How Ghodawat Consumer Limited is Building a Future-Ready FMCG Powerhouse

India’s beauty and personal care market has seen an influx of brands over the past few years, but Sotrue is carving a distinct identity by focusing on innovation-led products designed specifically for Bharat consumers. Founded by Gautam Khosla, the brand has rapidly grown by addressing gaps in accessible beauty solutions while building a strong connection with women from Tier-II, Tier-III, and emerging markets.

Before entering entrepreneurship, Gautam spent over seven years in the corporate sector and had personally experienced the lack of quality grooming products available at affordable price points in India.

“Male grooming was something that I had been passionate about throughout my college and corporate days. I saw this gap in the market where Indian consumers were not offered quality products at an accessible and affordable price point. That was the opportunity we decided to solve for,” shared Gautam Khosla, Founder, Sotrue.

Expanding Beyond Male Grooming

While initially focused on men’s grooming, the company soon noticed strong traction among female consumers as well. Post-pandemic, the brand identified a larger white space in India’s beauty industry — the lack of innovative yet affordable products for women in Tier-II, Tier-III, and Tier-IV markets.

“In 2020–21, after COVID, we realised that quality innovative beauty products were available for elite and Tier-I consumers. But when it came to Tier-II, Tier-III, and Tier-IV markets — the Bharat consumer — there was a significant gap in access to quality products and global innovations,” shared Khosla.

It then shifted its focus toward democratizing beauty innovation for Bharat consumers.

Building an Innovation-led Beauty Brand

Innovation remains central to Sotrue’s product strategy. Instead of entering saturated categories like shampoos or face washes, the brand focused on underserved beauty segments.

“We were never out there to solve problems that were already solved. We wanted to innovate in underserved categories,” he explained.

Sotrue became one of the first Indian brands to launch a Made-in-India sunscreen stick at an accessible price point.

“We were the first Indian brand to crack the formulation and make sunscreen sticks available at around ₹500, while imported products retailed at nearly ₹3,000,” he said.

The company also introduced products like acne patches and hair finishing sticks early in the market, strengthening its positioning as an innovation-focused beauty brand.

Expanding Across Beauty Categories

Today, Sotrue broadly operates across four beauty categories — face, eyes, lips, and body — although the face glow segment remains its primary focus.

“In the last two quarters, we launched eye makeup products like Kohl Kajal, which is already gaining tremendous traction and has become our second bestseller,” expressed Khosla.

The company is now preparing to expand aggressively into lip and body makeup categories with skincare-infused formulations.

“Our formulations are mostly skincare-infused makeup hybrids. Traditionally, makeup is perceived as harmful or unsafe for skin. We want to change that perception by offering products that provide skincare benefits alongside makeup functionality,” he explained.

Recently, the brand also introduced a skin tint product aimed at delivering glow along with medium, buildable coverage suitable for daily wear.

Best selling categories

Although strobe creams existed globally, Gautam observed that premium international brands priced them beyond the reach of most Indian consumers.

“MAC launched Strobe Cream globally years ago, but it retailed at around ₹3,500–₹4,000. We wanted to make the concept accessible while tailoring the formulation for Indian consumers,” said Khosla.

Sotrue’s Strobe Cream combined the benefits of a primer, moisturizer, and highlighter into a single product designed for quick application and instant glow.

Standing Out in a Competitive Beauty Market

Despite intense competition from brands like Renee and others operating in the glow and makeup categories, Gautam believes Sotrue’s differentiation lies in its deeper understanding of evolving female lifestyles.

“We are not focused on products alone. We are focused on culture and empowering women. We want to add confidence to women’s lifestyles,” expressed Khosla.

According to him, while skincare routines demand consistency over months and makeup often requires expertise, Sotrue’s products are designed to simplify beauty for everyday consumers.

“We are trying to solve real lifestyle problems that have emerged because of changes in women’s lives over the last decade,” he noted.

Retail Expansion Plans

Currently, Sotrue products are available across nearly 5,000 retail touchpoints in India.

“In the next three to five years, we intend to expand to at least 50,000 retail touchpoints across beauty stores and general trade outlets,” revealed Khosla.

The company’s strongest presence currently lies in North India, followed by West, East, and South markets respectively.

“South India remains a huge opportunity for us and will be a major focus area over the next two to three years,” he added.

At present, the brand does not plan to launch exclusive brand outlets (EBOs) and instead intends to strengthen distribution through beauty retail and general trade channels.

Manufacturing and Sustainability

Sotrue currently follows an outsourced manufacturing model while working closely with contract manufacturers on formulations, sourcing, packaging, and R&D.

“We work very deeply with our manufacturing partners. In fact, our first manufacturing partner still produces most of our products,” shared Khosla.

The company has also started collaborating with some of India’s largest contract manufacturers that work with legacy beauty brands.

On the sustainability front, Sotrue follows Extended Producer Responsibility (EPR) practices related to plastic recycling and compliance.

Long-term Vision and Growth Targets

Sotrue currently operates at an annual recurring revenue (ARR) of around Rs 150 crore and is targeting significant scale over the next five years.

“In the next five years, we want to build an Rs 500 crore brand,” Khosla stated.

While online channels continue to dominate revenues, the company sees offline retail as a major future growth lever.

The broader vision, however, remains rooted in accessibility and democratization of beauty innovation.

“We want to make global beauty innovation standards available to the women of Bharat, even till Tier-IV markets. Beauty should be accessible to all — price and accessibility should never become barriers,” he concluded.

As India’s fashion market evolves rapidly, premium homegrown brands are redefining what modern retail looks like. Among the strongest players in this space is House of Rare, the parent company behind brands like Rare Rabbit and Rareism, which has steadily built a formidable presence across fashion categories while maintaining a sharp focus on omnichannel retail and customer-led design.

What began with menswear label Rare Rabbit has now transformed into a growing lifestyle ecosystem. Today, the company operates a portfolio of four brands spanning menswear, womenswear, footwear, luggage, and kidswear, with several new categories in the pipeline.

