What they actually make
Nothing. Honasa’s prospectus says it relies “entirely on third-party manufacturers”. We read 12 products on thedermaco.com on 1 September 2026, and every page named a manufacturer and a state licence number, as the Cosmetics Rules 2020 require. Six factories appeared, mostly in the Himachal Pradesh and Uttarakhand excise belts. Three also make Mamaearth, and the match is exact to the licence number on both brands’ pages.
| Manufacturer | Licence on The Derma Co pages | Licence on Mamaearth pages |
|---|---|---|
| Alaina Healthcare Pvt Ltd, Baddi, Himachal Pradesh | HIM/COS/16/227 | HIM/COS/16/227 |
| Indo Herbal Products Unit 2, Haridwar, Uttarakhand | 20/C/U.A/2010 | 20/C/U.A/2010 |
| Cheryl Laboratories Pvt Ltd, Navi Mumbai | KD-C/313 | KD-C/313 |
Two brands with opposite propositions from the same contract factories is normal in consumer goods. The formulations differ, and contract manufacturing is the Indian model; Campus, which runs its own plants, is the exception in our audits. What a buyer deserves to know is narrower. If you chose Mamaearth because “chemicals” worried you, you have been buying from the same three plants and the same company all along. “Toxin-free” is a position one brand takes, not a property of the factory.
Now the number on the front. Nine of the 12 products name a percentage in their title; none of the 12 carries one inside its ingredient list. That is the category norm, since no Indian rule requires a concentration to be declared. The one check available is position, because ingredients at 1% or more must run in descending order. On eight of the nine the named active sits where the claim says it should: niacinamide is second of 17 in the “10% Niacinamide” serum. That is consistent with the claim, not proof of it, and better than a sceptic would expect.
The ninth is the “1% Kojic Acid Face Wash”. Its list carries kojic acid dipalmitate, a different and more stable molecule; kojic acid itself does not appear, and the page does not explain the difference. The “10% Vitamin C” serum is 3-O-ethyl ascorbic acid, a derivative rather than L-ascorbic acid. Mamaearth’s 10% Vitamin C uses the same molecule; that is a category convention, not a Derma Co invention.
The Derma Co publishes far more than its sister brand, and the shape of it matters. Its sitemap lists about 100 NABL laboratory reports, about 120 human patch-test certificates and 13 “clinical testing” pages. The patch tests are real: the 7% Glycolic Acid Toner certificate names Cliantha Research, a protocol dated 1 March 2024, two Indian Standards, ethics approval and a principal investigator, Dr Bhagirath Patel, consultant dermatologist. Its result, “Dermatologically Safe for use; Non-Irritant”, is a tolerance finding, not a recommendation. He is the only dermatologist the brand names anywhere; its About page and its own “Dermatologist-Approved” page name none.
The Derma Co publishes proof that its products are clean and stable, not proof that they contain what the front of the bottle says.
We read three NABL reports in full, all from Sigma Test & Research Centre. The one beside the “10% Niacinamide” serum reports a pH of 5.64 and five heavy metals not detected; none of the three measures the headline active. Two “clinical testing” pages are bench tests under a clinical heading: a membrane permeation study for the niacinamide serum and an in-vitro bacterial kill test for the 2.5% Benzoyl Peroxide face wash, both at CCFT Laboratories, no human subjects. The brand prints the method on the page, and the benzoyl peroxide page says “in-vitro” in its own footer. The problem is the heading, not concealment.
The sunscreens split cleanly. Four publish an in-vivo ISO 24444:2019 study at CCFT Laboratories, Meerut, with a CTRI number on each clinical-testing page, plus in-vitro UVA data Mamaearth publishes nothing for. Two of the dearer ones publish an opinion poll in the same slot.
