Fast42 D2C Edition 2023

Page 1

CONTENTS

MESSAGE FROM THE EDITOR

INDIA’S FASTGROWING D2C LANDSCAPE

FAST42 2ND EDITION — THE GENISIS

FINDING INDIA’S FASTEST GROWING D2C BRANDS

FAST42 — THE LIST

INDIA’S FASTEST-GROWING D2C BRANDS | GROWTH CATEGORY

INDIA’S FASTEST-GROWING D2C BRANDS | EMERGING CATEGORY

DIVING INTO THE APPLICATIONS

METHODOLOGY TABLE
OF
01 02 03 06 04 07 05 08 09
06

MESSAGE FROM THE EDITOR

As online shopping came home to thrive during the pandemic, a wave of digital-first brands swept the traditional ecommerce landscape. And users embraced them fast for product variety, customisation and out-of-the-box engagement. Today, D2C brands are enjoying the attention of users and investors alike as they ushered in Ecommerce 3.0.

With FAST42, the idea is to identify the hidden gems and put a spotlight on the flag bearers

of meaningful growth. Many D2C brands from our inaugural list (announced last year) reached new heights in the year gone by, collectively raising more than $80 Mn. Quite a few got acquired as they brought in defensible products and a critical mass of users.

After three months of evaluation, interviews, and pitches, we are glad to present the FAST42 2023 list of India’s fastest-growing D2C brands. Our 2023 list includes brands

across categories, coming from all corners of the country and on the path of disrupting incumbents.

India is now home to more than 50K digital-first brands, which will be chasing an estimated market of $300 Bn by 2030. As the journey continues, many will witness meteoric ascent, allowing us the opportunity to script new narratives for years to come.

INC42 FAST42 2023 07

INDIA’S FAST-GROWING D2C LANDSCAPE

Today, D2C brands are making inroads across sectors and categories. From FMCG categories such as food, beverages and personal care products to heavy gym equipment and furniture, there is a new-age, a digital-first alternative for every traditional brand.

Not only are D2C brands walking shoulder-to-shoulder with legacy players but also going above and beyond to offer premium experiences to customers. Whether it is by developing a startto-finish shopping experience that keeps customers informed at every step of their buying journey or by creating impactful marketing campaigns that resonate with their target audience — the relentless pursuit of D2C brands is worth noting.

The success of top-rung leaders within the D2C ecosystem proves this model is here to stay. Consider the example of consumer electronics brand boAt. It is among the top three wearable brands in India and has been profitable since its inception in FY15.

Within the ecommerce landscape, D2C is the fastest-growing sector and its market opportunity is set to cross $300 Bn by 2030, growing at a CAGR of 24%.

This unabated growth was tapped during the peak pandemic

time when many brands moved online to bypass intermediaries and tap a wider user base to increase earnings. It even helped them cut corners on their sales and marketing spends.

According to Inc42’s estimates, D2C brands recorded an 88% rise in consumer demand in 2020, compared to 2019. Three years later, the model is evolving fast and is well in sync with changing consumer behaviour. What we are witnessing today is the confluence of pure-play online commerce with brickand-mortar retail.

The lines are becoming increasingly blurry and industry experts believe that omnichannel retail will be the next battleground for digital native brands.

This book offers a window into the strategies, approaches and ambitions of D2C’s fastest-growing brands, as we aim to decode how they are planning to scale and sustain postpandemic.

INC42 FAST42 2023 09

$400 BN

ECOMMERCE MARKET OPPORTUNITY BY 2030

$300 BN+

D2C MARKET OPPORTUNITY BY 2030

$4 BN

ECOMMERCE FUNDING IN 2022

50K

NO. OF DIGITAL-FIRST BRANDS IN INDIA

350 MN BEAUTY & PERSONAL CARE

ONLINE SHOPPERS BY 2025

FASTEST-GROWING SEGMENTS IN ECOMMERCE

D2C FUNDING IN 2022

310

NO. OF ECOMMERCE FUNDING DEALS IN 2022

202

NO. OF D2C FUNDING DEALS IN 2022

$1.7 BN MAMAEARTH, LICIOUS, LENSKART

D2C UNICORNS IN INDIA

10

D2C IS POISED TO REACH $300 BN+ MARKET OPPORTUNITY BY 2030

D2C MARKET IS ESTIMATED TO GROW AT A CAGR OF 24% DURING 2021-2030

2021 44.6 54.8 66.4 80.7 100.0 124.8 155.7 194.3 242.4 302.4 2025F 2023F 2027F 2029F 2022F 2026F 2024F 2028F 2030F INC42 FAST42 2023 11
12

FAST42 2ND EDITION

THE GENESIS

We launched FAST42, an ambitious endeavour to recognise India’s fastest-growing D2C brands in 2021. With FAST42, we strived to provide them with brand visibility and exposure among Inc42’s readers, investors, potential employees and other stakeholders in India’s startup ecosystem.

The maiden launch attracted applications from hundereds of brands, many of whom have raised funding and grown multifold.

Let’s take a look at some of the brands featured last year:

Jewellery brand Melorra (it was featured in FAST42’s growth category) raised $16 Mn in the first closure of its Series D round in May 2022. In July 2022, Bollywood actor Shilpa Shetty made an undisclosed investment in the nutraceuticals brand Fast&Up (Growth category). In August 2022, wellness brand Bold Care (from the Emerging category) claimed that it recorded a 3x jump in revenue in a single year.

The achievements of the aforementioned brands validate our efforts at identifying the category disruptors. With the same conviction, we launched FAST42’s second edition in October 2022, in partnership with 3PL player and unicorn Shiprocket.

In 2022, trends such as consumer subscription, natural and toxic-free offerings, product transparency, tech-driven buying experience and eco-conscious packaging dominated the D2C sector. While the market has high potential, it is highly competitive, and standing out means innovating beyond what meets the eye.

FAST42’s second edition highlights the exceptional efforts of brands and their journey to creating a stand-out product.

INC42 FAST42 2023 13

1,000+ D2C BRANDS APPLICATIONS

500+ VERIFICATION CALLS

140+

42 INTERVIEWS AND PITCHES BRANDS SHORTLISTED

14

FAST 42 THE HUNT

THE CATEGORIES

01

GROWTH CATEGORY

After three months of extensive groundwork and collaborative efforts between the Inc42 team, applicants and our esteemed jury members, we present to you the brands that made the final cut.

The FAST42 list is our attempt to foster, identify and recognise India’s most innovative D2C brands and shed light on their growth journey and achievements.

02

EMERGING CATEGORY

In this category, we looked into well-established D2C brands that have significant traction and demonstrated growth between 2020 and 2022. We were looking for Indian brands that generated at least INR 1 Cr revenue in FY20 and at least INR 7 Cr revenue in FY22, but not more than INR 100 Cr. The native online stores and apps of brands were given preference when evaluating their sales channels.

THE JURY

On the Emerging front, we looked into Indian D2C brands that have put innovation first and are set to disrupt the category. The focus was on companies founded on or after April 1, 2020, with revenue between INR 40 Lakh in any financial year since inception, but not more than INR 7.5 Cr. Like the Growth category, we were keen on selecting brands that have a significant revenue stream from their native online stores and apps.

INC42 FAST42 2023 15
VISHESH KHURANA CHINMAYA SAXENA SREEKANTH PEREPU ARJUN VAIDYA SANIL SACHAR PRASUN AGARWAL Cofounder Partner, Community Strategy Head Venture Capital Ventures Lead, India Founding Partner Partner Shiprocket BEENEXT Jubilant Bhartia Group Verlinvest Huddle A91 Partners

WITH THE FAST42 LIST, WE NOT ONLY WANTED TO GIVE THE DUE CREDIT AND RECOGNITION TO THESE BRANDS BUT ALSO CELEBRATE THEIR UNIQUE JOURNEYS – FROM STARTING UP TO SCALING UP – AND BRING THEM INTO THE LIMELIGHT.

INC42 FAST42 2023 17

FAST42 THE LIST

DESI FARMS

THE SLEEP COMPANY

JUICY CHEMISTRY

ANVEYA LIVING

HAPPY NATURE

REVOUR CONSUMER

BOLDFIT CHKOKKO

BECO

HARKIN GLOBAL SOLUTIONS

HIMALAYAN

DRINKPRIME

ORGANICS
INFINIA INNOVIST
SNITCH
EARTH RHYTHM COUNTRY BEAN
SOLUTIONS WELLBEING NUTRITION COMPANY SUB-SECTOR HOME FURNISHING CONSUMER GOODS BEAUTY & PERSONAL CARE HEALTH SUPPLEMENTS HOME FURNISHINGS FOOD & BEVERAGE HOME ELECTRICALS & APPLIANCES AGRO PRODUCE BEAUTY & PERSONAL CARE BEAUTY & PERSONAL CARE FASHION WATERTECH HEALTH SUPPLEMENTS AGRITECH HEALTH & FITNESS KITCHEN & HOME APPLIANCES BEAUTY & WELLNESS ACTIVEWEAR CATEGORY GROWTH GROWTH GROWTH GROWTH GROWTH GROWTH GROWTH GROWTH GROWTH GROWTH GROWTH GROWTH GROWTH GROWTH GROWTH GROWTH GROWTH GROWTH GROWTH ACTIVE WEAR MUMBAI MUMBAI BENGALURU MUMBAI MUMBAI KOLKATA MUMBAI PUNE GURUGRAM COIMBATORE BENGALURU BENGALURU INDORE DELHI BENGALURU CHENNAI GURUGRAM KOLKATA LUDHIANA HEADQUARTERS 189% 168% 200% 153% 33% THE PANT PROJECT FASHION GROWTH MUMBAI 263% 147% 81% 78% 146% 219% 100% 168% RAGE COFFEE FOOD & BEVERAGE GROWTH DELHI 300% 115% 88% 205% 103% 242% 103% 49% GROWTH RATE RANK 01 09 17 05 13 21 03 11 19 07 15 02 10 18 06 14 04 12 20 08 16
FLO SLEEP
18

HEALTH

FOOD

FOOD

FASHION

BEAUTY

APPARELS
WHITEOFFICIAL SHINEXPRO
ON THE
DECONSTRUCT
FRESH ZONE MASTERCHOW FOODS
SUPERBOTTOMS GRAMIYAA P-TAL POWER GUMMIES FIX MY CURLS NE ORIGINS SAAKI SADHEV
SCIENCES COMPANY DELHI 41% KOCHI 118% HYDERABAD BENGALURU GURUGRAM PANCHKULA BENGALURU SURAT 117% BENGALURU 50% CHENNAI BENGALURU GURUGRAM 156% GANGTOK MUMBAI NOIDA 62% NEW DELHI JAIPUR 11% 77% GURUGRAM CATEGORY GROWTH GROWTH
XYXX
BUNAAI
SVISH
GO WINGS
FARMERS
PERFORA THE DECOR KART
ZEROHARM
EMERGING GROWTH GROWTH
GROWTH
GROWTH GROWTH
GROWTH
EMERGING SUB-SECTOR HOME DECOR YU FOODLABS GURUGRAM EMERGING PACKAGED FOOD AGRITECH
EMERGING EMERGING EMERGING EMERGING
EMERGING EMERGING
EMERGING
EMERGING
EMERGING
AUTOMOTIVE CARE
HYGIENE
BEAUTY & WELLNESS FASHION KHARI FOODS DELHI EMERGING HEALTH & WELLNESS
HEALTH SUPPLEMENTS
PERSONAL
UTENSILS
AGRITECH
& WELLNESS
SUPPLEMENTS
& BEVERAGES
DIAPERS, PERIOD CARE ELECTRONICS
& BEVERAGES FASHION
HYGIENE BEAUTY & WELLNESS GURUGRAM HEADQUARTERS GROWTH RATE 22 RANK 30 38 26 34 42 24 32 40 28 36 23 31 39 27 35 25 33 41 29 37 INC42 FAST42 2023 19
ORAL

INDIA’S FASTEST GROWING D2C BRANDS GROWTH CATEGORY

INC42 FAST42 2023 21
01 06 11 16 21 04 09 14 19 02 07 12 17 05 10 15 20 03 08 13 18
22 27 32 37 25 30 35 40 23 28 33 38 26 31 36 41 42 24 29 34 39

RANK 01 GROWTH CATEGORY

PRODUCE 24
AGRO

DESI FARMS

01

ABOUT FACTSHEET

Desi Farms Serves

FOUNDED IN October 2016

TOTAL FUNDING

$1.2 Mn

FOUNDER(S)

Sunil Shahi, Prateek Gupta

HEADQUARTERS

Pune, Maharashtra

SUB-SECTOR

Agro Produce

Chemical-Free Milk, Fruits & Veggies To Help People Live Healthy

It has adopted a farm-to-fork model to deliver zero-preservative dairy products that guarantee freshness and high quality

KEY COMPETITORS

Country Delight, Otipy, Punjab Sind Dairy, Akshayakalpa

KEY INVESTORS

Venture Catalysts, FHealth Accelerator, Ashwath Ram (MD, Cummins India)

NUMBER OF SKUs

48 Dairy Products

WWW.DESIFARMSINDIA.IN
INC42 FAST42 2023 25
GROWTH CATEGORY

FY22 REVENUES ₹8.8 Cr

The ORIGIN STORY

ACTIVE SUBSCRIBERS 10K+ TOTAL FUNDING $1.2 Mn

Finding pure and healthy dairy products (read minimally processed) milk turned out to be extremely difficult for Prateek Gupta. In 2016, he decided to take matters into his own hands and started Desi Farms, a B2B distributor of untreated and chemical-free milk.

Four years later, Gupta’s friend Sunil Shahi (who has previously held leadership roles at cleantech company Greaves Cotton) invested in Desi Farms, leading to its pivot from a B2B to a D2C venture. The duo decided to surpass intermediaries and bring healthier and wholesome milk and dairy products directly to the customer’s doorstep. In 2022, Shahi came on board as the CEO and cofounder of Desi Farms.

26

The DIFFERENTIATOR

The dairy brand’s bestsellers include five milk variants (A2 and antibiotic-free milk are among these) and dairy products such as curd and buttermilk, promising high nutritional value. It has partnered with local farmers in and around the areas it currently serves to bypass intermediaries and procure farm-fresh milk and dairy products, fruits and vegetables.

What’s NEXT

The brand targets an annual recurring revenue of INR 24 Cr in 2023 and INR 500 Cr in 2025. It also plans to scale up its offline operations by targeting new locations like Delhi, Gurugram, Noida, Lucknow, Kanpur and Jaipur.

Rigorous quality checks are also carried out at its ISO-certified processing unit, where milk is treated without chemical preservatives. Besides, Desi Farms claims a 12-24 hour delivery window to retain the natural freshness of its products. All orders are delivered free of cost, and the brand offers daily or customisable subscriptions for users.

The GROWTH

Desi Farms collected INR 8.8 Cr in revenue in FY22. It also added more than 5K subscribers and 50+ offline outlets in Pune and Navi Mumbai in 2022. Currently, it offers 48 dairy-based SKUs and claims 60K downloads of its app, besides 10K+ active subscribers.

AVERAGE ANNUAL GROWTH

78%

INC42 FAST42 2023 27

RANK 02 GROWTH CATEGORY

HOME FURNISHING

28

THE SLEEP COMPANY

ABOUT FACTSHEET

FOUNDED IN November 2019 HEADQUARTERS

Mumbai, Maharashtra

$23 Mn SUB-SECTOR

TOTAL FUNDING

FOUNDER(S)

Priyanka and Harshil Salot

Home Furnishing

How The Sleep Company’s ‘Smart’ Solutions Are Disrupting India’s $256 Mn Mattress Market

The D2C brand’s patented SmartGRID technology offers a superior sleep experience, deals with back pain issues and funnels body heat

KEY COMPETITORS

Wakefit, Duroflex, Purple, Sleepycat, SleepWell

KEY INVESTORS

Fireside Ventures, Premji Invests, Alteria Capital, Varun Alagh (Cofounder, Mamaearth)

NUMBER OF SKUs

02
WWW.THESLEEPCOMPANY.IN
20
INC42 FAST42 2023 29
GROWTH CATEGORY

FY22 REVENUES ₹56.4 Cr

CUSTOMERS SERVED 1.5 Lakh+ TOTAL FUNDING $23 Mn

The ORIGIN STORY

Priyanka and Harshil Salot spent many sleepless nights looking after their newborn. But the baby kept the couple awake at odd hours, and the new parents found it difficult to get a good night’s sleep for a long time. Desperate to get quality sleep at any cost, they decided to upgrade their old mattress.