“We started with Rare Rabbit, which caters completely to men’s lifestyle apparel. Then we launched Rareism for women, followed by Rarez for shoes. We’re now launching women’s footwear this Autumn/Winter season, and we’ve already entered luggage. We also have Rare Ones for boyswear and will be launching girls' wear by Summer ’27,” said Akshika Poddar, Founder, Rareism.

The company is now preparing to deepen its lifestyle play further with fragrances, jewelry, accessories, and additional footwear categories under the Rare umbrella. “Very soon, we’re launching fragrances under Rare Fragrances. Accessories and jewelry are also part of our expansion roadmap because we want to cater to the entire wardrobe and lifestyle,” Poddar added.

Omnichannel at the Core

Long before omnichannel became an industry buzzword, House of Rare had already begun integrating its offline and online retail ecosystem. The company’s inventory is synchronized across channels, allowing consumers to shop seamlessly between physical stores and digital platforms.

“Omnichannel is something we’ve always practiced. It’s not something we adopted because it became trendy. Customers can see inventory digitally and shop online or offline seamlessly,” said Poddar.

For the company, offline retail continues to play a crucial emotional and experiential role, while digital channels provide scale and accessibility. “Offline stores are very emotional because they help build trust with the customer. You can understand how she feels and what she’s looking for — something you can’t get from just dashboards. Digital, on the other hand, offers convenience and helps us reach markets where we don’t yet have stores,” she explained.

Currently, Rare Rabbit operates approximately 201 stores, while Rareism has about 43–44 stores across the country.

Expanding Beyond Metros

While the company already has a strong foothold in metro markets, its next phase of growth is increasingly focused on Tier II and emerging cities. Interestingly, the company has observed strong acceptance of premium Western fashion across smaller cities, without needing to alter pricing strategies.

“There’s no price difference between Tier I and II markets, and we’ve seen that the acceptability is equally strong,” she noted. The brand is also leveraging multi-brand outlets (MBOs) and large-format stores (LFS) like Shoppers Stop to gauge demand before committing to exclusive brand outlets in new markets.

Markets like Raipur, Coimbatore, Mangalore, and Jalandhar have emerged as promising growth centers for the company. “Almost half our stores are in Tier II cities today, and many of these markets are performing exceptionally well,” she shared.

As part of its aggressive retail expansion strategy, Rareism plans to launch another 15 stores this year and aims to cross the 100-store milestone within the next two years.

Defining Premium Beyond Pricing

At a time when premiumisation often gets equated with high price points, House of Rare is taking a more nuanced approach to positioning. “For me, premium doesn’t mean just pricing. Premium is about quality, the feeling behind the garment, versatility, and whether the product can remain relevant in your wardrobe for years,” Poddar said.

According to her, customers today are increasingly value-conscious and willing to invest in products that deliver longevity, functionality, and emotional resonance. “The customer understands that thought process and is willing to pay for it. We’re not premium just in pricing — there’s a lot of thought that goes behind the product,” she added.

Data-Led Decision Making

Technology, consumer analytics, and data intelligence play a central role in the company’s merchandising and operational decisions. However, Poddar emphasizes that customer interaction remains the starting point. “The first step is always real-time feedback from stores — what the customer is asking for, what she’s trying on, and how her experience has been,” Poddar explained.

This qualitative insight is then supported by deep analytics across customer cohorts, repeat purchase behavior, buying patterns, and product performance. “We are extremely data-driven and tech-driven. We’re also adapting AI in ways that genuinely create efficiencies and help our teams work better, not simply because AI is trending,” she added.

Marketplace Presence and Revenue Mix

Beyond its D2C website and physical stores, House of Rare has built a strong presence across leading online marketplaces including Myntra, Nykaa, Ajio, Amazon, and Flipkart. Offline retail currently contributes around 60 percent of the company’s overall revenue, with exclusive brand outlets accounting for nearly 40 percent within that mix.

The company, however, has not yet entered quick commerce, though it is actively evaluating the opportunity. “I think quick commerce definitely makes sense for certain categories. Consumers today want convenience and speed, especially working women who may not have the time to shop extensively,” Poddar observed.

Controlled Retail Strategy

Unlike many brands aggressively pursuing franchise-led growth, House of Rare continues to favor company-owned stores to maintain consistency in brand experience. “Almost all our stores are company-owned. We may explore franchising in markets where we don’t have enough understanding or presence, but generally we prefer running stores ourselves because the soul of the brand remains intact,” Poddar said.

The company has raised only one round of external funding so far, after initially building the business entirely bootstrapped. “It’s been about a year and a half since we raised our first and only round of funding, and it has been a great partnership so far,” she shared.

Founded under the legacy of N. Ranga Rao & Sons Group, the owner of  Cycle Pure Agarbathies,  IRIS Home Fragrances has evolved from a traditional fragrance business into a modern home fragrance and sensory experience brand. Leveraging decades of expertise in fragrance creation, the brand  is now strengthening its presence across retail, hospitality, quick commerce, and wellness-focused categories.

“Through Cycle Pure Agarbathies, we have reached millions of Indian households and puja rooms. My idea was to leverage our strength in fragrance creation and brand building to go beyond puja fragrances and create fragrances for homes, different living spaces, and occasions. That was the inspiration behind IRIS Home Fragrances,” expressed Kiran Ranga, Director, IRIS Home Fragrances. 

Today, IRIS has positioned itself beyond functional air fresheners by focusing on home décor aesthetics and complete sensory experiences.

Highest-Selling Categories and Product Innovation

Over the years, IRIS has introduced several fragrance delivery systems in India, including reed diffusers, fragrance vaporizers, potpourri, aroma candles, ultrasonic misters, and app-controlled air diffusion systems.

Aroma candles currently remain the highest-selling category for the brand, followed by reed diffusers, fragrance vaporizers, and oil diffusers. During festive periods, gifting categories and curated gift sets also witness strong traction.