| Sunscreen, claim | What the page publishes | Result shown |
|---|---|---|
| 1% Hyaluronic Aqua Gel, SPF 50 PA++++ | In-vivo ISO 24444:2019, CTRI/2025/02/080287 | SPF 50.169; critical wavelength 379.33 nm; Boots three stars |
| C-Cinamide Radiance Aqua Gel, SPF 50 PA++++ | In-vivo ISO 24444:2019, CTRI/2025/02/079913 | SPF 55.98; critical wavelength 380 nm |
| 1% Hyaluronic Oil-Free Matte Gel, SPF 50 PA++++ | In-vivo ISO 24444:2019, CTRI/2025/02/079913 | SPF 51; UVA protection factor 16 |
| Ultra Matte Gel, SPF 60 PA+++ | Consumer survey; no method, lab or standard | “70% of people found adequate sun protection” |
| Ultra Light Zinc Mineral, SPF 50 | Consumer survey; no method, lab or standard | “90% of the consumers found adequate sun protection” |
Asking people whether they felt protected cannot establish an SPF, and the SPF 60 is the highest number in the range. The brand knows how to commission an ISO 24444 study; it has published four. One qualification: the PA++++ mark rests on in-vitro UVA data, not the in-vivo ISO 24442 method that defines a PA grade. On the Aqua Gel, PA++++ and a three-star Boots rating sit on the same certificate, and we print both.
What The Derma Co costs in India
On thedermaco.com on 1 September 2026 the 30 ml serums sold at ₹439 to ₹671 against MRPs of ₹499 to ₹799: ₹14.63 per ml for the 5% Niacinamide, ₹22.37 for the 0.3% Retinol. The 50 g sunscreens sold at ₹439 to ₹587 and the face washes at ₹229 to ₹303, or ₹2.86 to ₹3.03 per ml. Mamaearth’s serums, from three of the same factories, cost ₹10.00 to ₹11.67 per ml the same day. The actives brand is 46% to 124% dearer per millilitre; on face washes the two sit in the same band.
Every 30 ml serum was discounted 12% to 16% off MRP, the kind of gap we track on Bata, but the real saving is in the pack size.
- 10% Vitamin C serum, 30 ml at ₹587
- ₹19.57 per ml
- 10% Vitamin C serum, 50 ml at ₹778
- ₹15.56 per ml
- Small-bottle premium
- +26% per ml
- Checked on
- 1 September 2026, thedermaco.com
The twin-pack of two 30 ml bottles at ₹1,090 works out to ₹18.17 per ml, worse than one 50 ml. On Nykaa the same day, the 50 ml 10% Niacinamide sold at ₹679, or ₹13.58 per ml, against ₹17.17 for the 30 ml on the brand’s site. That is a size effect; we priced no identical pack on two channels, so this audit does not say which is cheapest.
The sunscreen figure is the one to remember. The 1% Hyaluronic Aqua Gel at ₹439, or ₹8.78 per gram, publishes an in-vivo SPF of 50.169. The Ultra Matte Gel at ₹587, or ₹11.74 per gram, is 34% dearer and publishes a poll. The dearest sunscreen per gram has no test data; the cheapest has the full study.
Who The Derma Co is actually for
This audit gives no skincare advice and recommends nothing for any condition. What it can say is who the published material serves. A buyer who wants a named active, a published pH, a patch-test certificate with a named investigator and a sunscreen with an in-vivo SPF result gets all four here, if they pick one of the four tested sunscreens. A buyer who wants the percentage proven will not get it here or from any brand that keeps the number out of its ingredient list. And a buyer who left Mamaearth for something “stronger” is switching between two shelves of the same company, sometimes from the same plant, at up to 124% more per ml.
Reputation and controversies
The runner-up myth is that a court found The Derma Co’s SPF 50 was really SPF 20. No court found that. In April 2025 Hindustan Unilever’s Lakmé “SPF Lie Detector” campaign implied that “online bestseller” sunscreens claiming SPF 50 delivered about SPF 20, beside a product resembling The Derma Co’s Aqua Gel. Honasa took HUL to the Delhi High Court for disparagement. On 17 April 2025 the court recorded undertakings: HUL would take the advertisement down within 24 hours online and 48 on hoardings, recolour the product and replace “online bestseller” with “some sellers”; Honasa would withdraw its counter-advertisements. There was no judgment on the merits.