That was when they met a dead end. After scouring the market for a comfortable and durable mattress that would ensure restful sleep and good body support, they realised that innovation was slowpaced in the industry and not much had happened there beyond the decades-old memory foam.

The Salots wanted to give it a shot and make the traditional sleep industry exciting again with muchneeded techvantage. So, the SmartGRID mattress was developed in collaboration with the former DRDO material scientist, V. Tripathi.

30

The DIFFERENTIATOR

The cofounders aim to disrupt India’s mattress industry with smart designs and technology. Unlike foam mattresses, their patented SmartGRID uses hyper-elastic polymer gel that senses body movement and adapts to one’s body shape, providing just the right amount of support and comfort – firm around the spine and soft around shoulders, hips and other pressure points.

The stretchy gel prevents the mattress from sagging even after years of use, while the grid structure allows airflow to ward off body heat. Given that foam mattresses dominate nearly 60% of the Indian market, this technology can be a game changer as it takes care of both comfort and back support.

What’s NEXT

By March 2023, the brand aims to open 25 stores across India. In the next two years, it plans to enter overseas markets and become an INR 1K Cr company.

The GROWTH

The Sleep Company started by selling its flagship products – the Smart Ortho Mattress and the Smart Luxe Mattress. Later, it added more mattresses and introduced pillows, cushions, beds and SmartGRID chairs.

The D2C brand’s revenue reached INR 56.4 Cr in FY22, nearly a 377% jump from INR 11.8 Cr clocked in the previous financial year. It has served more than 1.5 Lakh users and sold 1 Lakh+ products across 20 SKUs. It also expanded its offline presence by opening seven brick-and-mortar stores in Mumbai, Bengaluru, Pune, Hyderabad and Delhi between June and December 2022.

AVERAGE ANNUAL GROWTH

189%

INC42 FAST42 2023 31

RANK 03 GROWTH CATEGORY

HEALTH AND FITNESS

32

BOLDFIT

WWW.BOLDFIT.IN

ABOUT FACTSHEET

FOUNDED IN December 2018 HEADQUARTERS

Bengaluru, Karnataka

Bootstrapped SUB-SECTOR

TOTAL FUNDING

FOUNDER(S)

Pallav Bihani

Health & Fitness

Boldfit Helps 2.5 Mn+ Users Embrace A Healthy Lifestyle, Ups Their Fitness Game

Boldfit offers affordable health supplements and training equipment to help Indians reach their fitness goals

KEY COMPETITORS

HealthKart, Decathlon

KEY INVESTORS

Bootstrapped

03
NUMBER OF SKUs 400+
INC42 FAST42 2023 33
GROWTH CATEGORY

FY22 REVENUES ₹63 Cr

CUSTOMERS SERVED 2.5 Mn+

TOTAL FUNDING

The ORIGIN STORY

A slipped disc resulting in three months of bed rest was a wake-up call for BD executive Pallav Bihani, who eventually understood the value of physical fitness and good health. But the narrative did not end there. While regaining his strength, he also realised what bugged most fitness enthusiasts in India. It was all about overpriced and/or low-quality health supplements and the lack of top-notch fitness gear.

Keen to usher in a positive change for millions of people who found it difficult to cope with fitness costs, Bihani set up Boldfit, a one-stop hub offering fitness supplements and accessories on a par with global standards minus the global price tags.

34
-

The DIFFERENTIATOR

Unlike similar platforms which routinely manufacture and sell fitness products, Boldfit thrives on its deeply customer-centric approach. For instance, most Indians are not aware of diet deficiencies or the nutritional value of the components used in offthe-shelf health supplements.

To bridge knowledge gap, Boldfit offers in-depth content that helps users reach their health goals. While all its edibles are certified by the Food Safety and Standards Authority of India (FSSAI), the startup claims to work with WHO-GMP-certified manufacturers to implement rigorous quality checks at every stage.

What’s NEXT

Boldfit aims to carve a strong foothold in the Indian fitness market by offering holistic solutions for all health and fitness-related needs. In 2023, it will expand its product portfolio by introducing many new categories.

Currently, the brand focusses on online distribution and sales, but Bihani wants to explore offline channels very soon. The startup will also onboard more fitness icons, especially renowned athletes, as brand ambassadors through partnerships and collaborations.

The GROWTH

In the last three years, the brand has developed more than 400 SKUs under health and ayurvedic supplements, healthy foods, home gym equipment and accessories (bottles, shakers and more). Interestingly, Boldfit added as many as 325 SKUs between 2021 and 2022 as fitness continued to top people’s priority list post-pandemic.

The brand has sold more than 5 Mn products and served over 2.5 Mn customers. It clocked INR 63 Cr in revenue in FY22 and roped in Indian cricketer Dinesh Karthik as its first celebrity ambassador.

AVERAGE ANNUAL GROWTH

205%

INC42 FAST42 2023 35

RANK 04 GROWTH CATEGORY FASHION

36

THE PANT PROJECT

WWW.PANTPROJECT.COM

FACTSHEET

FOUNDED IN October 2019

TOTAL FUNDING

Bootstrapped

FOUNDER(S)

Dhruv and Udit Toshniwal

HEADQUARTERS Mumbai, Maharashtra

SUB-SECTOR

Fashion

ABOUT

Custom-Fit Pants Designed For Comfort & Crafted With Style

To beat the one-size-fits-all approach, The Pant Project started to offer customisation and product personalisation in the bottomwear segment

KEY COMPETITORS

Binks, QuadB

KEY INVESTORS

Bootstrapped

04
NUMBER OF
100+
SKUs
INC42 FAST42 2023 37
GROWTH CATEGORY

FY22

REVENUES ₹7.2 Cr

CUSTOMERS SERVED 30K+TOTAL FUNDING

The ORIGIN STORY

The Pant Project, founded by brothers Dhruv and Udit Toshniwal, has an intriguing backstory. This is how it goes. One of the founders always struggled to find the right pair of trousers that would be a comfortable fit, leading to frequent visits to tailors for customisation/fitting. It was a trying, tiring and time-consuming exercise, and the duo wanted to make things easier for those who could not find the right size off the shelf.

Three things have worked in the brothers’ favour. First, the family has been running an apparel and textile business for 45 years, and the founders are no strangers to the industry. Second, Dhruv has training in finance. And finally, Udit has a penchant for art and creativity. The Toshniwals leveraged these factors to start The Pant Project, which offers high-quality, custom-made bottomwear for maximum comfort and style.

38

The DIFFERENTIATOR

“We believe a truly world-class digital solution for custom-tailoring does not exist in India yet. That is the problem we aim to solve,” said Udit. At The Pant Project, every bottomwear can be ordered online by sharing one’s size details, while a customer can choose a specific design from the brand’s web catalogue. The D2C brand also offers monogramming services and free alterations. An executive is sent to the customer’s address to pick up the bottomwear that needs modifications, and the same gets delivered within two-three days.

Additionally, it sells online a readymade range made from pure cotton, linen and corduroy, thus providing a premium feel. One of its unique products is the Power Stretch range, made from moisture-wicking, wrinkle-free fabric that stretches from all sides.

What’s NEXT

In 2023, The Pant Project eyes INR 50 Cr in annual run rate (ARR) and plans to focus on core bottomwear categories. It will also launch new designs and styles for every occasion throughout the year. “We aim to hit INR 200 Cr ARR by 2025, expand globally and build an omnichannel presence in India,” said Udit.

The GROWTH

The bootstrapped brand offers 100 SKUs across men’s and women’s wear, has sold more than 75K products and catered to 30K+ customers. Its revenue stood at INR 7.3 Cr in FY22, a 6x jump from INR 1 Cr in the previous financial year.

In October 2022, it reached another milestone, surpassing INR 1.5 Cr in monthly sales. The brand also entered the ecommerce marketplace by listing its readymade collection on Amazon and introduced a new category called the power stretch jeans.

AVERAGE ANNUAL GROWTH

263%

INC42 FAST42 2023 39

RANK 05 GROWTH CATEGORY

FOOD & BEVERAGE

40

RAGE COFFEE

ABOUT FACTSHEET

FOUNDED IN

January 2019

TOTAL FUNDING

$7 Mn

FOUNDER(S)

Bharat Sethi

HEADQUARTERS

New Delhi

SUB-SECTOR

Food & Beverage

Brewing Success: Rage Coffee Is Blending Health With Taste

Rage Coffee uses a proprietary crystallisation technique to preserve the natural flavour and aroma of coffee beans

KEY COMPETITORS

Country Bean, Bevzilla

KEY INVESTORS

Sixth Sense Ventures, Refex Capital, 9Unicorns, Virat Kohli

NUMBER OF SKUs

05
WWW.RAGECOFFEE.COM
18
INC42 FAST42 2023 41
GROWTH CATEGORY

FY22

REVENUES ₹23.5 Cr

CUSTOMERS SERVED 7.5 Lakh+

TOTAL FUNDING $7 Mn

The ORIGIN STORY

Serial entrepreneur Bharat Sethi was keen to enter India’s fast-evolving, highly innovative FMCG space to create a niche but could not decide where to start. The year was 2018 when he began researching people’s buying behaviour, demands and market trends to get the lowdown on the best options available. He also spoke to many distributors and retailers of consumer goods and eventually realised that coffee lovers across India had a raw deal all along.

“People’s taste buds have evolved, but there was no change in the industry,” said Sethi.

So, Rage Coffee hit the market the very next year, serving high-quality, unique concoctions to make one’s daily dose of caffeine exciting and flavourful.

42

The DIFFERENTIATOR

The brand offers a unique range of instant coffees with a healthy dose of plant-based vitamins. The beans are directly sourced from Harar in the Ethiopian highlands, known for some of the best coffees in the world.

Instead of the widely available coffee powder, Rage Coffee offers granular instant coffees and uses a proprietary crystallisation and drying technique to preserve the natural taste and aroma of coffee beans. It also takes regular customer feedback and conducts market research to understand what consumers want.

What’s NEXT

It targets INR 92 Cr in revenue in FY23 and plans to double down on its physical presence to reach more than 10K offline stores by March 2023. Rage Coffee will also work on achieving an INR 500 Cr revenue target in 2025.

The GROWTH

Rage Coffee clocked more than 5x revenue in a year, from INR 4.5 Cr in FY21 to INR 23.5 Cr in FY22. It also expanded its offerings beyond instant coffees and launched a variety of products, including cold coffee brew bags, frothers and other merchandise. In 2022, it ventured into snack bars and cookies, offering gluten-free snacks without preservatives.

The brand also set up a 30K sq. ft manufacturing unit in Gurugram. To date, it has added 18 SKUs and added 7.5 Lakh new customers in 2022.

AVERAGE ANNUAL GROWTH

300%

INC42 FAST42 2023 43

RANK 06 GROWTH CATEGORY

BEAUTY

& PERSONAL CARE

44

JUICY CHEMISTRY

WWW.JUICYCHEMISTRY.COM

ABOUT FACTSHEET

FOUNDED IN August 2014

TOTAL FUNDING

$7 Mn

HEADQUARTERS

Coimbatore, Tamil Nadu

SUB-SECTOR Beauty & Personal Care

Juicy Chemistry Offers

All-Organic Personal Care Products, Promises Authenticity

Its product range contains top-notch ingredients and undergoes rigorous quality testing to win consumer trust

FOUNDER(S)

Megha and Pritesh Asher

KEY COMPETITORS

The Body Shop, Forest Essentials, Kama Ayurveda, KORA Organics, Frank Body

KEY INVESTORS

Verlinvest, Spring Marketing Capital, Manoj Lifestyle

NUMBER OF SKUs

06
130
INC42 FAST42 2023 45
GROWTH CATEGORY

CUSTOMERS SERVEDTOTAL FUNDING $7 Mn

The ORIGIN STORY

While looking for a natural/organic skincare brand at a mall, husband-wife duo Megha and Pritesh Asher stumbled upon a salesperson who claimed to be selling all-natural products. But Pritesh, who was then running his family’s petrochemical business, was shocked when he read the ingredients listed.

“Most of those were refined versions of the raw products you would find at the time of petrochem manufacturing,” he recalled. Aware that the beauty industry’s lack of product provenance and transparency can harm users, the couple has launched a trustworthy brand that delivers what it promises – personal care products made from organic ingredients.

FY22 REVENUES ₹29 Cr
46

The DIFFERENTIATOR

Juicy Chemistry procures its ingredients directly from organic farmers in 20 countries, and all its serums, moisturisers and shampoos are made at the startup’s ECOCERT-approved manufacturing unit. Its products and processes also undergo regular and rigorous quality testing and audit to ensure everything adheres to ECOCERT’s ‘organic’ standards.

What’s NEXT

The brand will aggressively scale up its offline business and open around 10 retail outlets and 15-20 kiosks in major Tier 1 cities in 2023. By 2025, it will tap into international markets, including the Middle East, the UK and the US.

The GROWTH

The brand offers 130 SKUs under its key categories, including skin, hair and body care. It launched an organic make-up range called Color Chemistry in November 2022 and said nearly 75% of the new product range got the ECOCERT nod.

More products are now undergoing certification to enhance customer trust – its secret sauce to success. It clocked INR 29 Cr in revenue in FY22 and claimed to sell an average of 75K products per month.

AVERAGE ANNUAL GROWTH

219%

INC42 FAST42 2023 47

RANK 07 GROWTH CATEGORY

BEAUTY

& PERSONAL CARE

48

ANVEYA LIVING

WWW.ANVEYA.COM

ABOUT FACTSHEET

FOUNDED IN

June 2018

TOTAL FUNDING

$1.3 Mn

HEADQUARTERS

Bengaluru, Karnataka

SUB-SECTOR

Beauty & Personal Care

FOUNDER(S)

Vivek Singh, Saurav Patnaik

KEY COMPETITORS

Paradyes, Fix My Curls

KEY INVESTORS

Rukam Capital

NUMBER OF SKUs

Anveya is creating top-of-the-rung hair and skincare products that will match global standards

When Getting A Gorgeous Head Of Hair Is Made Easy, Healthy And Fun
60
CATEGORY 07 INC42 FAST42 2023 49
GROWTH

FY2022 REVENUES ₹11.7 Cr

CUSTOMERS SERVEDTOTAL FUNDING $1.3 Mn

The ORIGIN STORY

Serial entrepreneur Saurav Patnaik and corporate executive Vivek Singh (former SVP of marketing at FirstCry) often noticed that legacy players like L’Oréal and Garnier dominated the haircare market in India. In fact, global brands were more popular here due to the lack of consumer trust in homegrown product quality.

It was not surprising as many local products are stuffed with harmful chemicals, and new-age innovations are rarely witnessed in this space. Keen to create a top-notch beauty brand and gain back customer trust in the process, the duo set up Anveya, a sustainable and stylish hair and skincare range.

50

The DIFFERENTIATOR

The brand’s flagship is Colorisma, a game-changing temporary hair colour range as easy to apply as make-up. Plus, it needs only one hair wash to remove, unlike permanent/semi-permanent hair dyes. This is a less invasive way of adding style and drama to one’s crowning glory, as hair health is not affected due to reduced colour exposure.

Additionally, Anveya has launched a curl care range called Curlvana, essential and cold-pressed oils made of jojoba, rosehip and olive, among others, and a collection of hair growth products based on an innovative hair-repair formulation that can help restore one’s hair damaged by excessive styling and colouring.

What’s NEXT

Anveya targets revenue of INR 45 Cr in 2023 and plans to launch more hair colours. The brand will also introduce a scalp-care category and offer products like scalp scrub and scalp serum to address hair fall, breakage and dirt build-up.

The GROWTH

Its journey started with traditional hair growth products and oils using clean ingredients. But the brand came out with its flagship products, Colorisma and Curlvana, in 2022 after extensive R&D as it aims to make hair styling fun and healthy.

It also launched a gold acne kit for acne-prone skin in December 2022. The D2C brand offers 60 SKUs across five categories and has sold at least 10 Lakh products since its launch. Its revenue for FY22 stood at INR 11.7 Cr.

AVERAGE ANNUAL GROWTH

200%

INC42 FAST42 2023 51

RANK 08 GROWTH CATEGORY

BEAUTY & WELLNESS

52

EARTH RHYTHM

ABOUT FACTSHEET

FOUNDED IN October 2019

TOTAL FUNDING

INR 7.9 Cr

FOUNDER(S)

Harini Sivakumar

HEADQUARTERS

Gurugram, Haryana

SUB-SECTOR Beauty & Wellness

All-Natural Beauty Brand Earth Rhythm Banks On Transparency To Drive Sales

Earth Rhythm’s skincare range serves an audience passionate about the chemical-free, natural goodness

KEY COMPETITORS

Dot and Key, Plum, mCaffeine

KEY INVESTORS

Anicut Capital, Nykaa

08
WWW.EARTHRHYTHM.COM
NUMBER OF SKUs 160+
INC42 FAST42 2023 53
GROWTH CATEGORY

FY22

REVENUES ₹38 Cr

CUSTOMERS SERVED 7.8 Lakh+

TOTAL FUNDING 7.9 Cr

The ORIGIN STORY

Homemaker Harini Sivakumar struggled to find chemical-free skincare products for her baby son after the newborn developed a skin condition. Dissatisfied with her search, the new mom decided to create a line of natural and organic products that would be non-toxic and cruelty-free (not tested on animals).

