Startup Stories
FAST42 2024 Edition — Unveiling The List Of India’s Fastest Growing D2C Brands
Inc42 proudly announces the third edition of FAST42 — India’s Most Coveted List of D2C Brands! This year, our excitement boils over as we unveil not just 42 but 52 of India’s most innovative and disruptive D2C brands.
FAST42, presented in partnership with Emiza and co-presented by Axis Bank and Simpl, isn’t merely a list. It is a treasure trove brimming with stories, industry insights and inspiration for aspiring entrepreneurs and industry stakeholders.
For three months, Inc42 embarked on a meticulous journey of exploration. Our team of reporters, editors and analysts vetted 300 applications, made 200+ calls and conducted 75+ interviews. The result? A carefully curated list showcasing the hottest D2C brands in India, each a testament to the resilience that defines this dynamic ecosystem.
From sustainable fashion brands to tech-savvy disruptors and from foodie innovators to those redefining beauty standards — no stone is left unturned, as these brands leave their mark across varied categories, making game-changing strides in shaping consumerism in India.
FAST42 tells the diverse stories of these new-age disruptors.
This year, we couldn’t resist breaking tradition. Seeing the immense enthusiasm and innovation with which many of the applicants brimmed, we expanded the ranking pool to bring you the stories of 10 additional brands!
Meet D2C’s Rising Stars
Growth
Note: The ranking is arranged in descending order, according to the revenue growth of brands within the growth category.
- Nat Habit
Founded in 2019, Nat Habit, with its ayurvedic beauty and personal care range, aims to make natural wellness an everyday affair for Indian households. It ensures authenticity by sourcing raw materials each day and preparing the products in its ayurvedic kitchens. Read more…
- Hammer Lifestyle
Founded in 2019, Hammer Lifestyle offers feature-rich ‘lifestyle’ gadgets with a focus on affordability. It sells a wide range of cool gadgets and digital health gear such as wired & wireless earphones, headphones, speakers, smartwatches and more in the price range of INR 1,500-2,500. Read more…
- MyMuse
MyMuse is on a mission to destigmatise sex toys by focussing on educational content and sexual wellness resources, breaking taboos and challenging gender biases. Founded in 2020, this personal care brand prioritises transparency in labelling, and all its products go through rigorous quality checks. Read more…
- Anveshan
Founded in 2019, Anveshan provides chemical-free foods, including A2 ghee, cold-pressed and wood-pressed oils, superfoods, natural honey and more. Agri ingredients are directly procured from a 5K-strong farming community and customers can scan QR codes on products to check processing, packaging and quality. Read more…
- The Pant Project
Founded in 2020, this D2C fashion brand offers made-to-order trousers using high-stretch, high-quality and sustainable fabrics (cotton, linen, wool and more) suitable for any activity. The Pant Project’s team of expert designers and master tailors work closely on every order and shoppers can request free alterations for custom-made pants. Read more…
- TagZ Foods
TagZ Foods offers a wholesome range of tasty yet healthy dips, dark chocolate centre-filled hemp cookies, corn puffs, corn bhujia and date snacks. Founded in 2019, the brand that appeared on Shark Tank, initially sold online but now generates 70% of its sales offline through extensive general trade distribution. Read more…
- Pilgrim
Founded in 2019, Pilgrim makes FDA-approved and PETA-certified vegan and safe products for a new generation of conscious beauty consumers. Its in-house R&D team and a dozen-odd global R&D partners carefully research and curate ingredients to make formulations. Read more…
- Bold Care
Founded in 2019, Bold Care provides products to tackle problems such as erectile dysfunction, premature ejaculation, infertility and more. Recently, its digital campaign, featuring Bollywood superstar Ranveer Singh, along with American adult actor and model Johnny Sins, went viral. Read more…
- Bani Women
Founded in 2020, Bani Women blends traditional craftsmanship with modern designs to cater to various occasions and lifestyles. It is all about fashion that explores women’s stories and reflects their identity/self-expression while making shoppers aware of the cultural heritage behind each creation. Read more…
- Beyond Snack
Beyond Snack aims to achieve Lay’s-like eminence in the banana chips market. Founded in 2018, the brand ensures that bananas are sourced directly from farmers and chips are prepared in under two minutes to retain all nutrients. Read more…