The Advertising Standards Council of India processed 187 Honasa advertisements in FY2023-24, the most of any advertiser that year, and reported 14 as The Derma Co’s. Honasa said about 94% were influencer posts missing an “Ad” label: disclosure failures, not findings that a percentage or SPF claim was false. ASCI’s beauty-sector report of 6 April 2026 named Honasa again, at 23 advertisements; the products it named were Mamaearth’s and Aqualogica’s, none from The Derma Co. Both figures count advertisements processed, not complaints upheld. ASCI is the advertising industry’s own self-regulatory body rather than a statutory regulator, and each of its decisions attaches to one advertisement as it then stood.
On 3 February 2023 the council upheld complaints against Honasa over The Derma Co advertisements comparing its 10% vitamin C serum with Minimalist’s. That finding is about the comparison, not about what the serum contains — weigh it as an advertising matter, not a formulation one.
Buying it in India
The brand sells through thedermaco.com, Nykaa, 1mg and its first exclusive store, opened in Gurugram on 30 January 2025. All 12 product pages state a shelf life of 24 months from manufacture and none carries a period-after-opening figure, the number that matters for an opened retinol or vitamin C serum. Two lines earn credit: the 0.3% Retinol page says “Do not use if pregnant or breastfeeding”, and the 30% peel page publishes its pH of 3.6. Read the pack as you would a shoe box, where Liberty taught us the brand name and the company behind it are different things.
Find the active in the ingredient list
Ingredients at 1% or more run in descending order. A “10%” active near the top is consistent with the claim; a different molecule, such as kojic acid dipalmitate under a “kojic acid” name, is not.
Read “Manufactured by”, not “Designed by”
The pack must name the plant and its licence. Alaina Healthcare HIM/COS/16/227 also makes Mamaearth, and the Ultra Matte page prints a Himachal licence number against a Navi Mumbai plant.
Look for a report page, not a badge
A tested sunscreen here has a clinical-testing page naming ISO 24444:2019, a laboratory and a CTRI number. “70% of people found adequate sun protection” is a survey, not a measurement.
Divide the price by the millilitres
The 50 ml bottle runs ₹15.56 per ml against ₹19.57 for the 30 ml, and a twin-pack of 30 ml bottles is dearer per ml than a single 50 ml.
Common questions
Is The Derma Co owned by Mamaearth?
Both are brands of Honasa Consumer Limited, founded by Ghazal and Varun Alagh. The Derma Co was launched in-house in 2020; its About page names Honasa and never mentions Mamaearth.
Has The Derma Co overtaken Mamaearth?
No. Honasa’s FY2024-25 annual report calls it “our second-largest brand”, above ₹500 crore in revenue. The 2023 “outpaced Mamaearth” story was about reaching ₹30 crore a month in 41 months: speed, not size.
Was The Derma Co founded by a dermatologist?
No. Its founders are the founders of Mamaearth, and the site names no dermatologist on its About, product or “Dermatologist-Approved” pages. The only one named in its documents is Dr Bhagirath Patel, the outside investigator on its patch-test certificates.
Are the percentages on The Derma Co products real?
Nothing on the pack or in the brand’s published reports states a measured concentration. On eight of nine products naming a percentage, the ingredient’s position is consistent with the claim. The “1% Kojic Acid” wash lists kojic acid dipalmitate, a different molecule.
Did a court find The Derma Co’s SPF 50 was really SPF 20?
No. That was the implication of a Lakmé advertisement. On 16 April 2025 the Delhi High Court called it “on the face of it disparaging”, and on 17 April 2025 recorded HUL’s undertaking to take it down and modify it.
How we research and verify brand audits: our methodology.