So, she formally studied everything about skincare formulations and acquired the necessary entrepreneurial skills to set up the D2C beauty brand Earth Rhythm.

54

The DIFFERENTIATOR

Sivakumar claims Earth Rhythm is the first homegrown brand that invests in independent clinical trials and R&D. All its formulations are developed in-house by trained chemists who use cited scientific research to ensure maximum efficacy. The products are also ECOCERT-certified (one of the largest certifying bodies for organic products) and PETA-approved.

The brand’s focus on transparency and reliability is also meant to drive traction. “Our product labels include the ingredients that go into our formulations. We believe consumers must not be left in the dark,” the founder said.

What’s NEXT

It will also delve deeper into the makeup segment launched in 2022 with new product launches. By 2025, Earth Rhythm aims to increase its global footprint in more than 10 countries and earn an equal share of the revenue from online and offline channels.

The GROWTH

The brand took baby steps with homemade, chemical-free soaps and body butters. It now offers more than 160 SKUs under several categories, including face and hair care, bath and body, lip and eye, makeup and men’s grooming. Among its certified and flagship products are Ultra Defence Sunscreen with SPF 50, clear skin serum, and murumuru and shikakai shampoo bars.

In 2022, Earth Rhythm launched its mobile apps and opened 12 pop-up stores in New Delhi, Bengaluru, Mumbai, Chennai, Chandigarh, Raipur and Dehradun. Its products were also shipped to the UAE to gain traction across Middle East markets.

AVERAGE ANNUAL GROWTH

242%

INC42 FAST42 2023 55

RANK 09 GROWTH CATEGORY

56
AGRITECH

HAPPY NATURE

ABOUT FACTSHEET

FOUNDED IN January 2022

TOTAL FUNDING

Bootstrapped

FOUNDER(S)

Sahil Chopra, Parth Birendra, Vikas Singh, Vishal Rastogi

HEADQUARTERS

New Delhi

SUB-SECTOR

Agritech

Happy Nature Brings Chemical-Free, NutritionRich Dairy Products From Farm To Table

Milk being an essential item for its nutritional value, the startup saw a 69% revenue jump YoY and eyes sixfold growth by 2025

KEY COMPETITORS

Country Delight, Akshayakalpa

KEY INVESTORS

Bootstrapped

WWW.HAPPYNATURE.IN
OF SKUs 35+
NUMBER
09 INC42 FAST42 2023 57
GROWTH CATEGORY

FY22 REVENUES ₹14.4 Cr

CUSTOMERS SERVED 80K+ TOTAL FUNDING -

The ORIGIN STORY

Sahil Chopra and Parth Birendra cofounders of Delhi-based milk delivery startup Happy Moo and Patiala-based dairy brand Doozy Farms cofounders Vikas Singh and Vishal Rastogi shared the same vision – doorstep delivery of farm-fresh, unadulterated milk (and other dairy products) to help consumers. But it was easier said than done. For instance, their research found that cow’s milk contains high levels of aflatoxin that can cause severe liver damage if consumed for a long time.

There are more hassles to overcome to standardise products, do away with harmful chemicals like preservatives and antibiotic residues and retain all essential nutrients. In 2022, the founders of both companies teamed up to launch Happy Nature, a farm-to-fork dairy startup bringing home the goodness of pure milk.

58

The DIFFERENTIATOR

The startup runs a state-of-the-art dairy farm in Jhajjar, Haryana, where the end-to-end dairy operations – from cattle care to milking, processing and packaging – take place.

Happy Nature has developed its standard operating procedures (SOP) to ensure a minimum level of aflatoxin in cow’s milk while keeping harmful antibiotics and chemical preservatives out of it. Its flagship A2 Desi Cow Milk is produced from indigenous cow breeds like Gir and Sahiwal raised at the farm.

What’s NEXT

The brand eyes INR 25 Cr in FY23, a 100% YoY revenue growth. It also targets INR 150 Cr by 2025, a sixfold increase from its current annual recurring revenue (ARR). Happy Nature is developing a D2C website for its non-perishable SKUs to push sales.

The GROWTH

The brand has expanded to other dairy products such as ghee, curd and cheese. It saw a 69% revenue jump YoY, reaching INR 14.4 Cr in FY22 from INR 8.5 Cr in the previous financial year.

Happy Nature claimed that 9K new customers purchased from the brand every month, while it added 1.5K new subscribers each month, during H2 of CY22. Currently, it sells more than 35 SKUs across Delhi-NCR, Punjab and Haryana and has served more than 80K customers.

AVERAGE ANNUAL GROWTH

88%

INC42 FAST42 2023 59

RANK 10 GROWTH CATEGORY

HOME ELECTRICALS & APPLIANCES

60

REVOUR CONSUMER

WWW.REVOURCONSUMER.COM

ABOUT FACTSHEET

FOUNDED IN September 2019

TOTAL FUNDING

$1 Mn

HEADQUARTERS Mumbai, Maharashtra

SUB-SECTOR

Home Electricals & Appliances

Revour Makes EnergyEfficient Appliances, Eyes Consumer Electronics

Riding the D2C bandwagon, the brand aims to reach online shoppers from the remotest parts of India to the biggest metros

FOUNDER(S)

Jaideep Singh Gaur, Ranjit Singh

KEY COMPETITORS

Candes, Atomberg

KEY INVESTORS

Oriano Clean Energy

10
NUMBER OF SKUs 250
INC42 FAST42 2023 61
GROWTH CATEGORY

CUSTOMERS SERVED 30 Lakh+ TOTAL FUNDING $1 Mn

The ORIGIN STORY

In 2019, investment banker Jaideep Singh Gaur noticed how the sales of household electrical appliances grew at a fast clip across ecommerce marketplaces. Industry data also supported his observation.

According to Mordor Intelligence, online sales of home appliances such as irons, toasters and grills have grown significantly since 2018 and ecommerce is considered one of the important sales channels to ensure scalability.

Keen to tap into this vast market, Gaur joined Ranjit Singh, who earlier worked with legacy brands like Bajaj, Philips and Surya and launched Revour Consumer.

FY22 REVENUES ₹17.5 Cr
62

The DIFFERENTIATOR

The D2C electrical brand has partnered with many Indian OEMs to make energy-efficient home and kitchen appliances. Revour specialises in top-selling consumer electricals such as light bulbs, fans, irons, mixer grinders, toasters and electric kettles.

What’s NEXT

Revour will grow its offline presence through 12.5K retail outlets in 2023, a 25% jump. Additionally, it eyes INR 50 Cr in revenue in FY23, nearly a 3x rise compared to the previous financial year. In the long run, it will also venture into consumer electronics and develop audio products and wearables.

The GROWTH

Apart from selling on its website and major ecommerce marketplaces like Flipkart and Amazon, Revour has significantly scaled up its physical presence, reaching 10K offline retail stores panIndia. It served more than 30 Lakh customers across 25+ states and sold 50 Lakh+ products. The brand grew its product offerings to 250 SKUs and earned INR 17.5 Cr in revenue in FY22.

AVERAGE ANNUAL GROWTH

81%

INC42 FAST42 2023 63

RANK 11 GROWTH CATEGORY ACTIVEWEAR

64

CHKOKKO

WWW.CHKOKKO.COM

ABOUT FACTSHEET

FOUNDED IN April 2018 HEADQUARTERS Ludhiana, Punjab

Undisclosed SUB-SECTOR Activewear

TOTAL FUNDING

FOUNDER(S)

Mihir Parashar, Shivi Sabharwal, Lavanya Sabharwal, Alisha Sabharwa

Activewear Brand Chkokko Clocked 2x Revenue Growth In FY22, Eyes INR 300 Cr By 2025

Comfort and convenience remain the watchwords at Chkokko as the D2C brand eyes offline business for exponential growth

KEY COMPETITORS

KEY INVESTORS

Undisclosed

Kica Active, BlissClub NUMBER

11
OF
2.5K
SKUs
INC42 FAST42 2023 65
GROWTH CATEGORY

FY22 REVENUES ₹42 Cr

CUSTOMERS SERVED

20 Lakh+

TOTAL FUNDING -

The ORIGIN STORY

Shivi Sabharwal, his son Lavanya and Lavanya’s wife Alisha were about to expand their half-acentury-old textile business when the steadily growing D2C trend caught their interest. Their discussions with Mihir Parashar, Lavanya’s longtime friend and a corporate consultant, revealed how the sports enthusiast struggled to find good activewear at an affordable price during his college days. Taking note of the rising demand in this space and the absence of good brands, the Sabharwals launched Chkokko in 2018. Two years later, Parashar also joined the venture as a cofounder.

66

The DIFFERENTIATOR

Built on the motto, ‘you sweat, we absorb’, Chkokko motivates users to pursue fitness activities without worrying about sweat-drenched outfits with little or no absorbing capacity. The brand uses dry-fit fabrics like cotton, terry cotton and lycra, which are lightweight, breathable and stretchable, to handle the demands of any workout and enhance the comfort factor.

What’s NEXT

Chkokko wants to build a strong foothold in the activewear/athleisure segment by growing its offline presence. It will also venture into the footwear category and aims to emerge as an INR 300 Cr business by 2025.

The GROWTH

The number of SKUs grew to 2.5K in four years, while the brand sold around 25 Lakh products to more than 20 Lakh customers. Its gross revenue increased 2x in FY22 to INR 42 Cr, and social media followers stood at 50K by the end of the calendar year.

AVERAGE ANNUAL GROWTH

49%

INC42 FAST42 2023 67

RANK 12 GROWTH CATEGORY

BEAUTY AND PERSONAL CARE

68

INNOVIST

WWW.INNOVIST.COM

ABOUT FACTSHEET

FOUNDED IN

March 2019

TOTAL FUNDING

$7 Mn

HEADQUARTERS

Gurugram, Haryana

SUB-SECTOR

Beauty & Personal Care

Innovist Houses Three Personal Care Brands, Banks On Excellence To Disrupt The Industry

FOUNDER(S)

Rohit Chawla, Sifat Khurana, Vimal Bhola

KEY COMPETITORS

DermaCo, Plum, BeBodywise, Minimalist

KEY INVESTORS

72 Ventures, Sauce.vc, Accel, Arihant Patni (Patni Family Office)

Its cutting-edge R&D and manufacturing unit, extensive clinical trials and adherence to EU safety norms spell the gold standard for quality

GROWTH 12 INC42 FAST42 2023 69

NUMBER OF SKUs 100+ CATEGORY

FY22 REVENUES $1.6 Mn

CUSTOMERS SERVED 1 Mn+ TOTAL FUNDING $7 Mn

The ORIGIN STORY

After monitoring consumer behaviour meticulously for a long time, Rohit Chawla, founder and former CEO of the premium grooming brand The Man Company, realised that Indians perceived European and U.S. beauty brands as superior to homegrown products.

In brief, they associate high quality with global brands but lack trust in their Indian counterparts. Determined to create a top-notch personal care brand based on trust and transparency, Chawla teamed up with Sifat Khurana, former graphic designer at Ogilvy, and R&D scientist Vimal Bhola to launch Innovist.

For context, it is the parent company of the hair care brand Bare Anatomy, the skincare business Chemist at Play and the sun care range SunScoop.

70

The DIFFERENTIATOR

Innovist boasts a comprehensive R&D facility and manufacturing unit, giving it complete control over the entire production process. This helps it design formulations from scratch, track product efficacy and ensure quality control, similar to what leading global brands do.

Every product under its banner undergoes extensive clinical testing before hitting the market, and user feedback during these trials is carefully considered before the final rollout. It also follows the EU safety standards for ingredients and chemical formulations.

What’s NEXT

Innovist will strengthen its presence on major marketplaces such as Flipkart and Purplle and expand its retail footprint across 1K+ stores by the end of 2023. In the long run, it aims to launch more personal care businesses and emerge as a house of brands.

The GROWTH

The startup began its journey with the hair care brand Bare Anatomy in 2019 but ventured into skincare two years later and finally launched SunScoop in 2022, leading to 100+ SKUs. It also brought its three brands under the main website Innovist.com and claimed that its CX (customer experience) went up by 15%.

It eyes close to 3.5x revenue growth YoY in FY23, from $1.6 Mn to $5.2 Mn. Overall, it has served more than 1 Mn users and sold 1.5 Mn products.

AVERAGE ANNUAL GROWTH

146%

INC42 FAST42 2023 71

RANK 13 GROWTH CATEGORY

CONSUMER GOODS

72

BECO

WWW.LETSBECO.COM

ABOUT FACTSHEET

FOUNDED IN 2019 HEADQUARTERS

Mumbai, Maharashtra

TOTAL FUNDING

26 Cr

SUB-SECTOR

Consumer Goods

Beco Produces Plastic Alternatives, Green Homecare Products To Prevent Pollution

FOUNDER(S)

Aditya Ruia, Anuj Ruia, Akshay Varma

KEY COMPETITORS

Sacred Earth, Herbal Strategy

KEY INVESTORS

Rukam Capital, Priyavrata Mafatlal, Better Capital, Prashant Pittie

NUMBER OF SKUs

Move over, greenwashing; Beco’s founders want everyone to save the environment by using the brand’s cleantech consumer products

13
50
INC42 FAST42 2023 73
GROWTH CATEGORY

CUSTOMERS SERVED 5 Lakh+ TOTAL FUNDING 26 Cr

The ORIGIN STORY

Beco is the brainchild of brothers Aditya and Anuj Ruia and their friend Akshay Varma. When they went beach-cleaning in 2017 and found a plastic chocolate wrapper, it was immediately identified as a brand that became defunct in the 1990s. It proved again that no natural processes could completely decompose plastic, even in landfills, and microplastics filled with toxins will continue to pollute the environment for hundreds of years. Aware of this long-term impact, the trio started Beco as an alternative to single-use plastic products.

FY22 REVENUES ₹10.45 Cr
74

The DIFFERENTIATOR

Beco’s product range includes facial tissues, toothbrushes, dinner napkins, tissue and toilet rolls, garbage bags and more, all of which are ecofriendly. These are made from biodegradable and compostable raw materials such as bamboo and cornstarch, while a coconut enzyme-based formula is used to produce liquid cleaners. The solutions and designs are developed in-house, while contract manufacturers make the end products.

What’s NEXT

Beco will launch a wide range of sustainable products in the next two years to replace home care essentials causing pollution. It will also increase its offline footprint to reach 24 Cr households by 2027.

The GROWTH

The brand has developed 50 SKUs across home, kitchen and personal care categories, served 5 Lakh customers and sold 20 Mn products. It also added five products to its portfolio in 2022. These include detergent, colour catcher and fabric softener sheets, which are 100% plastic-free and use 70% less water in their solutions. Additionally, there are floor cleaning sheets and home cleaner liquids in 94% plastic-free refill cartons to reduce the use of plastic bottles and pouches.

AVERAGE ANNUAL GROWTH

168%

INC42 FAST42 2023 75

RANK 14 GROWTH CATEGORY

KITCHEN AND HOME APPLIANCES

76

GEEK – HARKIN

ABOUT FACTSHEET

FOUNDED IN

March 2019

TOTAL FUNDING

Bootstrapped

HEADQUARTERS Chennai, Tamil Nadu

SUB-SECTOR

Kitchen & Home Appliances

Geek Brings IoT In The Kitchen For Fast Cooking And Healthy Eating

The startup’s smart kitchen appliances and pre-set menus aim to make home cooking less hectic

FOUNDER(S)

Murugan Dhandapani, Prathap A

KEY COMPETITORS

Instantpot, Wonderchef, Agaro, Inalsa

KEY INVESTORS

Bootstrapped

WWW.HARKIN.IN
NUMBER OF SKUs 35+
14 INC42 FAST42 2023 77
GROWTH CATEGORY

FY22 REVENUES

₹27.5 Cr

CUSTOMERS SERVED

1.18 Lakh+

TOTAL FUNDING -

The ORIGIN STORY

Techvantage makes human life easy, and daily chores may soon be passé. Thanks to smart household gadgets, much of that has already been achieved, but many Indian homes still struggle due to time-consuming food prep rituals.