11. Anveya Living
Founded in 2018, the beauty and personal care brand has developed three distinctive product lines — ThriveCo, Colorisma and Curlvana — to address hair, skin care and hair colouring needs. It procures raw materials from natural sources and all products are made in-house. Read more…
- RAS Luxury
Founded in 2017, RAS uses plant-based actives and botanicals in its clean beauty and skincare products. All its ingredients are grown organically, and the brand follows GMP and EU guidelines to make an effective product range for its consumers. Read more…
- Happy Nature
Founded in 2022, Happy Nature is a clean-label (100% chemical-free) F&B brand, providing dairy and breakfast essentials made from fresh and organic ingredients. Its tamper-proof packaging and last-mile delivery ensure food quality and safety. Read more…
- Eyewearlabs
Founded in 2017, Eyewearlabs combines quality and classic looks to craft designer shades at pocket-friendly prices. It offers a versatile range of sports and prescription sunglasses suitable for everyday wear, travel and outdoor activities. It plans to unveil co-branded collections soon. Read more…
- Haus & Kinder
Haus & Kinder celebrates motherhood with its elegant, design-led approach. Founded in 2018, it is a one-stop shop for trendy home and baby products that appeal to new-age mothers with an eye for aesthetics. Read more…
- Torque
The D2C furniture brand is built on the three pillars of precision, quality and sustainability. Founded in 2017, Torque’s flagship products include chairs, sofas, beds and dining sets, all of which can be customised to suit individual preferences. Read more…
- Chkokko
With versatile, inclusive and breathable athleisure, Chkokko aims to disrupt the D2C athleisure market and empower customers to explore their style. Founded in 2018, it has a versatile product portfolio designed and developed in-house. Read more…
- Innovist
Founded in 2018, Innovist offers a clean personal care range under three brands – Bare Anatomy (hair care), Chemist at Play (skincare) and SunScoop (sunscreen-only brand). The D2C brand Innovist follows EU safety standards and displays all derma and clinical testing results for complete transparency. Read more…
- The Honest Home Company
Founded in 2019, the eco-focussed brand makes a diverse range of household products using organic raw materials free from toxic chemicals and containing little or no plastic. It claims to use only biodegradable materials for waste management products like garbage bags and pet waste bags. Read more…
- Nirmalaya
Founded in 2020, Nirmalaya makes charcoal-free incense from floral waste to reduce health hazards and pollution. It recycles tonnes of floral waste from 300+ temples every month across Delhi NCR and offers employment opportunities to several women. Read more…
- Bummer
Bummer offers a wide range of product lines for men and women, including bikinis, bralettes, hipsters, shorts, boxers, pyjamas and loungewear. Founded in 2020, it spent nearly three years in R&D to create ultra-soft, ultra-lightweight and sustainable ‘MicroModal’ fibres from beechwood trees. Read more…
- Etchcraft Emporium
Founded in 2019, Etchcraft Emporium offers everyday jewellery and accessories that exude one’s personality. Its 22K gold-plated steel jewellery collection and other products can be customised within 10-15 minutes using its state-of-the-art engraving machines. Read more…
- Milkstation
MilkStation delivers fresh dairy products and offers varieties of handmade cookies and soap, all made from camel milk. The dairy brand has set up a processing unit in Pali (Rajasthan) with a capacity of 40 kilolitres per day, including pasteurisation, homogenisation and cream separation. Read more…
- The Indus Valley
The Indus Valley aims to bring back toxin-free cookware as a recipe for healthy cooking. Born in 2016, it uses natural materials and safe alloys like cast iron, sheet iron, brass, bronze, wood and clay to avoid chemical buildups. Read more…
- Flo Sleep Solution
Flo has delved deep into the consumer psyche, focussing on two critical areas – comfort and cost. Founded in 2018, it utilises the art of building great sleep products. It largely relies on its D2C distribution model to deliver incredibly comfortable and affordable products. Read more…
- SAADAA
Founded in 2018, the womenswear brand promises stylish, comfortable and affordable apparel with no compromise on value or quality. Its collections are conceptualised in-house and made by 200+ experienced tailors working with the startup. Read more…