Recently, the company introduced advanced air diffusion systems in three formats — wall-mounted devices, tabletop devices, and floor-standing devices. These systems diffuse fragrance through air pressure, which means there is no solvent and no heat involved, making them safe for children and pets. They can also be controlled through an app, allowing consumers to switch them on or off remotely. 

Apart from home fragrances, the company is also expanding into wellness-led categories through IRIS Aromatherapy.

“Through IRIS Aromatherapy, we are looking at entering wellness-focused categories including bath and body products as well as specialized aromatherapy solutions,” said Ranga.

Highlighting the role of technology in the future of home fragrances, he added, “As AI evolves, we can start integrating fragrances and moods also. The future is going to integrate technology and human wellness in fragrance delivery systems. The devices are designed aesthetically and resemble premium home speakers.”

Expanding Retail Footprint Across India

IRIS has expanded alongside the evolution of organized retail in India and currently has a strong presence across home décor stores, hypermarkets, wellness stores, gifting outlets, and modern trade formats.

“We evolved alongside the Indian retail ecosystem. Our products fit naturally within home décor environments, which is why we are present across most major home décor chains in India,” shared Ranga.

Today, the company’s retail footprint spans around 8,500 stores across India, with plans to scale this to nearly 14,000 stores over the next year.

“We are seeing people buying more refills. Even today, if you walk into the households of your friends or family, you will see these products being used as opposed to three or four years ago,” he added.

In the mass merchandise segment, IRIS is present across retailers such as DMart and Reliance. In the home improvement category, the brand has a presence across Home Centre, Home Stop, Praxis, and At Home.

The company is also present in health and wellness-focused retail formats including Health & Glow and Nykaa, while simultaneously strengthening its presence across general trade channels like gifting stores, crockery stores, organic stores, flower shops, and bookstores.

International Expansion and Revenue Split

Beyond India, IRIS has built a growing international presence across the Middle East, North America, and Europe.

“Currently, around 35 percent of our revenues come from international markets, while 65 percent comes from domestic business,” said Ranga.

According to him, markets such as the US, UK, France, and Germany offer strong future growth opportunities for the brand. When it comes to sales channels, offline retail continues to contribute the majority of revenues.

“Currently, around 60 percent of our revenues come from offline channels and 40 percent from online,” he stated.

In the online channel, quick commerce has emerged as a major growth driver, especially within the gifting segment.

Staying Relevant Through Innovation and Sustainability

IRIS has played a pioneering role in building the home fragrance category in India by creating quality and safety benchmarks in a previously unorganized segment.

“We have played a key role in creating the home fragrance category in India. Since the category was new, there were no established quality benchmarks, so we created our own standards around fragrance quality, accessories, safety, and design,” he explained.

The company’s in-house fragrance development capabilities also allow it to adapt quickly to evolving consumer preferences and continuously refresh fragrance offerings. Alongside innovation, sustainability remains a major focus area for the company. IRIS is registered with IFRA (International Fragrance Association), and all its fragrances comply with IFRA standards.

“As an organization, we are carbon-neutral certified and actively work towards offsetting our carbon footprint,” said Ranga.

The company also holds certifications including Great Place to Work, Fair for Life, and SEDEX certification for social compliance, security compliance, and product safety. Additionally, IRIS operates an NABL-accredited laboratory to ensure compliance with global safety standards.

Growth Targets and Long-Term Vision

Looking ahead, IRIS is targeting annual growth of 30–35 percent over the next two to three years while aiming to strengthen its leadership position within the home fragrance category.The company is also implementing technology-led operational upgrades through ERP systems, professional management structures, AI integration, and sustainability-focused initiatives, including its long-term goal of becoming plastic-free.

“Our goal is to continue being the leading player in the home fragrance market. We want our products to be used and enjoyed by consumers every day,” concluded Ranga.

Founded in 2017, Nasher Miles entered the luggage market with a simple yet sharp insight — while the fashion and lifestyle preferences of millennials and Gen Z consumers had evolved rapidly, luggage remained largely unchanged. Dominated by legacy players and limited design options, the category lacked products that reflected the personality and individuality of modern travellers. Recognising this gap, Abhishek Daga, Lokesh Daga, and Shruti Kedia Daga launched Nasher Miles, a design-first, affordable premium luggage brand focused on colours, functionality, and self-expression.

“We wanted to create a luggage brand for the new-age customer — colourful, design-first, and expressive. The luggage becomes an extension of the customer’s personality,” expressed Shreya Kedia Daga, Co-Founder, Nasher Miles.

Today, Nasher Miles has evolved into an omnichannel brand with a presence across both online and offline touchpoints. The company has also expanded its portfolio to include backpacks, messenger bags, duffel bags, and other travel accessories.

Retail Presence

Nasher Miles currently operates around six exclusive brand outlets (EBOs), including stores at Phoenix Palladium Mumbai, Capital Mall Vasai, and Palladium Ahmedabad. Apart from its EBOs, the brand is available through nearly 600 multi-brand stores across the country and also has a presence in modern trade outlets.

The brand continues to remain predominantly online-driven, with a strong presence across major marketplaces and quick commerce platforms.

“Around 70 percent of our sales come from online marketplaces and D2C, 20 percent from offline retail, and 10 percent from quick commerce,” noted Daga.

Expansion Plans

This year, the brand’s focus is on profitable growth. It plans to expand its EBO footprint primarily through the franchise route.

“We are looking at popular malls in metro cities, especially suburban locations in the top four metros. We are also considering expansion into other metro cities and select Tier-II markets,” shared Daga.

High-Selling Categories

Luggage is the biggest category for Nasher Miles, followed by backpacks. The brand is investing heavily in expanding its backpack portfolio with new designs.

“Apart from that, we also offer duffel bags, messenger bags, sling bags, laptop sleeves, pouches, and several travel accessories. Accessories are a key focus area for us right now,” said Daga.

Launching Harry Potter Collection

Nasher Miles recently launched a Harry Potter collection in collaboration with Warner Bros..