While studying lifestyle trends and consumer demand, marketing professionals Murugan Dhandapani and Prathap A saw that the home and kitchen appliances mostly used in Indian households were not precisely the cutting-edge gadgets they should be, and much of the work was manually done.

Their research also showed that Indian women spend an average of five hours a day in the kitchen, amounting to nearly 10 years of cooking and cleaning in one’s lifetime. Determined to use modern tech to reduce such drudgery, the duo started Geek, a tech-powered home and kitchen appliances brand operating under the parent company Harkin Global Solutions.

78

The DIFFERENTIATOR

Geek’s product line includes IoT-enabled smart home and kitchen appliances, which can be appcontrolled. Among these are high-tech air fryers for healthy eating, rechargeable fans for convenient usage and top-rung electric pressure cookers for faster, customised cooking.

What’s NEXT

Geek will add more pressure cookers and air fryers in 2023, besides venturing into new categories like slow juicers, coffee makers and smart locks, which are already in the works. It will also launch a smart-home category by 2025.

One of its flagships is an 11-in-1 electric pressure cooker that enables programmable intelligent cooking and offers pre-set multicooking functions, bringing down cooking time, cost and waste. “We are the first brand in India to launch with a fully customised Indian menu supported by 1,000+ recipes featured via an app,” said Dhandapani.

The GROWTH

Between October and December 2022, Geek launched various models of Airocook fryers with 10-23 litre capacity and 8-12 pre-set menus. “Indian consumers are used to small fryers. But now they have a variety of options, which can be used to cook food efficiently,” said Dhandapani.

Geek currently offers more than 35 SKUs, has sold over 1.4 Lakh products and served 1.18 Lakh+ customers. Its revenue reached INR 27.5 Cr in FY22.

AVERAGE ANNUAL GROWTH

103%

INC42 FAST42 2023 79

RANK 15 GROWTH CATEGORY

HEALTH SUPPLEMENTS

80

HIMALAYAN ORGANICS

ABOUT FACTSHEET

FOUNDED IN September 2018

HEADQUARTERS Indore, Madhya Pradesh

Bootstrapped SUB-SECTOR Health Supplements

TOTAL FUNDING

FOUNDER(S)

Vaibhav Raghuwanshi, Suditi Sharma

Himalayan Organics Offers 100% Vegetarian Health Supplements, Focusses On Holistic Wellness

The brand has served 1.2 Mn customers and offers free-of-cost dietary consultations

KEY COMPETITORS

Healthkart, Amway, Swisse, Cureveda, Auric, Oziva

KEY INVESTORS

Bootstrapped

15
WWW.THEHIMALAYANORGANICS.IN
NUMBER OF SKUs 150+
INC42 FAST42 2023 81
GROWTH CATEGORY

FY22 REVENUES ₹33 Cr

CUSTOMERS SERVED (NEW) 1.2 Mn

TOTAL FUNDING -

The ORIGIN STORY

When a relative was diagnosed with Vitamin D deficiency (left untreated, this can lead to debilitating conditions like osteoporosis and muscle loss), Vaibhav Raghuwanshi looked everywhere to find a plant-based dietary supplement as the family was strictly vegetarian. At the time, he was a marketing professional at a healthcare firm and got a close look at nutritional supplements.

Soon, he realised that most products sold in the market contain gelatin or other ingredients derived from non-veg sources. Knowing that more than 24% of Indians are vegetarians, Raghuwanshi was determined to focus on holistic wellness and bring plant-based dietary alternatives to underserved customers. That was when he teamed up with serial entrepreneur Suditi Sharma to launch Himalayan Organics.

82

The DIFFERENTIATOR

The brand claims its capsules, tablets and drops across categories (immunity boosters, skin and hair care, men’s and women’s wellness and more) are 100% vegetarian. It uses ingredients like fruits, vegetables, herbs, seeds and nuts for its supplements, and the raw materials are directly sourced from organic farms in the Himalayan region.

The startup has an in-house R&D team that works on the formulations, and all supplements are FSSAI-approved

What’s NEXT

The health supplement startup targets INR 45 Cr in 2023, a 36.6% jump in revenue. It will set up a manufacturing unit in 2023 (currently leverages contract manufacturing) and tap into global markets. The brand also eyes over INR 380 Cr by 2025.

The GROWTH

Himalayan Organics posted INR 33 Cr in revenue in FY22, a 27% revenue hike compared to INR 24 Cr in FY21. It launched its mobile apps (iOS and Android versions) in 2022 and teamed up with nutrition experts and dieticians to help customers get one-on-one dietary consultations for free. The year ended with more than 35K diet consultation bookings via its apps. Overall, it has developed 150+ SKUs and served more than 1.2 Mn customers.

AVERAGE ANNUAL GROWTH

115%

INC42 FAST42 2023 83

RANK 16 GROWTH CATEGORY

FOOD & BEVERAGE

84

COUNTRY BEAN

ABOUT FACTSHEET

FOUNDED IN August 2017

TOTAL FUNDING

Bootstrapped

HEADQUARTERS

Kolkata, West Bengal

SUB-SECTOR

Food & Beverage

Country Bean Brings Home Café-Like Instant Brews

How a coffee lover’s quest for quality instant coffee led her to build a custom brand

FOUNDER(S)

Aditi and Aneesh Satnaliwala

KEY COMPETITORS

Rage Coffee, Bevzilla

KEY INVESTORS

Bootstrapped

16
WWW.COUNTRYBEAN.IN
NUMBER OF SKUs 40
INC42 FAST42 2023 85
GROWTH CATEGORY

CUSTOMERS SERVED 5

Lakh+

TOTAL FUNDING -

The ORIGIN STORY

Before starting her maiden venture, Aditi Satnaliwala was a working professional who chugged several cups of coffee to cope with the daily hustle. But the self-proclaimed coffee lover felt that the instant versions available in the market lacked the flavour and failed to give her a muchneeded caffeine kick.

For some time, she used to shell out a significant chunk of her salary on overpriced coffees sold at cafés. But realising the need for an affordable alternative, Aditi and her husband Aneesh (a former investment banker at Goldman Sachs) decided to launch Country Bean.

FY22
REVENUES ₹15 Cr
86

The DIFFERENTIATOR

Aditi experimented with different flavours like caramel and coconut and finally figured out the blends she believed would work. Today, Country Bean offers a wide range of flavour-packed instant coffees, including unique blends such as strawberry cheesecake, blueberry muffin and cocoa mint.

The brand also claims its products are vegan and gluten-free, suitable for diet-conscious consumers.

What’s NEXT

In 2023, Country Bean will launch new categories to make coffee drinking at home more enjoyable. In the next two-three years, it aims to become a household name for affordable and flavoursome instant coffee.

The GROWTH

The D2C brand kicked off its journey with a range of instant coffees but soon added cookies, hot chocolates, palm jaggery and milk frothers to its product range. Between October and December 2022, the brand ventured into new categories with the launch of a nordic drinkware collection and a range of flavoured hot chocolates.

Its number of SKUs went up to 40, and its products were sold to more than 5 Lakh customers. It also earned INR 15 Cr in revenue in FY22.

AVERAGE ANNUAL GROWTH

147%

INC42 FAST42 2023 87

RANK 17 GROWTH CATEGORY ACTIVEWEAR

88

INFINIA

WWW.INFINIA.IN

ABOUT FACTSHEET

FOUNDED IN January 2020

HEADQUARTERS

Kolkata, West Bengal

Bootstrapped SUB-SECTOR Activewear

TOTAL FUNDING

FOUNDER(S)

Harsh Vardhan Sarda

A New-Age Athleisure Label For Super Stretching And Optimum Comfort

Infinia makes its sturdy but comfortable range from the fabrics engineered in-house

KEY COMPETITORS

Nike, Puma, Gymshark, Jockey

KEY INVESTORS

Bootstrapped

NUMBER OF SKUs 550+
17 INC42 FAST42 2023 89
GROWTH CATEGORY

CUSTOMERS SERVED 10

TOTAL FUNDING -

The ORIGIN STORY

When Harsh Vardhan Sarda was working for a finance company in London, he noticed that Indian athleisure brands rarely did a roaring business even though it was a fast-growing sector worldwide. To tap into the opportunity, Sarda returned to India and, after a few months of research, set up Infinia, a sustainable athleisure label.

FY22 REVENUES ₹30 Cr
90
Lakh+

The DIFFERENTIATOR

“Infinia is an athleisure brand that creates products at the intersection of engineering and creativity,” said Sarda. It offers joggers, yoga pants, T-shirts, hoodies and more while an in-house R&D team works on creating super soft, stretchable and moisture-wicking fabrics to ensure maximum comfort.

Its signature Supreme Joggers is created using the proprietary DynaStretch material that enables maximum movement. Its GoWithTheFlow yoga pants also flex well to help stretch comfortably.

What’s NEXT

Infinia will expand its distribution network to at least 100 cities in 2023 and venture into performance wear production. It will target INR 300 Cr in revenue in FY25, leverage its in-depth knowledge of fabrics to set up an exclusive franchise network and eventually enter the global market.

The GROWTH

The D2C brand clocked INR 30 Cr in revenue in FY22 and grew its offline business in 25 Tier 1 and 2 cities within two years. In November 2022, it diversified into a winter wear collection called ThermaTech, claiming it to be India’s first stretchable winter range.

In January this year, the brand did its R&D for a performance wear collection. It offers more than 550 SKUs and has sold over 10 Lakh products since its launch.

AVERAGE ANNUAL GROWTH

103%

INC42 FAST42 2023 91

RANK 18 GROWTH CATEGORY WATERTECH

92

DRINK PRIME

WWW.DRINKPRIME.IN

ABOUT FACTSHEET

FOUNDED IN March 2016

TOTAL FUNDING

$11.5 Mn

FOUNDER(S)

Vijender Reddy Muthyala, Manas Ranjan Hota

HEADQUARTERS

Bengaluru, Karnataka

SUB-SECTOR

Watertech

Sequoia-Backed DrinkPrime Enables Smart Filtration For Pocket-Friendly Potable Water

DrinkPrime aims to provide clean drinking water to 1 Mn households nationwide

KEY COMPETITORS

Swajal, OwO

KEY INVESTORS

Omidyar Network India, Sequoia Surge, 9Unicorns

NUMBER OF SKUs

18
1
INC42 FAST42 2023 93
GROWTH
CATEGORY

CUSTOMERS SERVED 1 Lakh+

TOTAL FUNDING $11.5 Mn

The ORIGIN STORY

Life in a metro can cost an arm and a leg, as young professionals migrating for work often find out. Software engineer Vijender Reddy Muthyala and corporate executive Manas Ranjan were no exceptions and decided to share a flat in Bengaluru to reduce high living costs.

But their search for an affordable water purifier failed miserably as the traditional ones available in the market were too expensive. The duo tried to make do with water cans, but the erratic delivery (and, at times, water quality) irked them.

They launched an on-demand mobile app for smooth ordering and delivery, but it could not solve the quality issue. Moreover, the water stored in plastic containers could also lead to contamination and pose health hazards for users in the long run. To deal with this, the roomies launched their second venture, DrinkPrime.

The water utility service allows users to rent IoTenabled water purifiers through its mobile app and website and pay a monthly subscription or a daily fee.

FY22
REVENUES ₹14.66 Cr
94

The DIFFERENTIATOR

Unlike the generic ROs-on-rent, DrinkPrime has introduced IoT-enabled smart filtering solutions to bring high-quality potable water at pocket-friendly rates. To begin with, the startup maps the water quality of a new service area to ensure that the right amount of filtration happens through its smart water purifiers to reduce the contaminants without filtering out the minerals and other essential components.

The hardware is installed free of cost, and subscribers do not have to pay recurring maintenance fees, thus making it affordable for everyone.

What’s NEXT

DrinkPrime aims to be EBITDA-positive, gain more than 3 Lakh subscribers and expand to two more metro cities in 2023. In the long term, it aims to serve 1 Mn households in India and provide state government institutions and orphanages access to clean drinking water.

The GROWTH

The startup has dispensed 5 Cr litres of potable water, installed more than 72K water purifiers and claims more than 1 Lakh subscribers. Its revenue for FY22 reached INR 14.66 Cr. It also started a CSR initiative in November 2022, providing safe drinking water to 750+ students from Bengaluru government schools.

AVERAGE ANNUAL GROWTH

168%

INC42 FAST42 2023 95

RANK 19 GROWTH CATEGORY

FASHION

96

SNITCH

WWW.SNITCH.CO.IN

ABOUT FACTSHEET

FOUNDED IN August 2019 HEADQUARTERS Bengaluru, Karnataka

TOTAL FUNDING

Bootstrapped SUB-SECTOR Fashion

Bringing Global Designs To India’s Fashion-Forward Men

In December 2022, the apparel brand completed 10 Lakh+ orders across its sales channels

FOUNDER(S)

Siddharth R Dungarwal, Chetan Siyal

KEY COMPETITORS

Bewakoof.com, Rare Rabbit, DaMENSCH, Huemn

KEY INVESTORS

Bootstrapped

NUMBER OF SKUs

2,410

19
INC42 FAST42 2023 97
GROWTH CATEGORY

The ORIGIN STORY FY22

CUSTOMERS SERVED

8 Lakh+

TOTAL FUNDING -

When the pandemic brought offline retail to a shuddering halt in 2020, many brands explored the digital route for business continuity. Among them was the men’s fashion brand Snitch, set up in 2019 as a B2B venture. The wholesaler opted for the D2C model in 2020 to clear its excess inventory but soon turned the pivot into a lucrative opportunity, reaching out to a vast customer base. Its new USP: Offering trendy and pocket-friendly men’s wear to Indians aged 18-35.

REVENUES ₹50 Cr
98

The DIFFERENTIATOR

Snitch understands how fashion-forward men love experimenting with designs, colours and patterns. Keeping this in mind, the brand draws inspiration from global fashion trends and launches new designs, not seasonally but daily, à la fast fashion brands. All Snitch products are made in-house at its manufacturing unit in Bengaluru.

What’s NEXT

Snitch targets INR 90 Cr in revenue in FY23, nearly a 2x jump from INR 50 Cr clocked in the previous financial year. It will also expand its physical footprint and open 15-20 stores by 2025.

The GROWTH

The brand started its online store with zero funding and as few as 35 products. Still bootstrapped, it completed more than 10 Lakh orders across its sales channels by December 2022. Snitch now boasts 2.4K SKUs across categories (shirts, jackets and hoodies, co-ords, sweaters, innerwear and more), has served more than 8 Lakh customers and claims nearly 8 Lakh app downloads.

AVERAGE ANNUAL GROWTH 100%

INC42 FAST42 2023 99

RANK 20 GROWTH CATEGORY

HOME FURNISHING

100

FLO SLEEP SOLUTIONS

WWW.FLOMATTRESS.COM

ABOUT FACTSHEET

FOUNDED IN September 2018 HEADQUARTERS Mumbai, Maharashtra

TOTAL FUNDING

Undisclosed SUB-SECTOR

Home Furnishings

A High-Tech Endeavour To Help People Get A Good Night’s Sleep

An expert in mattress manufacturing, founder Gaurav Zatakia took the D2C plunge to offer high-quality but affordable mattresses and other sleep accessories

FOUNDER(S)

Gaurav Zatakia

KEY COMPETITORS

Sleepwell, Wakefit, The Sleep Company

KEY INVESTORS

Mistry Ventures

NUMBER OF SKUs

9
20 INC42 FAST42 2023 101
GROWTH
CATEGORY

CUSTOMERS SERVED 1.5 Lakh+

TOTAL FUNDING -

The ORIGIN STORY

Gaurav Zatakia spent nearly 10 years building Hush, a B2B firm supplying mattresses and other sleep essentials to luxury hotel chains, including Taj Hotels, JW Marriott and the Hyatt group.

Next, he wanted to venture into the B2C space to increase the brand’s market share and tied up with several retailers for sales. However, these retailers demanded high margins to cover their overheads, making the products too costly for end customers. After some pondering, Zatakia took the D2C route to surpass the intermediaries and launched Flo Sleep Solutions in 2018.

FY22
REVENUES ₹21.9 Cr
102

The DIFFERENTIATOR

Before the launch, the founder and his team tested 130+ high-quality foam combinations for more than two years to create a comfortable mattress that offers full body support and adapts to Indian weather conditions.

The brand’s 3D Air-Flo technology ensures that the mattresses dissipate the heat by pushing it out to the sides, helping people sleep cooler. Flo also offers 100 nights of free trial and a 10-year product warranty on each buy.

