About Honestly
Honestly is a Healthcare company based in Bengaluru (India) founded in 2024 by Vivek Madani and Karishma Rathaur. Skincare products are discovered and purchased via a recommendation platform. Honestly has raised $382.5 thousand across 1 funding round from investors including Better Capital and QED Innovation Labs. Its Indian entity Madrat 24 Labs Private Limited reported revenue of ₹10.9 Lakh. Its focus areas include Retail, Beauty Tech, Product Discovery Platforms and Skin Care. Its competitors include GlaMate, bdazlai and Dermatocare.
Company details
Honestly was founded in 2024 in Bengaluru, India. A platform is operated to enable individuals to explore and acquire skincare products. Recommendations are generated using ingredient science and authentic user reviews, supporting decisions on skincare routines. Focus is placed on the beauty and personal care sector, with services centered on informed product discovery.
- Headquarters Bengaluru, India
- Founders Vivek Madani, Karishma Rathaur
- SectorsHealthcare
- Website askhonestly.ai
- Social LinkedIn Instagram
- Legal Name Madrat 24 Labs Private Limited
- Date of Incorporation 01 Apr, 2024
- Jurisdiction Bangalore, Karnataka, India
- Annual Revenue₹10.9 Lakh
FY 2025
- Net Loss-₹45.2 Lakh
FY 2025 · -413% margin
- EBITDA-₹43.7 Lakh
FY 2025 · -399% margin
- Total Equity Funding$382.5K (USD)
in 1 rounds
- Latest Funding Round$382.5K (USD), Seed
Jul 2024
- InvestorsBetter Capital
& 1 more
Associated legal entities of Honestly
Honestly operates through Madrat 24 Labs Private Limited (active). Its filings, financials, charges and directors are on the company page.
| Legal entity | Status | Incorporated | Registered in | Revenue (FY 2025) | Employees | Directors | Company page |
|---|---|---|---|---|---|---|---|
| Madrat 24 Labs Private Limited CIN U82990KA2024PTC186891 | Active | 01 Apr 2024 | Bangalore, Karnataka | ₹0.1 Cr | 2 | View details |
Funding Insights of Honestly
Honestly has successfully raised a total of $382.5K through 1 strategic funding round. The most recent funding activity was a Seed round of $382.5 thousand completed in July 2024. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding $382,496
- Total Rounds 1
- Last Round Seed — $382,496
- First Round $382,496
(Jul 2024)
- Investors Count 2
All 1 funding rounds of Honestly with amounts and investors; the two latest post-money valuations are shown, the rest are part of the premium plan.
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul 2024 | $382,496 | Seed | – | Better Capital |
2 investors in total: 2 institutional.
Investors in Honestly
Honestly has secured backing from 2 investors, including venture fund investors. Prominent investors backing the company include Better Capital and QED Innovation Labs.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
Early-stage companies are invested in by Better Capital. | bettercapital.vc | Santa Clara, United States | ||
Venture capital funding is provided to innovative startups in India. | Mumbai, India |
Investor details for Honestly
The complete investor list, round-by-round participation and investor portfolios require an active premium plan.
- Complete investor list
- Round participation
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Verified entity values are shown only after access is granted.
Board of directors of Madrat 24 Labs Private Limited (Honestly)
Madrat 24 Labs Private Limited is the primary company behind Honestly. The board of Madrat 24 Labs Private Limited currently have 2 directors; the longest-serving is Karishma Rathaur, appointed in 2024. 2 earlier directors have ceased.
| Director | Designation | Appointed | Tenure | Entity |
|---|---|---|---|---|
| Karishma Rathaur DIN 09762598 | Director | 01 Apr 2024 | 2 yrs 7 mo | Madrat 24 Labs Private Limited |
| Vivek Madani DIN 10601314 | Individual Subscriber | 01 Apr 2024 | 2 yrs 7 mo | Madrat 24 Labs Private Limited |
People of Honestly
2 people are tracked at Honestly (2 in leadership).
| Name | Role | Group |
|---|---|---|
| Co-Founder | Leadership | |
| Co-Founder | Leadership |
Complete people profiles for Honestly
Full employee and board profiles, team structure, tenure and professional contact details require an active premium plan.