- DrinkPrime
Founded in 2016, the D2C startup offers IoT-powered water purifiers that contain sensors and can be controlled with an app. Before installation, tap water is sampled and analysed at customer homes to determine specific filtration requirements. Read more…
- Earth Rhythm
Clean beauty startup Earth Rhythm offers chemical-free and cruelty-free beauty and personal care products approved by ECOCERT and PETA. Founded in 2020, Earth Rhythm’s products are made in-house, allowing it complete control over ingredients, formulations and production. Read more…
- Flexnest
Founded in 2021, the home fitness brand offers smart cardio equipment, adjustable strength-builders and more. It goes beyond selling gym equipment to providing an end-to-end user experience with a dedicated mobile app. Read more…
30. Fruitoholic
Founded in 2020, Fruitoholic offers fresh and premium packaged whole fruits, dried fruits, nuts and seeds, as well as value-added products across 10 categories. Storage, sorting, grading, production and packaging are all done at the brand’s processing & distribution centre and cloud store kitchens (CSKs). Read more…
- Fashor
Born in 2017, Fashor enables women to flaunt ‘high fashion’ at proletariat pricing. The D2C fashion brand offers ethnic and fusion wear collections and consistently launches new designs. Read more…
- Sujatra
Run by a lean women-led management team, Sujatra blends India’s vibrant art and craft with desi and Western apparel for unique and stylish creations. Founded in 2015, the fashion label brings forth the artisanal look and feel to make unique and elegant women’s wear. Read more…
- GO DESI
GO DESI’s lollipops are made from natural ingredients, such as tamarind and mangoes, and sweetened with jaggery. Besides, it sells paan-flavoured mouth fresheners and traditional Indian sweets. Founded in 2018, the startup made an appearance on Shark Tank in 2023. Read more…
- Desi Farms
Founded in 2022, Desi Farms processes and produces chemical, antibiotic and preservative-free milk, which is delivered to households within 12-24 hours of milking. With its acquisition of Vedaaz and Manchar Farms, it aims to enter new markets. Read more…
- Flicka Cosmetics
Founded in 2019, Flicka aims to make safe and cruelty-free cosmetics at affordable prices. It uses certified vegan, lead and sulphate-free raw materials for eye and face make-up, lipsticks and nail paints suited to Indian skin tones. Read more…
- Loom Solar
Loom Solar is on a mission to light up Indian households with solar energy and claims to help them save up to 80% in electricity bills. Founded in 2018, it offers a comprehensive range of solar panels, lithium batteries and solar inverters. Read more…
- Sleepy Cat
Founded in 2017, sleep solutions brand SleepyCat aims to become a one-stop shop for sleeping essentials. Using high-density foam, ‘cooling’ memory foam and breathable latex, it offers many mattress variants, balancing comfort, coolness and support. Read more…
- Geek Technologies
Founded in 2019, the appliance brand utilises the latest programmable intelligent cooking tech to automate cooking and ensure quick turnaround. It makes smart electric pressure cookers that support 1K+ Indian recipes via an app. Read more…
- Power Gummies
Founded in 2018, Power Gummies offers gelatine and gluten-free supplements for bone, hair and nail health, weight management, skincare and more. The nutraceutical brand is aggressively expanding across Tier II and III markets, offering supplements and safety to Bharat consumers. Read more…
- Uptownie
Born in 2015, Uptownie is a fashion brand with a ‘rooted in India’ motto, keeping in mind Indian women’s body types, complexion and preferences. It claims to uphold the promise of quality and every piece of apparel is stitched with a meticulous focus on design. Read more…
- Bacca Bucci
This D2C footwear and accessories brand makes a wide range of casual, formal and athleisure shoes like sneakers, boots, moccasins, flip-flops, and more. Founded in 2015, its products are crafted by experienced artisans at its manufacturing units. Read more…
- Fiona Diamonds
Founded in 2015, Fiona offers a sparkling range of natural and lab-grown/sustainable diamonds and moissanite suitable for every pocket and fit for every occasion. It crafts unique pieces and made-to-order jewellery in modern and vintage designs. Read more…
FAST42 2024 Coffee Table Book
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Emerging
Note: This is not a ranking of any kind. The brands are arranged in alphabetical order.