What’s NEXT

Flo aims to double its revenue to INR 44 Cr in FY23 and eyes INR 100 Cr by 2025 while remaining profitable.

The GROWTH

The brand clocked a 75% revenue increase YoY, from INR 12.5 Cr in FY21 to INR 21.9 Cr in FY22. Between October and December 2022, Flo launched two new products – a latex ‘antigravity’ mattress and the Oyashe bed, made from sheesham wood (Indian rosewood).

It has as many as nine SKUs, served more than 1.5 Lakh customers and sold over 3 Lakh products.

AVERAGE ANNUAL GROWTH

33%

INC42 FAST42 2023 103

RANK 21 GROWTH CATEGORY

HEALTH SUPPLEMENTS

104

WELLBEING NUTRITION

WWW.WELLBEINGNUTRITION.COM

ABOUT FACTSHEET

FOUNDED IN December 2019 HEADQUARTERS

Mumbai, Maharashtra

Wellbeing’s Organic Nutraceuticals Promise

TOTAL FUNDING

$10 Mn SUB-SECTOR

Health Supplements

Holistic Healthcare For All

FOUNDER(S)

Avnish Chhabria

Its R&D team and advisors include gastroenterologists, dieticians, nutritionists and lifestyle coaches from India, Germany, the US, Canada and Australia

KEY COMPETITORS

Amway, Cureveda, Auric, Oziva

KEY INVESTORS

Hindustan Unilever, Fireside Ventures

NUMBER OF SKUs

53
21 INC42 FAST42 2023 105
GROWTH CATEGORY

REVENUES

CUSTOMERS SERVEDTOTAL FUNDING $10 Mn

The ORIGIN STORY

A sports enthusiast to the core, Avnish Chhabria used to take part in running events all over the globe and used to consume organic/plant-based nutritional supplements from overseas brands to stay at the top of his form. Soon enough, he realised that very few Indian companies were in this space, and nutraceutical innovations were few and far between. Aware that few people could afford imported health supplements, Chhabria set up his desi brand Wellbeing Nutrition to push holistic healthcare.

FY22
₹19 Cr
106

The DIFFERENTIATOR

The brand makes plant-based vitamin and mineral supplements (one will get capsules, oral strips, effervescents and more) under key categories like immunity, beauty and sports nutrition. It also boasts a global network of experts as its R&D team and advisors include gastroenterologists, dieticians, nutritionists and lifestyle coaches from India, Germany, the US, Canada and Australia.

The D2C brand sources its ingredients from more than 200 organic farms and certified companies in 19 countries. Plus, Wellbeing experts examine critical factors such as ingredient potency, absorption level and digestibility before developing the products. Keen to stay up to date with global quality standards, the brand has set up a manufacturing unit approved by the U.S. FDA. All its products are certified by the Food Safety and Standards Authority of India (FSSAI).

What’s NEXT

Wellbeing aims to reach 100 Mn customers and INR 100 Cr revenue in 2023. It will also enter the US, the UK and the UAE markets by 2025 to achieve a revenue target of INR 500 Cr.

The GROWTH

In 2022, Wellbeing Nutrition launched its plantbased melts or oral strips for kids in partnership with Disney. In total, it offers 53 SKUs. The brand also built a strong omnichannel presence, and its products are now available in retail chains like Apollo Pharmacy and WH Smith in India. In FY22, it clocked revenue of INR 19.5 Cr.

AVERAGE ANNUAL GROWTH 153%

INC42 FAST42 2023 107

RANK 22 GROWTH CATEGORY FASHION

108

XYXX

ABOUT FACTSHEET

FOUNDED IN May 2017

TOTAL FUNDING INR 135 Cr

FOUNDER(S)

Yogesh Kabra

HEADQUARTERS

Surat, Gujarat

SUB-SECTOR

Fashion

XYXX Combines Style And Comfort To Reimagine Men’s Innerwear

It aims to make innerwear fashionable for Indian men with no compromise on quality

KEY COMPETITORS

Almo, DaMENSCH

KEY INVESTORS

Sauce.vc, DSG Consumer Partners, Singularity Opportunities Growth Fund

NUMBER OF SKUs

22
WWW.XYXXCREW.COM
1K+
INC42 FAST42 2023 109
GROWTH CATEGORY

CUSTOMERS SERVED -

TOTAL FUNDING ₹135 Cr

The ORIGIN STORY

After completing his MBA from Hult International Business School in Boston, Yogesh Kabra returned to India in 2015 to join his father’s textile business. But there was a glitch. He wanted to explore the textile industry further, but he was also keen to start something of his own.

While studying the market meticulously for an opportunity, Kabra saw that the men’s innerwear segment lagged in style, quality and comfort. Not the one to let an opportunity go by (however niche), he launched XYXX, offering premium innerwear to Indian men.

FY22 REVENUES ₹57 Cr
110

The DIFFERENTIATOR

The brand makes the entire range of men’s innerwear, including trunks, boxers and briefs, and only uses skin-friendly fabrics suitable for India’s humid climate. For instance, it uses modal, a material made from the pulp of Austrian beech trees and blended with comb cotton (a softer version of regular cotton).

What’s NEXT

The brand claims it is currently present in 18K+ offline stores and aims to surpass the 30K milestone by February 2023. It is also planning to set up 10 exclusive outlets by July 2023.

This fabric ensures durability and comfort during summer as it can absorb more moisture than conventional cotton. It also experiments with the latest style to add a fashionable touch to everyday essentials.

The GROWTH

Its customer base grew 100% YoY in 2022, and it started selling on 14 marketplaces, including Amazon, Myntra and Flipkart, among others. Its first exclusive store came up in Mumbai in October 2022, and the second one in Indore a month later.

During the winter of 2022, XYXX introduced its athleisure range, including joggers, sweaters, zipups and hoodies. It posted INR 57 Cr in revenue in FY22, and sold more than 1 Cr units across 1K+ SKUs to date.

AVERAGE ANNUAL GROWTH

117%

INC42 FAST42 2023 111

RANK 23 GROWTH CATEGORY

HOME DECOR

112

THE DECOR KART

WWW.THEDECORKART.COM

ABOUT FACTSHEET

FOUNDED IN August 2015

TOTAL FUNDING

Bootstrapped

HEADQUARTERS

New Delhi

SUB-SECTOR

Home Decor

Spotted: Luxury Home Décor At Budget-Friendly Pricing

The Decor Kart frequently launches new designs in Victorian, oriental and modern styles and ensures every piece looks like a collector’s item

FOUNDER(S)

Natasha Kalra, Brij Kalra, Nihal Kalra

KEY COMPETITORS

Nestasia, Kraftinn

KEY INVESTORS

Bootstrapped

23
NUMBER OF SKUs 3K
INC42 FAST42 2023 113
GROWTH CATEGORY

The ORIGIN STORY FY22 REVENUES ₹17.5 Cr

CUSTOMERS SERVED 1 Lakh+ TOTAL FUNDING -

Finding the right piece of wall art that reflects one’s unique style and personality could be timeconsuming and expensive, as Natasha Kalra learnt a few years ago. The items she wanted to buy for her home were either too costly or did not match her taste. She was in a quandary but not for long.

Kalra was no stranger to design and décor and had worked with architects and interior designers on residential and commercial projects. With her expertise in art and aesthetics and her husband Brij’s experience in wholesale, the couple brought innovation and affordability to India’s home décor industry with their venture, The Decor Kart. Their son Nihal also joined the business as cofounder and CEO.

114

The DIFFERENTIATOR

The Decor Kart offers reasonably priced artwork and furniture, making home décor affordable for a large user base. The pricing starts from INR 250 but can go up to INR 65K. The brand boasts an inhouse design team in charge of the creatives and specialising in different genres and styles such as Victorian, oriental and modern art forms.

It has also partnered with several production houses to roll out new items every two-three months. “We regularly bring out new designs to offer something different to our customers every time they visit our stores or website. And we scrap the designs that don’t work for them,” said Nihal.

What’s NEXT

The home décor brand will expand its physical footprint and launch an offline store in Mumbai in 2023. It will also invest in solutions to deliver superior customer experience across all touchpoints, says Nihal.

The GROWTH

Initially, wall décor was its raison d’être. But the brand quickly launched a wide range of furniture, lighting, kitchenware and bath décor items to add variety and novelty to its offerings. Now it offers 3K SKUs, has serviced over 1 Lakh customers and sold more than 5 Lakh products. Its revenue stood at INR 17.5 Cr in FY22.

The D2C player opened its first offline store in Delhi in 2018 and currently runs four outlets in DelhiNCR. Last year, it also added a virtual shopping feature to its website for a personalised shopping experience.

AVERAGE ANNUAL GROWTH

41%

INC42 FAST42 2023 115

RANK 24 GROWTH CATEGORY

ELECTRONICS

116

WINGS

ABOUT FACTSHEET

FOUNDED IN

May 2018

TOTAL FUNDING

$1.2 Mn

HEADQUARTERS Noida, Uttar Pradesh

SUB-SECTOR Electronics

Wings Wants To Wow Mobile Gamers With Its In-Sync Audio Experience

Its wireless earbuds offer five hours of uninterrupted playtime for an immersive mobile gaming experience

FOUNDER(S)

Nishit Sharma, Vijay Venkateswaran

KEY COMPETITORS

Rode, Razer (International brands)

KEY INVESTORS

NODWIN Gaming

NUMBER OF SKUs 20-30

WWW.WINGSLIFESTYLE.IN
24 INC42 FAST42 2023 117
GROWTH CATEGORY

CUSTOMERS SERVED 10 Lakh+

TOTAL FUNDING $1.2 Mn

The ORIGIN STORY

Gaming enthusiast Nishit Sharma knew about the explosion of mobile gamers in India much before the pandemic outbreak. However, no audio brand catered to this massive market, although gaming console/PC-friendly hardware was readily available.

Realising that mobile gaming was largely overlooked, Sharma developed Wings (operating under the parent company Brandscale Innovations) to help mobile gamers enjoy a premium audio experience. Later, Vijay Venkateswaran, who previously held leadership roles in Myntra’s audio and wearables categories, came on board as a cofounder.

FY22 REVENUES ₹27 Cr
118

The DIFFERENTIATOR

The mindblowing popularity of PUBG Mobile, Clash of Clans and the likes has seen the rapid rise of mobile gaming as a mainstream entertainment channel in India. So, Wings has developed a wide range of wireless earbuds and gaming headphones designed to serve the mobile gaming community.

Its flagship Phantom Pro (wireless earbuds) offers a snug fit, supports passive noise cancellation (blocks out outside noises) and enables up to five hours of glitch-free playtime in a single charge. Latency in audio is another major pain point, especially in multiplayer mobile gaming. Hence, Phantom Pro and other dynamic audio products from Wings promise a lag of less than 65 milliseconds for an immersive gaming experience.

What’s NEXT

According to Mordor Intelligence, India ranks fifth among the top mobile gaming markets, with more than 22 Mn people spending an average of 42 minutes per day. Wings aims to make its mark in this market with its gaming-focussed audio lineup. In 2023, it will invest in brand building by collaborating with popular mobile gamers and expand to more lifestyle categories in another two years.

The GROWTH

The brand began its journey with wireless earbuds and has expanded into categories such as gaming keyboards, mouse options, speakers and wearables like smartwatches. Last year, it also sponsored two major offline events – the NH7 Weekender and DreamHack India – for better brand building. Wings has sold over 10 Lakh products, served 10 Lakh+ consumers and clocked INR 27 Cr in revenue in FY22.

AVERAGE ANNUAL GROWTH

62%

INC42 FAST42 2023 119

RANK 25 GROWTH CATEGORY

NUTRACEUTICALS

120

POWER GUMMIES

ABOUT FACTSHEET

FOUNDED IN March 2018

TOTAL FUNDING

INR 56 Cr

HEADQUARTERS

Gurugram, Haryana

SUB-SECTOR

Nutraceuticals

Power Gummies Makes Health Supplements Tasty And Fun

The startup offers chewable, over-the-counter vitamin gummies for varied health and nutritional needs

FOUNDER(S)

Divij Bajaj

KEY COMPETITORS

Sugar Bear, Olly, Kapiva, Purna, Top Gummy, Man Matters, BeBodyWise

KEY INVESTORS

9Unicorns, Venture Catalysts, DSG Consumer Partners, Wipro Consumer Care Ventures, Sharpp Ventures

NUMBER OF SKUs

25
WWW.POWERGUMMIES.COM
6
INC42 FAST42 2023 121
GROWTH CATEGORY

FY22 REVENUES ₹54 Cr

The ORIGIN STORY

CUSTOMERS SERVED 10 Lakh+ TOTAL FUNDING 56 Cr

When Divij Bajaj’s mother was diagnosed with nutrient deficiencies and duly prescribed the supplements, she hated taking her daily dose as the tablets smelt and tasted too much like prescription drugs. Bajaj was concerned and started wondering if there was a way to make health supplements taste better. After in-depth research, the serial entrepreneur set up Power Gummies, a nutraceutical startup offering tasty and chewable vitamin gummies.

122

The DIFFERENTIATOR

The brand’s OTC products (six SKUs in total) provide flavoursome alternatives to conventional pills and powders and help cope with hair, nail and skin problems. Its in-house team of health and nutrition researchers focus on several critical factors such as nutrition, taste and water retention while formulating the products.

Besides, the entire range is certified by the Food Safety and Standards Authority of India (FSSAI). Bajaj believes that the brand’s range of chewable vitamin gummies appeal to new-age consumers as these are packed with flavour and are gluten-free.

What’s NEXT

Power Gummies aims to launch more than 40 SKUs in the next five years, including a dedicated range for kids. It will also ramp up its presence in the UK and other global markets and set up more manufacturing units for complete control over production, everyday operations and logistics.

The GROWTH

The brand’s revenue soared more than 6x to INR 54 Cr in FY22 from INR 8.8 Cr in the previous financial year. It also entered the Dubai market and set up its first manufacturing unit in 2022. (Before that, Power Gummies used to develop its products in pharmaceutical-grade facilities certified by government agencies.) Overall, it has sold more than 40 Lakh products and served 10 Lakh+ customers.

AVERAGE ANNUAL GROWTH

156%

INC42 FAST42 2023 123

RANK 26 GROWTH CATEGORY

EDIBLE OILS

124

GRAMIYAA

FOUNDED IN September 2017

HEADQUARTERS

Bengaluru, Karnataka

Bootstrapped SUB-SECTOR

TOTAL FUNDING

FOUNDER(S)

Edible Oils

Gramiyaa Encourages Conscious Eating Habits With Its Range Of ColdCompressed Edible Oils

Sibi Manivannan, Mohamed Yaseen, Naveen Rajamaran

KEY COMPETITORS

Living Food, Anveshan, Two Brother Organic Farms

KEY INVESTORS

Bootstrapped

NUMBER OF SKUs

“To push people towards healthy food choices, we decided to begin with the basic and indispensable ingredient of Indian cooking – edible oils,” Gramiyaa cofounder Sibi Manivannan

ABOUT FACTSHEET
WWW.GRAMIYAA.COM
8
26 INC42 FAST42 2023 125
GROWTH CATEGORY

FY22 REVENUES ₹8.6 Cr

CUSTOMERS SERVED 20K

TOTAL FUNDING -

The ORIGIN STORY

During his visit to a processing plant to purchase edible oil for his family’s restaurant business, Sibi Manivannan realised how the rampant use of harmful chemicals and taste enhancers could hurt users.

So, he decided to learn everything about edible oil production in a modern unit and roped in Mohamed Yaseen and Naveen Rajamaran to start Gramiyaa. It makes preservative-free, cold-pressed edible oils from sesame, coconut and other ingredients and also produces A2 ghee.

126

The DIFFERENTIATOR

It sources food-grade seeds from southern Indian farms and uses best-in-class cold-pressing and refining processes to retain flavours and nutrients. Its state-of-the-art manufacturing unit in Tiruchirappalli (Tamil Nadu) has motorised and automated the traditional cold press so that there is no manual intervention during production.

Cold-pressed oils are extracted without using chemicals/solvents, so they always offer a barrage of health benefits. All Gramiyaa products are U.S. FDA- and ISO-certified, ensuring impeccable quality. The brand also guarantees next-day delivery if a product is ordered before midnight.

What’s NEXT

It is planning to raise the first round of institutional funding in 2023 and aims to export its products to the US and the UAE. It will also venture into spices and flours in 2025.

The GROWTH

Within the first two years, Gramiyaa grew from a small-scale oil mill to a top-notch production unit, producing 1.5 Lakh litres of cold-pressed oil per month and selling in five metros – Bengaluru, Chennai, Hyderabad, Mumbai and Delhi. It also set up a micro-warehouse in 2022 for one-day delivery.