- Full employee list
- Team structure
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- Professional contacts
Verified entity values are shown only after access is granted.
Financials of Honestly
Figures of Madrat 24 Labs Private Limited, the primary company behind Honestly, for FY 2025. Revenue was ₹10.9 Lakh. Net loss was -₹45.2 Lakh (-413% margin). EBITDA was -₹43.7 Lakh (-399% margin).
- ₹10.9 LakhRevenue · FY 2025
- -₹45.2 LakhNet loss · -413% margin
- -₹43.7 LakhEBITDA · -399% margin
- ₹1.2 LakhPaid-up capital
Balance sheet, profit and loss, cash flow and ratios of Madrat 24 Labs Private Limited are on its company page.
Detailed financial statements for Honestly
Statement rows, ratios, five-year trends and downloadable financials of the group companies require an active premium plan.
- Statement rows
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Verified entity values are shown only after access is granted.
Timeline of Honestly
2 dated milestones of Honestly, from founding to its latest funding, stage changes and deals.
- Founded Honestly is founded.
- Funding First funding round of $382K.
Competitors of Honestly
Honestly has 3 listed competitors in our database. They include GlaMate, bdazlai and Dermatocare.
| Company Name | Domain | Founded | HQ Location | Total funding | Employees | Description |
|---|---|---|---|---|---|---|
| glamate.in | 2020 | Hyderabad, India | An AI-powered online platform that aggregates and compares skincare products for personalized recommendations. | |||
| bdazlai.com | 2024 | Hyderabad, India | A platform using AI to help users make informed personal care decisions. | |||
| dermatocare.com | 2010 | Panchkula, India | Offers AI-powered tools for personalized skin and hair care recommendations and consultations. |
Detailed competitors of Honestly
The full competitor set, operating metrics and side-by-side benchmarks require an active premium plan.
- Full competitor set
- Operating metrics
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Verified entity values are shown only after access is granted.
Top companies in Beauty & Skin Care Platforms
3 companies that operate in the same segment as Honestly (Beauty & Skin Care Platforms) in India, ranked by their profile score on The Company Check.
| Company | Description | Founded | Location | Total funding | Revenue | Employees |
|---|---|---|---|---|---|---|
Cosmetics, skincare, haircare, and wellness products are retailed online. | 2012 | Mumbai, Maharashtra, India | USD 88.91 M | USD 1.07 B | 2,567 | |
Beauty and cosmetic products are retailed through an online platform. | 2011 | Mumbai, Maharashtra, India | USD 559.92 M | USD 166.71 M | 973 | |
Online brand offering mens grooming products | 2015 | Gurugram, Haryana, India | USD 52.66 M |
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Related news about Honestly
Complete news archive for Honestly
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Frequently Asked Questions about Honestly
Honestly was founded in 2024.
Honestly is headquartered in Bengaluru, India. It is registered at Bengaluru, Karnataka, India.
Honestly is a funded company, having raised a total of $382.5K across 1 funding round to date. The company's 1st funding round was a Seed of $382.5K, raised on Jul 2024.
The primary company behind Honestly, Madrat 24 Labs Private Limited, reported revenue of ₹10.9 Lakh for FY 2025.
Honestly was founded in 2024 in Bengaluru, India. A platform is operated to enable individuals to explore and acquire skincare products. Recommendations are generated using ingredient science and authentic user reviews, supporting decisions on skincare routines. Focus is placed on the beauty and personal care sector, with services centered on informed product discovery.
Honestly's top competitors include GlaMate, bdazlai and Dermatocare.
Honestly has 2 investors. Key investors include Better Capital, and QED Innovation Labs.
Honestly operates through Madrat 24 Labs Private Limited.
The legal entities of Honestly currently have 2 directors, including Karishma Rathaur, Vivek Madani.