“The Harry Potter series resonates across millennials, Gen Z, and even younger audiences. This collaboration aligns well with our brand identity, and if future collaborations make sense from a brand perspective, we are open to exploring them,” expressed Daga.

Differentiation and Pricing

Nasher Miles is known for being one of the most colourful luggage brands in the market. Customers appreciate the brand for its designs, product quality, and affordability. The company positions itself in the affordable premium segment, competing with brands like American Tourister and Skybags.

“Our cabin luggage starts at around ₹2,000–₹2,400, while larger suitcases go up to ₹3,500. Backpacks and school bags start at around ₹1,500, and corporate backpacks can go up to ₹3,500,” shared Daga.

The brand also plans to expand the Harry Potter collection further with more products in the coming months.

“Customers can also expect many new backpack designs, messenger bags, laptop sleeves, pouches, and a stronger accessories portfolio overall,” she added.

Manufacturing and Design

Nasher Miles has a strong and experienced in-house design team. On the manufacturing front, the brand has significantly invested in the Make in India initiative over the last two years.

“Earlier, none of our products were made in India, but today we are 100 percent Made in India and work with factories across the country,” expressed Daga.

Long-Term Vision

Nasher Miles is targeting profitable growth and systematic offline expansion, alongside scaling its backpacks category.

“Our focus remains on building a profitable, design-led travel accessories brand for the new-age consumer,” concluded Daga.

Founded over 100 years ago, Society Tea began as a retail tea trading business in Mumbai and has since evolved into a diversified tea and beverage brand. Over the years, the company adapted to changing consumer preferences and introduced packaged tea offerings to cater to evolving shopping habits and convenience-led consumption.

Today, Society Tea continues to operate its traditional tea retail business while expanding across multiple tea consumption formats. The company has built a strong presence in the instant tea and premix categories. Currently, the brand is present across more than 100 modern trade chains.

“Our goal is to be present in every avenue related to tea consumption,” said Karan Shah, CEO, Society Tea, is a fourth-generation entrepreneur leading the legacy family-run business.

Product Offerings

Society Tea operates across a wide range of categories including premixes, loose tea, packaged tea, iced teas, and instant tea products.

“Society packaged tea continues to be our highest-selling category. We are very bullish on the iced tea category. We also plan to introduce more innovation in the instant segment, where we already have a strong presence,” Shah said.

Standing Out in the Market

According to Shah, Society Tea has remained relevant in the highly competitive tea and beverage market by maintaining a young outlook towards emerging trends while focusing strongly on innovation, communication, and quality control.

“Three members of our family are tea testers, and we are deeply involved in every aspect of the business. We are extremely meticulous about consistency, quality, and the way the brand is presented to consumers,” he added.

Manufacturing and Sourcing

Innovation in manufacturing and product development continues to be a key growth pillar for Society Tea, which positions itself as a 100 percent Assam tea brand. The company manufactures products in state-of-the-art facilities designed to maintain high hygiene and quality standards.

“We follow an untouched-by-hand manufacturing process where the raw material moves through the entire production cycle without human contact until packaging. Hygiene and quality are extremely important to us because these are products consumed by our own families as well,” Shah highlighted.

Domestic and Global Retail Presence

Domestically, Society Tea is present in more than 100 cities through online channels and quick commerce platforms. Internationally, the brand has a presence in the Middle East and parts of the United States. It also works with Indian distributors across global markets with a significant Indian consumer base.

“Mumbai, Pune, and Bengaluru contribute significantly to our business, with Mumbai being our strongest market where we are market leaders. At the same time, we are actively expanding into other tier-one cities as well. Currently, we are present in over 35 Tier I cities,” shared Shah.

While offline retail continues to dominate due to the company’s strong traditional trade network, online channels have significantly expanded the brand’s reach and accessibility.

Expansion Plans

Going forward, Society Tea aims to strengthen its presence across metro cities in India. The company is also focusing aggressively on expanding its QSR (Quick Service Restaurant) business while continuing to build its traditional retail and online presence.

On the international front, the brand is targeting select European markets as part of its global expansion strategy.

“Our philosophy is simple — wherever there is an Indian consumer, we want Society Tea to be available,” Shah concluded.

In a market where innovation in alcoholic beverages has traditionally revolved around the spirit itself—be it aged single malts, craft gins, or artisanal cocktails—Estuary is quietly redefining the conversation. Rather than altering the spirit, the brand is elevating the experience around it. Founded by Devashish Kamdar, Estuary has pioneered the “blending water” category in India, introducing a scientifically formulated water designed to enhance the taste, aroma, and finish of whisky and other premium spirits.

At its core, Estuary is built on a simple yet often overlooked insight: water plays a critical role in shaping the character of whisky. While connoisseurs have long debated peat levels, cask finishes, and aging processes, the role of water—both during production and consumption—has remained underexplored in mainstream markets.

From Jewelry Retail to Spirits Innovation

Devashish Kamdar’s journey into the spirits ecosystem is anything but conventional. Born and raised in Ahmedabad, he hails from a family deeply entrenched in the real estate and jewelry businesses. After graduating from the University of Nottingham with a degree in Management Studies, he returned to India to join the family’s jewelry venture, launching and expanding the retail brand Occasions Fine Jewellery across Ahmedabad, Mumbai, and Delhi.

However, it was during his extensive travels over five years that a unique observation sparked the idea behind Estuary. “One thing which was noticed at a global aspect was that the quality of the water is different regionally, and it changes its characteristics every few kilometres,” Devashish Kamdar explained. “Even the same bottled water brand tastes different across cities because of varying TDS levels.”

This realization led him to a deeper inquiry: if water varies so significantly, how does it impact the taste of whisky—a beverage where dilution is often integral to consumption?

Decoding the Science Behind Whisky and Water

To build credibility and depth, Devashish Kamdar collaborated with scientific experts and industry professionals, including peers working with globally recognized spirits brands. Their research revealed a fundamental truth: water is not just an additive but a defining element in whisky’s journey—from distillation to dilution.