The brand sold a total of 6.5 Lakh litres of oil (all varieties combined), served 20K customers and posted INR 8.6 Cr in revenue in FY22.

AVERAGE ANNUAL GROWTH

50%

INC42 FAST42 2023 127

RANK 27 GROWTH CATEGORY

AGRITECH

128

FARMERS FRESH ZONE

FOUNDED IN May 2016 HEADQUARTERS

Kochi, Kerala

TOTAL FUNDING

$1.2 Mn

FOUNDER(S)

Pradeep PS, Sujith Sudhakaran, Renjith Balan

SUB-SECTOR Agritech

Farmers Fresh Zone Reduces The Farm-To-Fork Grind By 66%, Improves Profit Margins

Based on a model of local production for local consumption, FFZ helps optimise farmers’ incomes and ensures delivery of fresh produce in less than 20 hours after harvesting

KEY COMPETITORS

Gourmet Garden, FreshWorld, Otipy

KEY INVESTORS

IAN, Native Angels, Malabar Angels

ABOUT FACTSHEET
WWW.FARMERSFZ.COM
OF SKUs 230
NUMBER
27 INC42 FAST42 2023 129
GROWTH CATEGORY

FY22 REVENUES ₹12 Cr

The ORIGIN STORY

CUSTOMERS SERVED 60K TOTAL FUNDING $1.2 Mn

Pradeep PS was worried when his uncle, a farmer by profession, told him that the bulk agri produce failed to fetch the minimum support price (MSP) due to a lack of demand. Keen to help his uncle and other farmers in a similar plight, the IT professional decided to digitalise the offline farmers’ market to bring them better margins.

Soon, he launched Farmers Fresh Zone (FFZ), an agri brand that procures local and fresh produce such as fruits and vegetables, sells online and makes time-bound doorstep deliveries.

130

The DIFFERENTIATOR

FFZ’s AI-driven platform analyses user requirements and product availability to match local demand and supply and fetch good prices. The D2C brand claims that its farmer partners follow good production practices and undergo regular supervision to validate that the produce does not contain harsh chemicals and pesticides.

A QR code also comes with each order, letting one trace the products back to their sources to enhance the buyer’s trust.

What’s NEXT

To grow its fresh milk business, FFZ will launch a ‘micro-entrepreneur’ scheme in 2023, where it will tie up with locals from tier 2 and 3 cities in Kerala for hyperlocal deliveries. This will help the D2C brand scale its business as it eyes INR 1K Cr in revenue in the next five years.

The GROWTH

In FY22, the D2C brand clocked INR 12 Cr in revenue, a 71% jump from INR 7 Cr in the previous financial year. Overall, it has sold 12 Mn products and catered to 60K customers. Built on the core value of promoting farmers’ welfare, FFZ claims to have created 200+ direct jobs, positively impacted 2K+ farming families and increased farmers’ income by 15% across Kerala.

It acquired AM Needs in 2022 for INR 15.95 Cr to expand to the dairy segment, taking its SKUs to 230. AM founders Sujith Sudhakaran and Ranjith Balan also came on board as cofounders of FFZ.

AVERAGE ANNUAL GROWTH

118%

INC42 FAST42 2023 131

RANK 28 GROWTH CATEGORY

FASHION

132

BUNAAI

ABOUT FACTSHEET

Fashion Fusion: Bunaai

FOUNDED IN November 2016

TOTAL FUNDING

Bootstrapped

FOUNDER(S)

Pari Choudhary

HEADQUARTERS

Jaipur, Rajasthan

SUB-SECTOR

Fashion

Blends Traditional Crafts And Modern Chic For A Vibrant

Style Statement

Pari Choudhary started Bunaai with her own money and invested INR 50K. Today, the brand operates two exclusive stores in Indore and Jaipur

KEY COMPETITORS

Libas, Indya, Global Desi

KEY INVESTORS

Bootstrapped

WWW.BUNAAI.COM
NUMBER OF SKUs 800
CATEGORY 28 INC42 FAST42 2023 133
GROWTH

CUSTOMERS SERVED (NEW) 90K

TOTAL FUNDING -

The ORIGIN STORY

While studying at a Delhi college, Pari Choudhary worked with many brands as a social media influencer. But she was more of a creator – a fashion enthusiast to the core – and loved experimenting with different designs, patterns and craft genres to create trendy outfits.

When the 23-year-old moved back to her hometown Jaipur in 2016, she was naturally drawn towards fashion and wanted to blend the city’s vibrant craft legacy with contemporary styles to create her brand.

FY22 REVENUES ₹34 Cr
134

The DIFFERENTIATOR

Bunaai features a variety of ethnic styles, including bandhej, chikankari and more. However, all its pieces have a distinctive touch of Rajasthan craftsmanship, be it through hand-painting, handdying or hand-block printing traditional designs.

What’s NEXT

The brand started CY23 by listing itself on marketplaces such as Nykaa and Myntra. However, Choudhary will continue to focus on the startup’s website as its primary sales channel to help create a strong brand statement.

Choudhary says that the brand does not sell single items like a kurta or a stole. Instead, it offers entire sets at a ‘sweet price point’. Prices of traditional and Indo-western sets start at around INR 2K and can go up to INR 12-14K.

The GROWTH

Choudhary put INR 50K from her pocket to launch Bunaai and started her journey with a single category – handmade dresses. Over the years, she has diversified the product range to include kurta and suit sets, lehengas and co-ords and added categories such as jewellery, footwear, home décor and handmade accessories.

The brand has also scaled its team from three to 300+, including the state’s artisans who work for it. Bunaai clocked INR 34 Cr as revenue in FY22 and opened two brick-and-mortar outlets in Indore and Jaipur. It has developed 800 SKUs to date and served about 90K customers in 2022.

Bunaai will also open more physical outlets and expand to Tier 1 cities like Bengaluru and Delhi to grow its offline business.

AVERAGE ANNUAL GROWTH 11%

INC42 FAST42 2023 135

RANK 29 GROWTH CATEGORY DIAPERS, PERIOD CARE

136

SUPERBOTTOMS

FACTSHEET

FOUNDED IN September 2018

TOTAL FUNDING INR 39 Cr

FOUNDER(S)

Pallavi Utagi

HEADQUARTERS

Mumbai, Maharashtra

SUB-SECTOR Diapers, Period Care

ABOUT

SuperBottoms’ Organic Cloth Diapers Are Leakproof, Eco-Friendly And Easy On Baby Skin

Global quality standards are rigorously followed at SuperBottoms to keep babies safe from harmful chemicals and nappy rash

KEY COMPETITORS

Bumberry, Charlie Banana, Mylo

KEY INVESTORS

DSG Consumer Partners, Saama Capital, Titan Capital, Venture Catalysts

29
WWW.SUPERBOTTOMS.COM
NUMBER OF SKUs 200+
INC42 FAST42 2023 137
GROWTH CATEGORY

FY22 REVENUES ₹40 Cr

CUSTOMERS SERVED 5

Lakh+

TOTAL FUNDING ₹39 Cr

The ORIGIN STORY

When Pallavi Utagi was a new mom six years ago, she struggled to find a suitable diaper for her newborn. The infant developed a terrible nappy rash from synthetic diapers made of polyester and plastic. Switching to traditional cloth diapers did not help either, as they had absorbency issues and could not be used for long. While hunting for quality nappies, Utagi realised how the standard products in India fall short of requirements. Powered by her research and pharma background, she set up SuperBottoms to offer a baby skin-friendly and green alternative to new parents

138

The DIFFERENTIATOR

Unlike regular cloth diapers, SuperBottoms’ UNO range is made of 100% organic cotton to prevent rash, while a waterproof outer layer stops the leaks. Its diapers are certified by Oeko-Tex, a global specialist determining chemical safety standards for textiles, leather and other materials. The startup also adheres to the U.S. CPSIA (The Consumer Product Safety Improvement Act) guidelines, a testimony that its products contain no harmful chemicals like lead and phthalates.

What’s NEXT

Besides leveraging a strong online presence, it will grow the offline business by setting up more branded kiosks in 2023. SuperBottoms will also run celebrity campaigns to promote brand awareness.

The GROWTH

The brand started its journey with cloth diapers but soon expanded to langots (loincloths similar to jockstraps), potty-training pants, a diaper pajama collection with built-in padding and other categories. It also ventured into menstrual care with cloth pads and period-specific underwear. SuperBottoms’ revenue grew nearly 2x in FY22 to hit INR 40 Cr from INR 23 Cr, and it opened its first offline kiosk in a Mumbai mall in October last year.

AVERAGE ANNUAL GROWTH

77%

INC42 FAST42 2023 139

INDIA’S FASTEST GROWING D2C BRANDS EMERGING CATEGORY

INC42 FAST42 2023 143
01 06 11 16 21 04 09 14 19 02 07 12 17 05 10 15 20 03 08 13 18
22 27 32 37 25 30 35 40 23 28 33 38 26 31 36 41 42 24 29 34 39

RANK 30 EMERGING CATEGORY

BEAUTY & WELLNESS

146

DECONSTRUCT

ABOUT FACTSHEET

FOUNDED IN April 2020

TOTAL FUNDING

$2.4 Mn

FOUNDER(S)

Malini Adapureddy

HEADQUARTERS

Bengaluru, Karnataka

SUB-SECTOR

Beauty & Wellness

Beauty Brand Deconstruct

Wants Users To Delve

Deeper Into Skin Health For Best Outcomes

Deconstruct focusses on product transparency to drive customer engagement and build trust

KEY COMPETITORS

The Minimalist, WOW Skin Science, Plum

KEY INVESTORS

Kalaari Capital, Binny Bansal, BEENEXT

NUMBER OF SKUs

30
WWW.THEDECONSTRUCT.IN
24
CATEGORY INC42 FAST42 2023 147
EMERGING

CUSTOMERS SERVED 40K+ TOTAL FUNDING $2.4 Mn

The

STORY

The concept of Deconstruct came from Malini Adapureddy’s personal and professional experiences. Before launching the beauty brand, she worked for many CPG (consumer packaged goods) companies, including personal care and food brands, for more than 10 years. This led to a deep understanding of the sector and the realisation that many legacy players chose scale over innovation and used hard-selling tactics over consumer awareness. Deconstruct was founded on educating people about product ingredients, their compositions and benefits, thus validating every claim made by the brand.

ORIGIN
FY22 REVENUES ₹3.17 Cr
148

The DIFFERENTIATOR

Deconstruct believes in information-driven, content-first marketing to keep its users updated and engaged, thus building a culture of trust. This strategy also calls for customer feedback, essential for ideating and launching products. Its in-house R&D team develops all formulations, and products are made by third-party manufacturers. All its products are FDA-approved, the startup claims.

The GROWTH

The startup’s R&D team uses safe and effective skincare ingredients such as niacinamide, hyaluronic acid and alpha hydroxy acids (AHAs) for a range of face serums, face washes, cleansers and more to help treat skin issues like acne, dark spots and blackheads. In 2022, the brand entered new categories like hair and body care, with its range of scalp and body serums. It claims to have served more than 40K users and sold more than 2 Lakh products.

What’s NEXT

The D2C beauty brand eyes an annual recurring revenue (ARR) of INR 10 Cr and wants to scale beyond Tier 1 cities in 2023. It will launch more products to cater to people’s evolving needs and aim to reach top-line revenue of INR 200 Cr by 2026.

INC42 FAST42 2023 149

RANK 31 EMERGING CATEGORY

BEAUTY & WELLNESS

150

FIX MY CURLS

WWW.FIXMYCURLS.COM

ABOUT FACTSHEET

FOUNDED IN August 2020

TOTAL FUNDING

Bootstrapped

FOUNDER(S)

Anshita Mehrotra

HEADQUARTERS

Gurugram, Haryana

SUB-SECTOR

Beauty & Wellness

EMERGING CATEGORY

Caring For Curly Hair Is Tough, But This Startup Promises To Fix Bad Hair Days

Anshita Mehrotra left journalism and started Fix My Curls to cater to the curly-hair community that struggles to find good hair care products in India

KEY COMPETITORS

Lets Curl Up, Arata, Curlsmith, Cantu, DevaCurl, SheaMoisture

KEY INVESTORS

Bootstrapped

31
NUMBER OF SKUs 100+
INC42 FAST42 2023 151

₹7.2 Cr

CUSTOMERS SERVED 120K TOTAL FUNDING -

The ORIGIN STORY

When Anshita Mehrotra came home to India during the 2019 winter break at British Columbia University, she could not find homegrown brands that would match the quality of global products to keep her curly hair healthy and manageable like she was used to in Canada.

People born with naturally curly hair often spend a small fortune on such hair care products, but there has always been a pronounced demand-supply gap in the Indian market. Mehrotra, too, suffered from this gap, but this time, she quit her journalism course in the US and set up Fix My Curls, a hair care brand exclusively catering to people with curly hair.

FY22 REVENUES
152

The DIFFERENTIATOR

Fix My Curls procures its ingredients from France and Germany. Its flagship products such as curlquenching hair butter and hair gelly (made from flaxseeds and used for hair repair, hydration and styling) are paraben- and silicone-free. Better still, all its products are vegan and cruelty-free (PETAcertified).

What’s NEXT

In 2023, it plans to expand its retail presence through pop-up stores and participating in fairs held at educational institutions to gain wider traction. In the long term, Mehrotra plans to expand to 40 countries, set up a robust pan-India distribution chain with a 24-hour delivery service and open offices in every state.

The GROWTH

Mehrotra is no stranger to the beauty business, as her family runs the skincare brand Fixderma. Initially, she started making small batches of products after some rigorous R&D, followed by clinical testing and finalising the formulations. Based on user feedback, these were further refined and finally launched in the market. Instead of approaching other contract manufacturers, Mehrotra gave the contract to Fixderma due to its industry expertise but continues to run her company as an independent entity.

The hair care brand sells its products across 13 marketplaces like Nykaa and Amazon, besides its own website. It has sold a total of 4.35 Lakh products worth INR 15 Cr and served 120K users. It clocked a gross revenue of INR 7.2 Cr in FY22 and entered the global arena, starting with Nepal and Malaysia. It is now shipping to 11 countries in total, including Germany, Romania and Saudi Arabia, among others.

INC42 FAST42 2023 153

RANK 32 EMERGING CATEGORY

PACKAGED FOOD

154

YU FOODLABS

ABOUT FACTSHEET

FOUNDED IN November 2020

TOTAL FUNDING

$2.6 Mn

FOUNDER(S)

Bharat Bhalla, Varun Kapur

HEADQUARTERS

Gurugram, Haryana

SUB-SECTOR

Packaged Food

How Yu Is Blending Taste & Nutrition To Pep Up Packaged Foods

The brand is reimagining processed foods to come up with ‘clean’ instant meals

KEY COMPETITORS

Nissin, Maggi

KEY INVESTORS

Ashish Kacholia, Asian Paints Family Office (Manish Choksi, Varun Vakil), Startup India Seed Fund (DPIIT)

NUMBER OF SKUs

32
WWW.YUFOODLABS.COM
15
INC42 FAST42 2023 155
EMERGING CATEGORY

CUSTOMERS SERVEDTOTAL FUNDING $2.6 Mn

The ORIGIN STORY

For some people, food is a passion, but Bharat Bhalla and Varun Kapur are food enthusiasts with a difference. They love to explore food items which are wholesome, tasty and affordable.

When looking at different food technologies and their benefits, the duo came across lyophilisation or freeze-drying, where the water is removed from a product after it is frozen, allowing the ice to change from solid to vapour. This process keeps food fresh and naturally preserves its nutritional characteristics, unlike traditional packed foods containing artificial preservatives.

So, the founders decided to invest in lab-scale equipment for freeze-drying, put together an R&D team and launched Yu (Ikayu Foodlabs), a D2C

FY22 REVENUES -
156

The DIFFERENTIATOR

The ready-to-eat food brand makes a wide range of instant meals, keeping health (food quality), taste and convenience in mind. Yu says all its products are made with 100% natural ingredients and contain zero preservatives and additives.

Moreover, its freeze-drying technique helps preserve food freshness better and ensures a shelf life of 12 months at room temperature.

What’s NEXT

Yu will further expand its product range, grow its offline presence in the west and southern India and focus more on the B2B/institutional segments such as airlines, railways, defence units and hospitals.

The GROWTH

Yu has sold more than 1.5 Mn meal bowls, including pasta, noodles, halwas and oats. It is currently present on the e-grocery platform BigBasket and quick-commerce marketplaces like Blinkit and Swiggy Instamart. The brand also sells its products through 1K+ brick-and-mortar stores in Delhi-NCR and has gone beyond Tier 1 cities.