References
- The Derma Co, About page, read 1 September 2026 — owner, 2020 launch, founders, “dermatologist” claims, no dermatologist named
- The Derma Co, 30% AHA + 2% BHA Peeling Solution, read 1 September 2026 — Alaina Healthcare, licence HIM/COS/16/227, pH 3.6, ₹601, INCI order
- The Derma Co, 2% Sali-Cinamide Face Wash, read 1 September 2026 — Indo Herbal Products Unit 2, licence 20/C/U.A/2010, ₹229
- The Derma Co, 5% Niacinamide Daily Face Serum, read 1 September 2026 — Cheryl Laboratories, licence KD-C/313, ₹439 for 30 ml
- Honasa Consumer Limited, abridged prospectus, October 2023 — “rely entirely on third-party manufacturers”
- Honasa Consumer Limited, Annual Report 2024-25 — “second-largest brand”, revenue above ₹500 crore
- Storyboard18, 20 September 2023 — ₹350 crore run rate, ₹30 crore a month in 41 months, origin of the “outpaced” story
- Bharatfast, Honasa FY26 results, 21 May 2026 — about ₹750 crore run rate; ₹2,392 crore group revenue
- The Derma Co, 10% Niacinamide Face Serum, read 1 September 2026 — niacinamide second of 17 ingredients, Alaina Healthcare, ₹515
- The Derma Co, 1% Kojic Acid Face Wash, read 1 September 2026 — kojic acid dipalmitate in the ingredient list
- The Derma Co, 10% Vitamin C Face Serum, read 1 September 2026 — 3-O-ethyl ascorbic acid; 30 ml, 50 ml and twin-pack prices; 24-month shelf life
- The Derma Co, 7% Glycolic Acid Toner patch-test certificate — Cliantha Research, protocol C3B03444, 1 March 2024, Dr Bhagirath Patel, IS 4011 and IS 13424
- The Derma Co, NABL report, 10% Niacinamide serum — Sigma Test & Research Centre, pH 5.64, heavy metals, no active assay
- The Derma Co, 2.5% Benzoyl Peroxide face wash clinical-testing page — in-vitro antimicrobial test at CCFT Laboratories, no human subjects
- The Derma Co, 1% Hyaluronic Sunscreen Aqua Gel clinical-testing page — ISO 24444:2019, CCFT Laboratories, CTRI/2025/02/080287, SPF 50.169, Boots three stars
- The Derma Co, C-Cinamide Radiance Sunscreen clinical-testing page — CTRI/2025/02/079913, SPF 55.98
- The Derma Co, 1% Hyaluronic Oil-Free Gel clinical-testing page — SPF 51, UVA protection factor 16
- The Derma Co, Ultra Matte Sunscreen Gel SPF 60, read 1 September 2026 — “70% of people” survey, ₹587, licence number discrepancy
- The Derma Co, Ultra Light Zinc Mineral Sunscreen SPF 50, read 1 September 2026 — “90% of the consumers” survey, ₹573
- Nykaa, 10% Niacinamide serum 50 ml, 1 September 2026 — ₹679 selling price
- Bar and Bench, 16 April 2025 — Justice Amit Bansal, “on the face of it disparaging”
- Business Standard, 17 April 2025 — undertakings recorded, modifications, no injunction
- Storyboard18, ASCI FY2023-24 report, 23 May 2024 — 187 Honasa advertisements, 14 for The Derma Co, 94% influencer content
- Storyboard18, ASCI beauty-sector report, 6 April 2026 — 23 Honasa advertisements, products named
- India Retailing, 30 January 2025 — first exclusive store, Gurugram
- The Derma Co, 0.3% Retinol Serum, read 1 September 2026 — ₹671, pregnancy warning, 24-month shelf life, no period-after-opening figure
- ASCI, complaint outcomes, 2 September 2026 — the Honasa comparative advertisements upheld 3 February 2023
The Derma Co publishes more than almost any Indian skincare brand: about 100 laboratory reports, about 120 patch-test certificates with a named dermatologist, and four in-vivo SPF studies with UVA data its sister brand lacks. The 1% Hyaluronic Aqua Gel at ₹439 carries the case, as the cheapest sunscreen per gram in the sample and the one with the fullest study.
None of that library measures the number on the front, one wash names a molecule its list does not contain, and the two dearest sunscreens replace a test with a poll. The serums cost 46% to 124% more per ml than Mamaearth’s from three of the same plants.
Buy the tested sunscreen and the 50 ml serum; treat the percentage as a label, the “dermatologist” as a slogan, and the SPF 60 as a number with no published study behind it.