“Scottish distilleries have been recommending using their particular water for their particular whisky,” he noted. “The entire differentiation between Highlands, Lowlands, and coastal whiskies is deeply tied to water quality.”

During whisky production, water is used at multiple stages—from mashing grains to reducing alcohol by volume (ABV) before bottling. This same principle extends to consumption, where adding water can unlock hidden flavor compounds, particularly guaiacol, which enhances aroma and taste.

Estuary’s innovation lies in replicating this ideal water profile. The product undergoes a seven-stage purification and mineralization process, resulting in a formulation that interacts optimally with whisky’s chemical structure. “Our water is specifically designed to unlock the primary, secondary, and tertiary notes of whisky, ensuring the consumer experiences the aroma, palate, and finish as intended by the master distiller,” Devashish Kamdar explained.

Building the Blending Water Category

Positioned at a price point of approximately Rs 300 for a 750 ml bottle, Estuary is targeting premium yet accessible consumption. Each bottle yields around four to five drinks, translating to an incremental cost of about Rs 60 per serving—a strategic sweet spot for urban consumers seeking elevated experiences without significant price barriers.

Despite being a niche concept, Estuary has achieved a balanced omnichannel presence. “Online sales contribute around 40 percent, while offline channels account for 60 percent,” Devashish Kamdar shared. The brand is available across major quick commerce and e-commerce platforms, including Amazon, Blinkit, and Zepto, alongside strong distribution through liquor stores, retail chains, and modern trade outlets.

Driving Consumer Awareness Through Experience

Unlike traditional FMCG products, blending water requires behavioral change. Consumers must be convinced not only of its utility but also of its superiority over regular water or ice.

Estuary has tackled this through immersive tasting sessions. “We conducted blind taste tests with two identical glasses of whisky—one with regular water and one with Estuary,” he said. “The response was unanimous. People could clearly identify the difference.”

These sessions have been conducted across diverse demographics, from seasoned whisky enthusiasts to casual drinkers, spanning age groups from 25 to 70. The results, according to Devashish Kamdar, consistently validate the product’s impact.

This experiential approach aligns with broader premiumization trends in India’s alcohol market, where consumers are increasingly seeking curated, high-quality experiences rather than just products.

Health, Wellness, and Premiumization

Another dimension strengthening the Estuary’s positioning is its alignment with health-conscious consumption. As consumers become more mindful of sugar intake and artificial additives, the brand’s zero-calorie, zero-sugar proposition offers a compelling alternative to traditional mixers.

“It’s one of the healthiest choices because it hydrates the body while enhancing the drinking experience,” Devashish Kamdar explained. “It reduces the harshness of the spirit and helps avoid dehydration, which is often a cause of hangovers.”

This places Estuary at the intersection of wellness and indulgence—a growing sweet spot in both Indian and global markets.

Strategic Partnerships and Category Validation

A significant milestone in Estuary’s journey has been its association with global spirits leaders such as Diageo. The collaboration not only expands Estuary’s SKU portfolio—now exceeding 20 products—but also lends credibility to the blending water category.

Devashish Kamdar highlighted the importance of such partnerships: “The product is stamped by the world’s most loved whisky, Johnnie Walker, which validates that it enhances the taste. We are building this category together.”

This endorsement is crucial in a market where consumer trust is often driven by legacy brands and global benchmarks.

Beyond the Bottle: Licensing and Lifestyle Expansion

Estuary is not limited to water. The brand is actively exploring licensing opportunities across barware, fragrances, and lifestyle accessories, aiming to create a holistic drinking experience.

“We believe in curating complete experiences,” he highlighted. “A fine drink needs the right barware, the right environment, and the right mixer. Our goal is to elevate every aspect of consumption.”

This strategy mirrors global premium brands that extend beyond core products to build ecosystems—strengthening brand recall and increasing consumer touchpoints.

Scaling Ambitions and Market Outlook

From a team of just 10 people at inception, Estuary has grown to an ecosystem of over 250 employees. This rapid expansion reflects both the brand’s ambition and the market’s receptivity.

Looking ahead, Devashish Kamdar’s vision is bold: “Every drink poured has to be blended with Estuary. That is the mission we are working towards.”

While this may seem aspirational, the underlying market dynamics are in Estuary’s favor. India’s spirits industry is witnessing robust growth, with whisky continuing to dominate consumption. Simultaneously, premiumization trends are encouraging consumers to experiment and upgrade their drinking habits.

Globally, too, there is increasing interest in enhancing consumption rituals—whether through specialized glassware, curated tasting experiences, or premium mixers. Estuary’s blending water fits seamlessly into this evolving landscape.

A Category in the Making

Estuary’s journey reflects a larger evolution in consumer behavior—one that is shifting from quantity-led consumption to more refined, quality-driven experiences. By reimagining an often-overlooked aspect of drinking culture, the brand has successfully created a distinctive niche at the intersection of science, storytelling, and sensory enhancement.

As Devashish Kamdar aptly stated, “We are not just creating a product; we are creating a category.”

With continued investments in consumer education, strategic partnerships, and experiential marketing, Estuary is well-positioned to become an integral part of premium drinking rituals, not only in India but across global markets as well.

At a time when Ayurveda was often seen as outdated and inaccessible, Kapiva set out to modernise the category by combining traditional wellness with scientific validation and contemporary consumer formats. Founded in 2016 by Ameve Sharma, the brand has evolved from operating Ayurvedic clinics to becoming one of India’s fastest-growing science-backed Ayurvedic wellness companies. With a strong omnichannel presence, clinical research initiatives, and a growing portfolio across wellness categories, Kapiva is now positioning itself as a household name in modern Ayurveda.

When Kapiva started in 2016, the original idea was to build Ayurvedic clinics. The brand initially set up four clinics based on the belief that personalised treatment was the best way to make Ayurveda relevant again. However, the founders quickly realised that clinics were a high-touch, low-scale model, while the problem they were trying to solve was much larger.