The D2C brand claims its sales and distribution network has grown multifold since its launch, helping it expand to more than 2K physical locations in Lucknow, Gorakhpur, Dehradun, Srinagar, Guwahati, Aizawl, Imphal and other non-metro cities. It also caters to SpiceJet and Alaska airlines.

INC42 FAST42 2023 157

RANK 33 EMERGING CATEGORY

HEALTH AND WELLNESS

158

KHARI FOODS

ABOUT FACTSHEET

FOUNDED IN July 2020

TOTAL FUNDING

Bootstrapped

HEADQUARTERS Delhi

SUB-SECTOR

Health & Wellness

This Startup Makes Healthy Snacks That Wow Indian Taste Buds

Inspired by the adage ‘you are what you eat’, Khari Foods wants to change the habit of unhealthy snacking

FOUNDER(S)

Yash Bansal, Sunil Bansal

KEY COMPETITORS

Conscious Foods, True Elements

KEY INVESTORS

Bootstrapped

NUMBER OF SKUs

33
WWW.KHARIFOODS.COM
25
CATEGORY INC42 FAST42 2023 159
EMERGING

CUSTOMERS SERVED

4 Lakh+

TOTAL FUNDING -

The ORIGIN STORY

Software engineer Yash Bansal was worried about his (and his family’s) love for sugary foods, given their age, lifestyle and the harmful impact of sugar and fats (not the good fat, of course) on general health. Unfortunately, it is difficult to kick one’s cravings for junk food, as the ‘healthy’ alternatives tend to be flat and flavourless most of the time. But not the one to be put off a ‘healthy’ step forward just because the markets do not offer a sound mix of taste and health, Yash roped in his father Sunil to be part of his health food venture.

Khari Foods specialises in a versatile range of nutrient-rich snacks and other food items with unique desi flavours, be it the all-too-familiar turmeric or the exotic sandalwood. It only uses organic ingredients and serves healthy packaged snacks (seeds and nuts), peanut butter, A2 ghee (considered a healthier version of regular ghee) and more, all of which are sustainably made.

FY22 REVENUES ₹4 Cr
160

The DIFFERENTIATOR

The startup uses an activation and processing technique (to be patented later), soaking nuts and seeds in a specially made water-based solution (chemical and preservative-free) for 24-48 hours. After sprouting, these are dehydrated at a low temperature for another 24-48 hours to increase their shelf life and add a crunch.

What’s NEXT

In 2023, Khari Foods plans to expand its reach through quick commerce platforms like Swiggy Instamart and Blinkit. The brand aims to enter Southeast Asia and other global markets as well as expand its physical footprint in India by 2026.

The GROWTH

As the founders firmly believe ‘you are what you eat’, it is not surprising that they have moved away from the salt-sugar-fat regime of packaged foods to reshape traditional snacking. The brand has sold more than 5 Lakh products and served 4 Lakh customers. It clocked INR 4 Cr in revenue in FY22 and recently started to ship honey and dried berries to Singapore.

INC42 FAST42 2023 161

RANK 34 EMERGING CATEGORY

FOOD & BEVERAGES

162

MASTERCHOW

WWW.MASTERCHOW.IN

ABOUT FACTSHEET

FOUNDED IN November 2020

TOTAL FUNDING

$1.8 Mn

HEADQUARTERS

Delhi-NCR

SUB-SECTOR

Food & Beverages

FOUNDER(S)

Sidhant Madan, Vidur Kataria

KEY COMPETITORS

Capital Foods, Real Thai, Veeba Food

KEY INVESTORS

Anicut Capital, WEH Ventures

NUMBER OF SKUs

EMERGING CATEGORY

Cooking RestaurantQuality “Ready-To-Cook” Asian Foods At Home

“If you think about cooking delicious Pan-Asian food at home, you will think about MasterChow,” the founders say

34
12
INC42 FAST42 2023 163

FY22

REVENUES ₹3.2 Cr

CUSTOMERS SERVED 3 Lakh+

TOTAL FUNDING $1.8 Mn

The ORIGIN STORY

Childhood friends Sidhant Madan and Vidur Kataria turned their passion for cooking pan-Asian cuisine into a full-fledged business in 2016 when they opened their Chinese restaurant, Wok Me, in Delhi. As restaurateurs, they had insights into people’s preferences and eating habits and managed to add fresh flavours to the food to make it popular. That was when their customers started asking if they could make those flavoursome, restaurantquality curries and noodles at home. Inspired by the growing demand, the friends launched MasterChow, a ready-to-cook noodles brand.

164

The DIFFERENTIATOR

Given their experience in the food business, MasterChow founders are confident that they know all about the flavours that people like. The duo uses their unique recipes to produce the sauces and the dips at an in-house unit, thus having complete control over product quality. According to them, all vegetables are sourced daily from local vendors near the manufacturing unit to ensure that the ingredients are quite fresh.

Besides, all MasterChow products are certified by the Food Safety and Standards Authority of India (FSSAI).

What’s NEXT

MasterChow will enter the highly competitive instant noodles category in 2023. Unlike ready-tocook noodles, which require boiling the noodles and cooking it with sauces and vegetables, instant noodles are sold in a precooked block with flavouring powder and other seasonings. The founders believe that the unique flavours they have introduced will strike a chord with food lovers and push the brand ahead. In the next three to five years, they will also add new categories, including fried rice, sushi and more.

The GROWTH

In the past two years, the D2C food brand has grown its offerings from noodles to sauces and dips. It claims to have sold 10 Lakh+ products and served 3 Lakh+ customers, while its monthly recurring revenue (MRR) has crossed INR 1.4 Cr since October 2022. The brand clocked INR 3.2 Cr in revenue in FY22.

INC42 FAST42 2023 165

RANK 35 EMERGING CATEGORY

FOOD & BEVERAGES

166

NE ORIGINS

ABOUT FACTSHEET

FOUNDED IN July 2020 HEADQUARTERS

Gangtok, Sikkim

Undisclosed SUB-SECTOR

TOTAL FUNDING

FOUNDER(S)

Rewaj Chettri

Food & Beverages

Baichung Bhutia-Backed NE Origins Wants To Spread The Taste Of Northeast Globally

Spreading northeast-flavours to every kitchen of the world while empowering local businesses of the region

KEY COMPETITORS

Mother’s Recipe, Naagin

KEY INVESTORS

Baichung Bhutia among other angel investors

NUMBER OF SKUs

35
WWW.NEORIGINS.COM
25
CATEGORY INC42 FAST42 2023 167
EMERGING

Lakh

CUSTOMERS SERVED 15K TOTAL

The ORIGIN STORY

Serial entrepreneur Rewaj Chettri started working on his passion project in the thick of the pandemic to help local producers sell their food products through his digital commerce platform.

These were mostly condiments, spices and beverages – traditional food supplements, to be precise. In the beginning, it was all about reaching out to the remote parts of the northeast to ensure that businesses would continue to function despite a supply chain disruption due to Covid lockdowns.

But soon, it became a larger mission of representing the region’s indigenous flavours to the rest of the

FY22 REVENUES ₹45
168

The DIFFERENTIATOR

Unlike other digital commerce companies operating from Tier 1 cities, this D2C brand is headquartered in Sikkim’s state capital to stay close to its roots. It acts as a tech enabler to empower NE businesses and helps them reach global markets without leaving the land. “We aim to bridge the gap between NE food and the rest of the world,” said Chettri.

What’s NEXT

NE Origins will continue to promote natural and organic food products. It will expand its market reach in 2023 through an offline presence in major Indian cities and add more products and categories.

The D2C brand plans to tap international markets by 2026 and wants to be recognised as the goto marketplace for indigenous F&B products from India. It also aims to venture into premium personal care space and traditional loom products.

The GROWTH

In two years and a half, the ecommerce marketplace has onboarded more than 250 vendors and brought consumers a wide range of authentic NE foods. To scale up further, Chettri relaunched the platform in October 2022, standardised products and their packaging, and enabled seamless customer engagement.

The platform has sold more than 20K F&B products and serviced 15K+ customers. NE Origins clocked INR 45 Lakh in revenue in FY22.

INC42 FAST42 2023 169

RANK 36 EMERGING CATEGORY UTENSILS

170

P-TAL

ABOUT FACTSHEET

FOUNDED IN August 2020

TOTAL FUNDING

Bootstrapped

HEADQUARTERS Panchkula, Haryana

SUB-SECTOR UTENSILS

Reviving The Metal Craft Of Thathera Artisans

P-TAL runs on three fundamentals – promoting Thathera craftsmanship, creating designs for modern users and leveraging contemporary marketing to sell traditional art

FOUNDER(S)

Aditya Agrawal, Kirti Goel, Gaurav Garg

KEY COMPETITORS

Studio Coppre, Zishta

KEY INVESTORS

Bootstrapped

36
WWW.PTAL.IN
NUMBER OF SKUs 134
INC42 FAST42 2023 171
EMERGING CATEGORY

FY22 REVENUES

₹2.76 Cr

CUSTOMERS SERVED 14K TOTAL FUNDING -

The ORIGIN STORY

Aditya Agrawal, Kirti Goel and Gaurav Garg started P-TAL (short for Punjab Thathera Art Legacy) as a college project. It was a journey of discovery as the trio set out to revive a traditional craft that comes under UNESCO’s list of intangible cultural heritage.

Thathera artisans of Punjab are known for their unique, handcrafted brass and copperware. But in 2020, few were looking for their craftsmanship, and eking out a living was getting difficult. So, the trio decided to start a full-fledged business to promote the traditional craft across the country.

172

The DIFFERENTIATOR

It runs on three fundamentals – developing an organised market to promote the craft legacy, creating designs for urban consumers and leveraging contemporary marketing to sell traditional art. It also caters to varied consumer demands and crafts wine glasses, vases and tissue paper boxes from metals and alloys.

Besides building a dedicated team passionate about boosting India’s artisan economy, P-TAL educates people about ayurveda and the health benefits of using traditional metalware such as brass, copper and bell metal.

What’s NEXT

P-TAL plans to expand its physical footprint across India. It will also scale up bulk ordering as corporate and wedding gifts top the list of its most popular products. Additionally, it will build brand awareness and work towards becoming a global business with a cause by 2026.

The GROWTH

The D2C brand has developed an extensive range of wedding collections and corporate gift items within three years of its launch. P-TAL offers 134 SKUs, including home décor items, kitchenware, tableware and puja essentials made from brass, copper and other traditional alloys.

It also opened its first brick-and-mortar store in Delhi in August 2022. Among its noted clients are the Reserve Bank of India, the government of Punjab, the marketing agency Dentsu and many others.

INC42 FAST42 2023 173

RANK 37 EMERGING CATEGORY

ORAL HYGIENE

174

WWW.PERFORACARE.COM

ABOUT FACTSHEET

EMERGING CATEGORY

FOUNDED IN February 2021 HEADQUARTERS

Gurugram, Haryana

Perfora Rides The Tech

TOTAL FUNDING

$1.5 Mn

FOUNDER(S)

Jatan Bawa, Tushar Khurana

SUB-SECTOR

Oral Hygiene

Wave To Disrupt INR 15K Cr

Oral Hygiene Market

This D2C brand wants to bring a superior oral hygiene experience to Indian consumers

KEY COMPETITORS

Bentodent, ORACURA

KEY INVESTORS

Sauce.vc, Lotus Herbals Family Office, Sameer Mehta (BoAt), Bala Sarda (Vahdam India), Mohit Sadaani (The Moms Co)

NUMBER OF SKUs

37
PERFORA
54
INC42 FAST42 2023 175

REVENUES ₹6.6 Cr

CUSTOMERS SERVED 96K TOTAL FUNDING $1.5 Mn

The ORIGIN STORY

Before setting up their venture in 2021, Jatan Bawa and Tushar Khurana held key positions in newage startups Vahdam and Cult.fit, respectively. But during this stint, they realised that brands today often focus on shiny new sectors and bells and whistles instead of catering to basic consumer requirements and ushering in some much-needed innovation in those areas. For instance, India’s INR 15K Cr oral care market is still dominated by traditional FMCG giants pushing incremental value addition. Keen to disrupt this landscape and offer holistic solutions for better oral hygiene, the duo decided to launch Perfora.

FY22
176

The DIFFERENTIATOR

Perfora claims it is India’s first and only oral care brand with a Made Safe certification from Safe Cosmetics Australia. This certification is for products which are 85% free from toxic chemicals. A shopper can also customise the box of Perfora products on the website and get the name printed on the electric toothbrush.

What’s NEXT

The startup will invest in creating brand awareness and educating consumers about the safety and efficacy of its oral care products. It will establish a strong foothold in India’s oral care market and cater to at least 10 Mn people in the next four years.

The GROWTH

In Q4 2022 (October-December), the startup began diversifying its sales channels beyond the company website and ecommerce marketplaces. Its products are now available on quick commerce platforms like Blinkit, Zepto and Swiggy Instamart, besides offline stores across Delhi-NCR. The brand has sold 2.6 Lakh+ oral care products, including toothpaste, electric toothbrushes and teeth-whitening pens, and catered to more than 96K users.

INC42 FAST42 2023 177

RANK 38 EMERGING CATEGORY FASHION

178

SAAKI

ABOUT FACTSHEET

FOUNDED IN April 2020 HEADQUARTERS Bengaluru, Karnataka

Samantha PrabhuBacked Saaki Helps Foster

TOTAL FUNDING

Undisclosed SUB-SECTOR Fashion

FOUNDER(S)

Samantha Prabhu, Sushruthi Krishna

Individuality Through Fashion Statement

The Indo-Western apparel brand for women is riding the celebrity marketing wave and the power of social media to expand its reach

KEY COMPETITORS

Fabindia, BIBA, Indya

KEY INVESTORS

Undisclosed

NUMBER OF SKUs

Undisclosed

38
WWW.SAAKI.CO
CATEGORY INC42 FAST42 2023 179
EMERGING

CUSTOMERS SERVED 60K TOTAL FUNDING -

The ORIGIN STORY

A fashion lover at heart with an entrepreneurial mindset, Miss India finalist Sushruthi Krishna (she was the first runner-up in 2016) wanted to do something creative in the couture space. Her run at the beauty pageant also gave her more exposure to the world of fashion and an insight into influencer/ celebrity-led brands.

Eventually, she reached out to actor Samantha Ruth Prabhu who liked her idea and came on board. Together, they launched Saaki, an affordable Indo-western apparel brand for women, designed to be at the forefront of modern fashion. Its USP is a pocket-friendly range, as Prabhu believes that fashion should be accessible to everyone to celebrate their individuality.

FY22 REVENUES ₹3.87 Cr
180

The DIFFERENTIATOR

Interestingly, Prabhu is both a brand endorser and an active collaborator in design, production and decision-making. Her star status and strong social media presence (24 Mn+ followers on Instagram) have driven the fashion brand’s growth.

What’s NEXT

Saaki is looking to expand its offerings by tapping into kidswear, activewear and the home décor space. Krishna said that the brand would also enter the lifestyle category to grow its revenue by 5x within the next three years.

The GROWTH

Saaki recently reached a milestone when its customer base crossed 60K. The brand ships to 15 countries, including Canada, the US, Australia, New Zealand and others, claiming that 25% of its revenue comes from global markets. It has also amassed 292K followers on social media in two years.

INC42 FAST42 2023 181

RANK 39 EMERGING CATEGORY

BEAUTY AND WELLNESS

182

SADHEV

ABOUT FACTSHEET

FOUNDED IN September 2019

TOTAL FUNDING

Bootstrapped

FOUNDER(S)

Jaya Devi, Lasakan Cholayil

HEADQUARTERS Chennai, Tamil Nadu

SUB-SECTOR Beauty & Wellness

This Startup Brings Forth

A 200-Year-Old Ayurvedic Legacy To Meet Today’s Wellness Needs

Sadhev beauty products use organic ingredients sourced from the founder’s family farm

KEY COMPETITORS

Kama Ayurveda, Forest Essentials

KEY INVESTORS

Bootstrapped

39
WWW.SADHEV.COM
NUMBER OF SKUs 62
CATEGORY INC42 FAST42 2023 183
EMERGING

FY22

REVENUES ₹3.05 Cr

CUSTOMERS SERVED 43K TOTAL FUNDING -

The ORIGIN STORY

Lasakan’s ancestor, Cholayil Kunju Maami

Vaidyar, was a physician from Kerala known for his contribution to the ancient science of ayurveda. His grandfather, the late Dr V.P. Sidhan, also launched the ayurvedic soap brand Medimix in 1969.

Lasakan joined his family business in 2016, but he decided to dig deeper into his forefather’s 200-yearold legacy of ayurvedic knowledge. In 2019, he teamed up with his mother, Jaya Devi, to launch Sadhev, a PETA-certified luxury beauty brand built on ayurvedic principles.

184

The DIFFERENTIATOR

There is an impeccable quality guarantee as most of the natural ingredients used by the brand are sourced from the Cholayil family farm Sadhevana in Kerala. According to Lasakan, their farmers combine sustainable farming and green chemistry (green alternatives to chemical fertilisers and pesticides) to grow the plants used for production. “Our farming practices ensure that the products are paraben- and sulphate-free,” he said.

What’s NEXT

Sadhev expects a 2.5x jump in revenue in FY23 (INR 7.5 Cr from INR 3 Cr) and plans to double its online user base. It will open three more offline stores and add more shampoos, conditioners, shower gels and body washes to its product range. The D2C brand aims to set up as many as 50 offline stores by 2026 and expand into consumables and beauty therapies. It will also tap into global markets and focus on the US, the Middle East and Southeast Asia.

The GROWTH

The startup specialises in face, body and hair care products, including ayurvedic serums, aloe vera gels, oils, herbal shampoos, rose water and more. It has also sold more than 1.5 Lakh products and served 43K customers. Sadhev clocked INR 3.05 Cr in revenue in FY22 and opened its first offline store in Bengaluru in December 2022.

INC42 FAST42 2023 185

RANK 40 EMERGING CATEGORY AUTOMOTIVE CARE

186

SHINEXPRO

WWW.SHINEXPRO.IN

ABOUT FACTSHEET

EMERGING

FOUNDED IN April 2021 HEADQUARTERS

Bengaluru, Karnataka

TOTAL FUNDING

Bootstrapped

FOUNDER(S)

Chandrashekar Sai Kumar, Saurabh Anand

KEY COMPETITORS

Chemical Guys, The Rag Company (International)

SUB-SECTOR

Automotive Care

Making Premium AutoCare Affordable For Indian Car Lovers

ShineXPro’s goal is to replace below-par car care products with its high-quality, pocket-friendly offerings

KEY INVESTORS

Bootstrapped

NUMBER OF SKUs

40
20+
CATEGORY INC42 FAST42 2023 187

CUSTOMERS SERVED 2

Lakh+

TOTAL FUNDING -

The ORIGIN STORY

When performance marketing professional Chandrashekar Sai Kumar returned to India after a three-year stint in the US and Canada, he missed the premium car care products available abroad. Initially, the petrolhead used to shell out a small fortune, importing all automotive care supplies and paying in dollars.

But soon enough, he saw an opportunity in this space and teamed up with Saurabh Anand (he met Anand at a business conference in Thailand) to launch ShineXPro. The brand offers a wide range of car care products like microfibre cloths and cleaning materials and has tied up with many contract manufacturers for production.

FY22 REVENUES ₹ 2.91 Cr
188

The DIFFERENTIATOR

Run by a team of 13, the keyword here is quality. All ShineXPro products conform to global quality standards for optimum cleaning/care and powerful protection. Also, these are available at pocketfriendly prices without compromising on product excellence. The D2C brand will add more products under new categories and focus on problem-solving based on consumer feedback.

What’s NEXT

The D2C brand will eventually expand its operations offline and foray into international markets. It aims to enter the U.S. market in March 2023 and then expand to the UK and Canada. It also plans to create awareness among Indian consumers about the right car care solutions through its content.

The GROWTH

Since its launch in 2021, the D2C brand has catered to more than 2 Lakh customers and sold 2.9 lakh products. ShineXPro clocked INR 2.91 Cr in FY22 and eyes an annual recurring revenue (ARR) of INR 20 Cr in FY23, thanks to high revenue growth in the past few months.

INC42 FAST42 2023 189

RANK 41 EMERGING CATEGORY

PERSONAL HYGIENE

190

SVISH

WWW.GOSVISH.COM

ABOUT FACTSHEET

FOUNDED IN July 2020

TOTAL FUNDING

$1.6 Mn

FOUNDER(S)

Ishan Grover, Jaideep Mahajan

HEADQUARTERS

Gurugram, Haryana

SUB-SECTOR

Personal Hygiene

Disrupting Men’s Personal Hygiene Market

SVISH claims to have identified a largely underserved niche –namely, the men’s grooming market – which is growing at a CAGR of 11.2%

KEY COMPETITORS

The Man Company, Nua, Veet, Pee Safe

KEY INVESTORS

Wami Capital, LC Nueva AIF, AUM Ventures

NUMBER OF SKUs

41
15
INC42 FAST42 2023 191
EMERGING CATEGORY

FY22

REVENUES ₹4.18 Cr

CUSTOMERS SERVED 1.3 Lakh+ TOTAL FUNDING $1.6 Mn

The ORIGIN STORY

Craft beer brewer Ishan Grover and advertising professional Jaideep Mahajan decided to change their career paths when the Covid-19 pandemic struck the world in 2020.

The duo entered the high-potential but highly competitive sanitisation/disinfection space and launched the D2C brand SVISH-On-The-Go to offer a range of non-oily and eco-friendly sanitiser sprays.

192

The DIFFERENTIATOR

A forward-thinking market focus (while the original product range worked well) is a smart business move. More importantly, it claims to have identified a largely underserved niche – namely, the men’s grooming market – which is growing at a CAGR of 11.2%.

The D2C brand claimed to have developed India’s first hair removal spray for men, and its sales grew by 900% between October and December 2022.

What’s NEXT

Despite stiff competition from legacy players like Hindustan Unilever and Procter & Gamble, the founders are confident about the future of SVISH. The D2C brand will launch more products, tap into new categories such as body and oral hygiene, and double down on its marketing efforts to educate people why personal and intimate hygiene should be part of one’s wellness routine.

The GROWTH

Although sanitisers continue to grab sales in a post-Covid world, the D2C brand has diversified its product portfolio, aiming to emerge as a go-to brand for all hygiene and personal care needs. Currently, it offers 15 SKUs under three categories — sanitisation, hair hygiene and intimate hygiene (for men and women).

SVISH says it has serviced more than 1.3 Lakh consumers and sold 1.8 Lakh+ products. It also raised two funding rounds from marquee investors such as Wami Capital, LC Nueva AIF and AUM Ventures. Between August and September 2022, its monthly gross merchandise volume (GMV) crossed INR 2.3 Cr.

INC42 FAST42 2023 193

RANK 42 EMERGING CATEGORY

HEALTH SUPPLEMENTS

194

ZEROHARM

ABOUT FACTSHEET

FOUNDED IN October 2020 HEADQUARTERS Hyderabad, Telangana

TOTAL FUNDING -

FOUNDER(S)

Shweta & Sachin Darbarwar

SUB-SECTOR Health Supplements

Blending Nature And Science For Good Health & Well-Being

Zeroharm offers certified plant-based supplements for varied health issues

KEY COMPETITORS

Setu Nutrition, Gynoveda

KEY INVESTORS

Family & Friends

42
WWW.ZEROHARM.IN
NUMBER OF SKUs 34
CATEGORY INC42 FAST42 2023 195
EMERGING

FY22

REVENUES ₹6 Cr

CUSTOMERS SERVED 1.5 Lakh+

TOTAL FUNDING -

The ORIGIN STORY

Serial entrepreneurs and husband-wife duo Sachin and Shweta Darbarwar set up their maiden venture called Simply Fresh in 2013, intending to combine technology and farming to grow beneficial plants and herbs. Over the years, the couple developed a deep understanding of medicinal plants and finally entered the nutraceutical market with the phytopharmaceutical brand Zeroharm. For context, phytopharmaceuticals refer to herbal medicines that use active plant components to deliver health benefits.

196

The DIFFERENTIATOR

The health supplements startup has developed patent-pending nanotechnology for encapsulating and administering potent plant components. This will enhance their permeation through sustained release and prevent them from potential degradation. “In simple terms, our technology ensures that plant-based nutrients (phytonutrients) and other active ingredients can evade digestive enzymes and enter the bloodstream for better efficacy,” said Shweta.

Zeroharm products are developed in-house, and these are certified by the U.S. FDA, as well as the FSSAI (Foreign Safety and Standards Authority of India), the APEDA (Agricultural and Processed Food Products Export Development Authority) and GMP (Good Manufacturing Practices).

What’s NEXT

In 2023, the brand plans to add 125 more health supplements across categories. It has already started shipping to the US, New Zealand and the EU and aims to enter more global markets.

The GROWTH

The D2C brand offers 34 SKUs for skin and hair care, immunity boosting, weight management, joint care, diabetes control, heart health and more. It has served more than 1.5 Lakh people and claims that 65% are repeat customers. Zeroharm clocked INR 6 Cr in revenue in FY22.

INC42 FAST42 2023 197
198

DIVING INTO THE APPLICATIONS

The FAST42 application pool gave us a fair idea of how the D2C segment has evolved and the categories that are catching the eye of consumers. We got a glimpse of the brands that are poised to be the next SUGAR, Mamaearth, boAt, and Paper Boat, among other trailblazers.

As we dived into the applications, here’s a look at some insights that we derived from our interactions with over 1,000 D2C Brands for FAST42.

INC42 FAST42 2023 199

KEY INSIGHTS FROM FAST42 APPLICATIONS

1,000+ APPLICATIONS RECEIVED

4 YEARS

MEDIAN YEARS IN BUSINESS OPERATIONS

4% APPLICATION ACCEPTANCE RATE

$2.4 MN

MEDIAN FY22 REVENUE OF GROWTH CATEGORY APPLICANTS

$716 MN+ CUMULATIVE FY22 REVENUE

$1.5 BN

TOTAL FUNDING

91% MEDIAN YOY REVENUE GROWTH (FY21 TO FY22)

22K+ JOBS CREATED

200

THE HIGHEST NUMBER OF FAST42 2023 APPLICANTS WERE FROM THE BEAUTY & PERSONAL CARE SEGMENT

FOOD & BEVERAGE WAS THE FASTEST GROWING D2C SECTOR IN THE GROWTH CATEGORY

Beauty & Personal 28.6% Food & Beverage 27.0% Consumer Electronics 8.7% Fashion Home & Furnishing 25.0% 10.7%
FOOD & BEVERAGE BEAUTY & PERSONAL CARE FASHION 87% 97% 100 INC42 FAST42 2023 201

BEAUTY & PERSONAL CARE STARTUPS IN THE GROWTH CATEGORY HAD THE HIGHEST MEDIAN REVENUE IN FY22

& PERSONAL CARE
IN THE GROWTH CATEGORY HAD THE HIGHEST MEDIAN REVENUE IN FY22
BEAUTY
STARTUPS
89 102 192 FY20 FY21 FY22 Aggregate Revenue ($ Mn) Median Annual Revenue (FY22) FOOD & BEVERAGE BEAUTY & PERSONAL CARE FASHION 1.7 2.0 2.3 202

DELHI NCR BASED D2C

STARTUPS PARTICIPATED THE MOST IN FAST42 2023

SHORTLISTED 42 STARTUPS INSIGHTS

$50 MN TOTAL FUNDING

$107 MN

COMBINED REVENUE

5.5K+ TOTAL JOBS

16

NO. OF FEMALE LED STARTUPS

152% MEDIAN REVENUE GROWTH RATE OF EMERGING BRANDS (FY21 TO FY22)

91% MEDIAN REVENUE GROWTH RATE OF GROWTH BRANDS (FY21 TO FY22)

12,000+ TOTAL NO. OF SKUS

DELHI NCR

CITY WITH MOST NUMBER OF SHORTLISTED BRANDS

BEAUTY & PERSONAL CARE

CATEGORY WITH MOST NO. OF BRANDS

DELHI-NCR 27% PUNE CHENNAI 4% 4% JAIPUR 3% MUMBAI 20% HYDERABAD 3% KOLKATA 2% BENGALURU 12% AHMEDABAD 3% COIMBATORE 2% TOP 10 HUBS: FAST42 APPLICATIONS % SHARE OF TOTAL APPLICANTS 0% 10% 20% 30% 40%
INC42 FAST42 2023 203

Since 2015, Inc42 has been the definitive source for recognising Indian startups that are transforming industries and shaping society. Inc42, with its second edition of FAST42, is seeking to identify and recognise India’s 42 fastest-growing D2C brands.

Inc42 conducted a three-month application cycle and received over 500 nominations from India’s D2C brands. The D2C brands that submitted the complete application and whose data we could independently verify have been considered in this ranking. The list comprises two categories – Growth and Emerging.

3 MONTHS APPLICATION CYCLE

1,000+ NOMINATIONS RECEIVED

13/42

EMERGING CATEGORY

42 FAST42 BRANDS

29/42

GROWTH CATEGORY

204

METHODOLOGY

CATEGORIES

GROWTH CATEGORY 01

India’s fastest-growing D2C brands, which have successfully demonstrated significant traction and growth, were ranked on the basis of the fastest revenue growth rates between 2020 and 2022.

INCORPORATION YEAR

Founded before April 2020

SELECTION CRITERIA

Minimum revenue of INR 7 Cr in FY22

Revenue under INR 100 Cr for any financial year (FY20, FY21, or FY22)

Be privately held, for profit; based in India, and independent entity (not a subsidiary or division of another company)

Should sell its own products via its own website as a key sales channel

SCORING METHODOLOGY

For the final ranking, brands were ranked on the basis of a growth score – consisting of the average three-year growth in revenue (FY20-FY22) and the number of operating years for the business

The weightage of the two parameters was 75% and 25%, respectively

EMERGING CATEGORY 02

India’s emerging D2C brands that have successfully demonstrated innovation or have the potential to disrupt a category were selected & ranked by an esteemed panel of industry leaders & Inc42’s editorial team.

Founded in and after April 2020

Minimum revenue of INR 40 lakhs in FY22

Be privately held, for profit; based in India, and independent entity (not a subsidiary or division of another company)

Should sell its own products via its own website as a key sales channel

The shortlisted brands pitched to a panel of industry leaders & Inc42’s editorial team

The average scoring from the jury was considered for formulating the final ranking of the D2C brands for the Emerging category

INC42 FAST42 2023 205

DISCLAIMER

The data provided in this report has been obtained from public and private sources. We have made every attempt to ensure that the information presented in this report is accurate and free from any discrepancies. Ideope Media Pvt Ltd, the parent company of Inc42 Media, is not responsible for any inaccuracy in the information presented or for any damages caused by the use of information provided in this report. In case of any discrepancy or errors in the data, you can contact us at editor@inc42.com and we will try our best to update the information in the digital version of the report. We are constantly updating our database of startups. Due to new people using or relying on any information in this publication.

This coffee table book has been prepared in good faith on the basis of information available and claimed by companies during different interactions and application forms. Ideope Media Pvt. Ltd. does not guarantee the accuracy, reliability or completeness of the information in this publication. Readers are responsible for assessing the relevance and accuracy of the content of this publication. While this report talks about various individuals and institutions, Ideope Media Pvt. Ltd. will not be liable for any loss, damage, cost or expense incurred or arising by reason of a person using or relying on any information in this publication.

This document makes descriptive references to trademarks that may be owned by others. The use of such trademarks herein is not an assertion of ownership of such trademarks by Ideope Media Pvt Ltd and is not intended to represent or imply the existence of an association between Ideope Media Pvt Ltd and the lawful owners of such trademarks. Information regarding third-party products, services and organisations was obtained from publicly available sources, and Ideope Media Pvt. Ltd. cannot confirm the accuracy or reliability of such sources or information. Its inclusion does not imply an endorsement by or of any third party. The views and opinions in this report should not be viewed as professional advice with respect to your business.

CREDITS

INC42

Inc42 is India’s leading digital media & research platform on a mission to build & serve India’s tech & startup economy.

From breaking the latest news to discovering the hottest startups, from spotting upcoming trends to simplifying complex concepts, Inc42 cover’s everything tech in India’s internet economy.

Born in January 2015, Inc42 has become the leading source for news & analysis on India’s rapidly growing tech, startup & internet economy. Inc42, with over 30,000+ published stories, 50+ research reports, 100+ conferences & events & having featured 1000s of entrepreneurs, now reaches over 30 Mn+ tech leaders & professionals every month.

Sanghamitra Mandal

Sandeep Singh

Anurita Sinha, Trisha Nayyar

Prakersh Gupta

Sabith

WWW.INC42.COM

PRESENTED BY

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CREDITS

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DISCLAIMER

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METHODOLOGY

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FAST42 2ND EDITION THE GENESIS

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INDIA’S FAST-GROWING D2C LANDSCAPE

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MESSAGE FROM THE EDITOR

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