“We also saw a massive opportunity because traditional medicine accounts for about 15 percent of the healthcare market in China, whereas in India it is only around 0.2 to 0.3 percent. That gap represents the opportunity,” shared Ameve Sharma, Founder and CEO, Kapiva.

Retail Presence

In India, Kapiva operates through three major channels: its own D2C website, online marketplaces such as Amazon and Flipkart, quick-commerce platforms including Blinkit, Zepto, and Instamart, and offline retail.

The brand currently has a physical retail presence across 50,000 touchpoints spanning general trade, modern trade, and pharmacy chains.

Internationally, Kapiva is present in the United States, the United Kingdom, and the Middle East.

“We are currently present on marketplaces across all three geographies, which allows us to understand consumer behaviour, build brand recognition, and test what resonates with consumers there. The Indian diaspora has been a strong early adopter, but we are also seeing genuine interest from non-Indian consumers who are discovering Ayurvedic wellness for the first time,” explained Sharma.

Product Portfolio and New Launches

Kapiva currently offers more than 50 SKUs across six core categories: Gym and Sports Nutrition, Diabetes Management, Heart and Liver Health, Women’s Health, Daily Wellness, and Skin and Hair Care.

The company’s recent launches target emerging consumer needs and category gaps. In Women’s Health, the brand launched Shatavari Lacta Naturals. In the digestion segment, it introduced Digesti Care+ Juice. It has also entered the energy and sleep category with Ashwagandha Sleep and Energise Capsules.

Additionally, Kapiva launched Arthosure Juice for joint health and Sea Buckthorn Juice, an adaptogenic fruit-based product rooted in Himalayan Ayurvedic tradition. According to the company, all these products are backed by standardised ingredients with defined potency.

Looking ahead, Kapiva plans to strengthen categories such as Women’s Health, Pain Management, and Digestion.

“These are categories where consumer demand is large, clinically validated Ayurvedic solutions are rare, and we believe Kapiva has both the formulation capability and the consumer trust to build something meaningful,” Sharma added.

Standing Out in a Crowded Market

India’s Ayurveda market is highly competitive, with legacy FMCG players dominating offline distribution and newer D2C brands focusing on modern packaging and digital marketing.

According to Sharma, Kapiva differentiates itself through its emphasis on research-backed formulations, clinical validation, and omnichannel distribution.

“Kapiva occupies a unique position. We are among the few new-age Ayurvedic brands building simultaneously across three dimensions at scale: standardised, research-backed formulations; clinical validation of health outcomes; and a genuine omnichannel presence,” he said.

The company also invests heavily in R&D, with a dedicated team of 30 scientists and researchers working to bring scientific rigour to Ayurveda.

Revenue Split

Online channels currently contribute 75 percent of Kapiva’s overall revenue, while offline contributes the remaining 25 percent.

Within online sales, D2C contributes 35 percent of total revenue, while marketplaces account for 40 percent.

“Our D2C business gives us the deepest relationship with consumers. We can personalise the experience, educate them post-purchase, and track outcomes in a way marketplaces cannot. Marketplace platforms give us reach and discoverability at scale, while offline retail makes us a truly omnichannel brand,” shared Sharma.

Kapiva continues to build all three channels in parallel rather than prioritising one over the other.

Expansion Plans and Future Vision

Kapiva is now focused on expanding its offline footprint across India and expects to cross 60,000 retail touchpoints shortly. The company is also increasing its presence in tier-II and tier-III markets, where organised Ayurvedic wellness remains underpenetrated.

“For many of our categories, including diabetes management, blood pressure, and gym and sports nutrition, consumers have already researched extensively before making a purchase decision. The challenge is not bringing them into stores, but ensuring we are available wherever they shop,” Sharma explained.

Over the next two to three years, Kapiva aims to cross Rs 1,000 crore in revenue while achieving positive EBITDA margins.

The company is also expanding its R&D capabilities to support a growing pipeline of clinically validated products, with new launches planned across categories such as pain management, digestion, kids’ health, and daily wellness.

“The real prize is becoming the brand that changed how India thinks about Ayurveda. Our ambition at Kapiva is to bring scientific validation back to the forefront and demonstrate the positive role herbal medicine can play in healthcare,” concluded Sharma.

Founded by brothers Dhruv Toshniwal and Udit Toshniwal in 2020, The Pant Project is a functional menswear brand focused entirely on bottom wear across occasions — including formals, casuals, jeans, shorts, chinos, cargos, and trousers.

“We saw a clear gap in the market. Most brands were focused on top wear or selling an entire lifestyle, but we wanted to specialize in bottom wear and become experts in the category. That’s why we named it The Pant Project — we wanted to redefine the category of pants,” recalled Udit Toshniwal, Founder and Creative Director, The Pant Project.

The brand started as a custom-made business for the first three years and bootstrapped the company until 2024, when it received investment from Sorin Investments. This marked the point where it pivoted into ready-to-wear and began scaling aggressively.

“Today, we cater to professionals in both Tier II and Tier III cities who are driven by functionality and value. Our philosophy revolves around comfort through fit, fabric, and functionality,” shared Toshniwal.

Retail Presence

The Pant Project launched its first store in Bandra in 2024 and today has 15 stores across Mumbai, Bengaluru, Hyderabad, Chennai, Kochi, Chandigarh, Ahmedabad, and Indore.

The brand uses online customer data and pin-code analysis to decide where to open stores. Most of its stores are around 700 sq. ft., with smaller formats ranging between 350–400 sq. ft. and larger stores going up to 1,500 sq. ft.

“We strongly believe in being an omnichannel brand. Customers may discover us online, make their first purchase offline, and then continue shopping online. Initially, we wondered whether customers would visit stores for a brand focused only on pants, but the strong footfall in both malls and high streets validated the concept,” shared Toshniwal.

Differentiating in a Competitive Market

The Pant Project differentiates itself in multiple ways. Compared to legacy brands, the company focuses heavily on product innovation. It offers products like Power Stretch formal pants, Influx Black, and Malai — all designed around comfort and functionality.

“Compared to international brands like Uniqlo, Calvin Klein, or Lululemon, we understand the Indian consumer and Indian body types much better. For example, our size 40 pants are designed with a specific belly cut and narrower leg fit suited for Indian men. We also offer alterations at stores,” explained Toshniwal.

Pricing is another advantage that gives the brand an edge. It operates in the sweet spot of Rs 2,000–Rs 2,500, offering premium quality at accessible pricing compared to global and legacy denim brands.

Expansion Plans

In the coming years, offline retail is set to become one of the brand’s biggest growth pillars. The company plans to open 15 new stores by next year, taking its total store count to 30. Beyond that, it aims to scale to 60 and eventually 120–150 stores over the next three years.

“Our strategy is based on a hub-and-cluster model. In major cities like Mumbai, Bengaluru, Hyderabad, and Gurgaon, we believe we can support 15–20 stores each. At the same time, we’ll continue building flagship stores in high-growth cities like Ahmedabad, Jaipur, Chennai, and Indore,” shared Toshniwal.

Revenue Split

Currently, the majority of The Pant Project’s revenue comes from online channels.

“Today, around 80 percent of the business comes from online channels. Of this, about 55–60 percent comes through our own website, while marketplaces contribute around 25 percent. Offline retail currently contributes 15–20 percent,” noted Toshniwal.

Over the next few years, the brand plans to scale offline retail to nearly 40 percent of the business.

Consumer Trends Across Markets

According to Toshniwal, consumer behavior differs significantly between metros and non-metros. In metro cities, high-street retail performs very well, and customers often discover brands digitally first.

In Tier II cities like Indore or Kochi, malls have become strong discovery platforms. There is growing loyalty and spending power in these markets. Customers often spend Rs 5,000–Rs 10,000 per visit because they have fewer brand choices and develop stronger attachment once they discover a brand they like.

“Being an early mover in these cities helps us capture significant market share. In larger metros, competition from global brands is much higher, but digital commerce and quick-commerce adoption are also driving strong demand,” expressed Toshniwal.

Product Offerings

Over the last year, The Pant Project has expanded from custom-made products into ready-to-wear apparel. Its jeans category has seen phenomenal acceptance among consumers. The brand has also doubled down on hero categories like no-fade jeans through its Influx Black range.

“In apparel, maintaining a tight SKU mix is critical, and today our top 20 styles contribute more than 50 percent of revenue,” noted Toshniwal.

The brand is also exploring opportunities in casual wear, sweatpants, and athleisure.

“Product expansion is important because it increases repeat purchases. Our product philosophy continues to revolve around comfort through fit, fabric, and functionality,” he added.

Upcoming Launches

This year, The Pant Project is launching thermoregulating pants designed to keep customers cool and comfortable in hot weather conditions.

The brand is also introducing pleated trousers and its Tokyo Trousers collection. This insight came from understanding Indian body structures — broader hips with narrower ankle openings — allowing the company to create better-fitting formal trousers for Indian men.

Growth Targets and Long-Term Vision

The Pant Project aims to become a Rs 1,000 crore brand within the next five years. The company plans to scale aggressively with 120–150 stores over the next three years.

“We’re extremely excited about India’s consumer growth story. Apparel is one of the categories best positioned to capture the aspirations of the country’s growing upper-middle-class population,” concluded Toshniwal.

Modern lifestyle and fine jewelry brand Prismara, backed by the 120-year-old KGK Group, is gearing up for aggressive expansion across India’s metro markets as it looks to strengthen its retail footprint and diversify its product portfolio.

The brand, which blends natural gemstones with lab-grown diamonds, is positioning itself as an accessible luxury player catering to evolving Indian consumer preferences, particularly among younger shoppers seeking everyday fine jewelry.

“The inspiration behind the brand was to combine the legacy of natural gemstones with the future-focused appeal of lab-grown diamonds. The idea was to create jewelry that represents both millions of years of natural history and the future of innovation,” said Saransh Kothari, CEO, Prismara.

Global retail presence

KGK Group has been present in India for over 120 years and operates in more than 22 countries globally. The company has a strong presence across major gems and jewelry markets including the U.S., China, and India.

“Manufacturing operations are based in India, while the group also operates internationally across multiple sectors. This global exposure helps the company bring international trends and insights into the Indian market,” Kothari shared.

Domestic retail presence and expansion plans

Prismara recently launched its first store in Lajpat Nagar, Delhi, and is now preparing to open its second and third stores in Gurgaon and Jaipur respectively. The company began its retail journey in April last year and has scaled rapidly within a short span.

Going forward, the brand plans to expand aggressively across key metro markets including Delhi, Mumbai, and Bengaluru.

“The vision is to democratize luxury for Indian consumers by making the brand accessible across multiple locations rather than operating only a few flagship stores,” said Kothari.

Design philosophy

Prismara’s collections are designed around everyday wear, with a focus on lightweight, comfortable, and lifestyle-oriented jewelry.

The designs draw inspiration from nature, international design trends, and experiences from global design exhibitions, while remaining tailored to Indian consumer sensibilities.

Revenue split

Prismara follows an omni-channel retail strategy with both e-commerce and offline retail operations. However, offline retail continues to contribute a larger share of the business as jewelry remains a touch-and-feel category for Indian consumers.

“Online platforms primarily help in product and brand discovery before customers visit stores to make a purchase,” Kothari noted.

New launches

As part of its category expansion plans, the company is focusing on introducing 9K gold jewelry collections. These collections aim to make diamond and gold jewelry more affordable and suitable for everyday wear by using lower gold purity.

“The brand positions this as a more responsible and accessible way for consumers to continue enjoying jewelry,” said Kothari.

Staying ahead of the competition

Prismara believes its vertically integrated business model gives it a significant competitive edge. The company controls sourcing, manufacturing, and retail operations, enabling it to respond quickly to market trends and consumer demand.

The brand also caters to India’s strong Vedic and astrological jewelry traditions through gemstone-based offerings.

In addition, Prismara is leveraging AI to enhance business processes, product development, and go-to-market strategies while staying closely connected to evolving consumer preferences.

“Prismara differentiates itself through vertical integration, allowing the company to customize designs, manufacture in-house, and provide consumers with transparency about how stones are grown, cut, polished, and transformed into jewelry,” Kothari added.

Highest-selling categories

Classic diamond solitaire jewelry continues to be one of the brand’s strongest-performing categories.

Additionally, ombre jewelry collections featuring gradients of colored natural gemstones are witnessing strong demand across age groups. These collections highlight the company’s expertise in gemstone sourcing and manufacturing.

Long-term vision

Prismara aims to deliver a premium jewelry experience through natural gemstones and lab-grown diamonds while making luxury more accessible to Indian consumers.

“The goal is to cater to both aspirational first-time buyers and consumers looking to expand their everyday jewelry collections, ultimately becoming a household name across India,” concluded Kothari.

Founded in 2015 by husband-and-wife duo Bhupendra Khanal and Sneh Sharma, Dogsee Chew is a premium natural pet wellness brand. The company started with a product called Churpi, a 100 percent natural dried yak cheese dog chew made entirely from milk. Over the years, the brand has expanded into multiple pet treat categories and built a strong presence in the global pet care market.

“One of our proudest achievements has been successfully entering markets like Japan and China, which are extremely difficult to crack for international brands. Today, we are among the leading global brands in the yak cheese category,” shared Bhupendra Khanal, Co-Founder, Dogsee Chew.

Recently, Khanal and his wife Sneh Sharma walked the red carpet at the Cannes Film Festival, representing the pet care industry on a global platform.

“On a personal level, Dogsee Chew started because of our dog, Mowgli. He was with us for ten beautiful years. When we came to Cannes, my wife Sneha had the idea of including Mowgli’s embroidery on both our outfits so he could be part of the moment with us,” expressed Khanal.

Dominating Global Markets

Dogsee Chew has built a vast retail presence spanning more than 30 countries.

In India, the brand is available online across major quick commerce and e-commerce platforms. Offline, it has a selective presence in pet stores and veterinary clinics across cities such as Bengaluru, Mumbai, NCR, Hyderabad, Chennai, and Kolkata. Interestingly, the majority of the brand’s revenue comes from international markets, with only a small share contributed by India.

“Globally, our focus has always been stronger. Last financial year, only about 3 percent of our revenue came from India. Our biggest market today is the United States, although the UK was our top market for many years. We are also strong across the European Union and Japan,” shared Khanal.

Dogsee Chew has witnessed rapid growth in the US market through Amazon and currently generates nearly half a million dollars in monthly revenue there. The brand is also present on Chewy.com and Walmart.

“We were the only company in our category to qualify after Walmart audited multiple facilities. We also hold nearly 80 percent market share in the yak cheese category in Japan and Europe,” noted Khanal.

Product and Market Expansion Strategy

Last year, Dogsee Chew expanded into new categories by launching food toppers, supplements, and supplement bites focused on digestion, calmness, hip and joint health, and overall wellness.

The company also introduced a new sub-brand called Denties, which focuses on slightly more affordable and mass-market dental treats.

On the infrastructure front, the brand received two acres of land from the Karnataka government under the KIADB scheme to build a processing facility near Bengaluru. It has also received tentative approval for 20 acres in Andhra Pradesh’s Chittoor district.

“This upcoming facility is expected to become the world’s largest cheese factory for dogs and one of India’s largest dairy-processing facilities,” highlighted Khanal.

In terms of retail expansion, the company continues to focus on pet specialty stores and veterinary clinics rather than traditional grocery retail or large-format modern trade.

“Globally, premium pet products are usually sold through specialty channels because customers visiting pet stores or veterinary clinics are specifically shopping for their pets. In grocery stores, pet purchases are often a small part of a larger family shopping basket, creating more price-sensitive buying decisions. That’s why we currently do not have plans to aggressively enter grocery retail channels before 2028,” explained Khanal.

Revenue Split

Globally, Dogsee Chew’s revenue split currently stands at around 60 percent online and 40 percent offline. This mix has changed significantly over the last few years.

“Earlier, offline contributed more than 80 percent of our revenue, but online channels have grown rapidly over the past couple of years,” shared Khanal.

Staying Ahead of the Competition

One of the major factors behind Dogsee Chew’s success has been its product differentiation strategy. The company focused on yak cheese chews, also known as churpi, as a natural alternative to rawhide products that are commonly made from by-products of the leather and meat industries.

Apart from this, the brand’s consistent focus on honest marketing and high product quality since inception has helped it become a trusted choice among pet parents.

“Health and safety always come first for us. Customers trust us because they genuinely feel proud giving Dogsee Chew products to their dogs,” expressed Khanal.

Fastest Growing Categories

Since inception, yak cheese chews have remained the core category for Dogsee Chew. However, functional supplements have now emerged as the company’s biggest growth focus.

The global dental treats market alone is valued at nearly $15 billion, while functional supplements represent another rapidly growing category with significant potential. In several international markets, established brands have not yet fully dominated this segment, creating opportunities for emerging players.

“Our positioning will always revolve around lean product lines, premium quality, and healthy functional products. Markets like the US, Canada, Europe, Japan, and the UK each represent multi-billion-dollar opportunities for both dental treats and functional supplements,” said Khanal.

Entering a New Category

Dogsee Chew is currently working on launching cat treats and supplements between October and December this year. The company remains highly meticulous about product quality and market fit before entering new categories.

“Even after ten years in business, we only have around 20–30 SKUs because we prefer staying highly focused. We want to perfect the product, sourcing, hygiene standards, certifications, and palatability before entering the market,” shared Khanal.

Growth Targets and Long-Term Vision

Dogsee Chew aims to cross Rs 1,000 crore in revenue by 2028. The company is also preparing for an Indian IPO and potentially a US IPO around 2028–2029.

“Long term, we want to remain highly focused as a company. We  want to dominate premium treats, supplements, and snacking products for dogs and cats,” concluded Khanal.