- Cosmix
Founded in 2019, Cosmix offers a wide range of solutions for gut and hormonal health, immunity and energy, skin and hair care and more. The brand nudges consumers to look beyond quick fixes and supports children through its nutrition programmes. Read more…
- Dorje Teas
Founded in 2021, Dorje Teas sources natural ingredients to offer fresh, authentic and fun wellness tea blends. The West Bengal-based startup offers single-origin, organic (certified by the USDA and Rainforest Alliance) and farm-fresh black, green and herbal teas. Read more…
- Foxtale
Founded in 2021, beauty and personal care brand Foxtale’s R&D team has identified 350+ skin types instead of the broad five. This micro-segmentation helps address skin health more effectively for 95% of its users. Read more…
- FreshMa
FreshMa offers a wide variety of delicacies like freshwater and sea fish, lobsters and prawns, crabs, dry fish and more. Founded in 2022, it sources chemical-free fish and seafood from a trusted network of fishermen and farmers. Read more…
- Gladful
Founded in 2021, Gladful uses natural superfoods like sprouts, amaranth, millet and more to make high-protein breakfast, sprouted chillas and dosas, roasted munchies, cookies and desserts. It follows a five-step process to retain purity and nutrients. Read more…
- Japam
Launched in 2022, Japam provides authentic rudraksha wearables with a focus on product provenance. The brand offers a variety of wearable rudraksha beads, spiritual jewellery, idols and home decor items made by local artisans. Read more…
- La’ French
Founded in 2021, La’ French offers intriguing fragrance profiles under Classy, Sassy, Oudh, City of Dreams, Military and Mood collections. It procures chemical-free ingredients and uses sustainable packaging materials to meet industry standards. Read more…
- Naksh
Founded in 2021, Naksh sources high-quality fabric from pan-India suppliers and products are stitched at its in-house unit in Mumbai, allowing the brand to ensure optimum quality. Its flagship product is the minimal range of bedsheets in plain and stripes. Read more…
- Winston Electronics
Founded in 2021, Winston blends technology, design and ease of use to deliver grooming products such as trimmers, hair stylers, scalp massagers, LED combs, electric toothbrushes and more. It also raised INR 1 Cr in Shark Tank Season 2. Read more…
- WishCare
WishCare offers nature-inspired products fortified with clinically tested and non-toxic ingredients for hair and skin care. Founded in 2020, the startup conducts in-house R&D and uses clinically proven active ingredients to create high-efficacy formulations. Read more…
Byju’s, a prominent player in the edtech industry, has encountered financial challenges resulting in delayed salary payments for its employees. As of April 20, the company has only disbursed a portion of March salaries, attributing the delay to a severe cash crunch. Despite earlier assurances from the company’s management that salaries for March would be paid by April 18, many mid-senior employees have reported receiving only 50% of their March salaries. Additionally, February salaries remain unpaid for a significant number of employees, further exacerbating the situation.
Founder and CEO, Byju Raveendran, has resorted to raising personal debt against his stakes in the company to facilitate salary payments. This underscores the severity of the financial challenges facing Byju’s and highlights the lengths to which Raveendran is willing to go to address the issue.
Employee testimonies reveal the extent of the salary delays, with one employee stating that they received only 50% of their March salary on April 20, with 80% of their February salary still pending. Another concerning aspect is the reported disparity between junior and senior employees, with junior staff receiving full salary payments while top management has gone without salaries for the past two months.
Byju’s has acknowledged the delay in salary payments but has not provided a detailed explanation for the situation. A company spokesperson declined to comment on queries from ET regarding the matter. In an email sent to employees on April 8, the management team expressed regret over the delay and attributed it to the inability to secure approval to access funds from a rights issue. The delay has been further compounded by actions from foreign investors, hindering the company’s access to necessary funds.
This revelation follows a previous report by ET on April 1, which highlighted Byju’s decision to delay salary payments due to constraints imposed by warring investors, limiting the company’s access to funds through a rights issue. The ongoing dispute with investors, including Dutch investor Prosus, has added to Byju’s financial woes and has led to further delays in resolving the issue.
In a separate development, Byju’s India chief executive, Arjun Mohan, announced his departure from the company in mid-April, just six months after assuming the role. This unexpected move prompted founder Byju Raveendran to take on the responsibility of overseeing day-to-day operations of the company’s India business, housed under Think & Learn, marking a significant shift in leadership.
Amidst these challenges, Byju’s is embroiled in a legal battle with a group of investors led by Prosus, who are seeking to block a rights issue and the removal of Byju Raveendran as CEO. The company has also initiated arbitration proceedings to address the dispute and find a resolution.
The rights issue undertaken by Byju’s is significant, as it is being offered at a staggering 99% discount to the company’s peak valuation of $22 billion. This steep discount has implications for investors who choose not to participate in the funding, potentially resulting in a significant dilution of their shareholding post-completion of the rights issue.
The unfolding events at Byju’s underscore the challenges facing the edtech giant as it navigates financial constraints, leadership transitions, and legal disputes. The company’s ability to address these issues effectively will determine its future trajectory and its ability to maintain its position in the competitive edtech landscape.
Revolut India, a neobank backed by Tiger Global and Softbank, has secured an in-principle approval from the Reserve Bank of India (RBI) for issuing Prepaid Payment Instruments (PPI), encompassing prepaid cards and wallets. CEO Paroma Chatterjee shared this development in a LinkedIn post on Friday. This approval complements Revolut India’s existing licenses from the RBI, which allow it to function as a Category-II Authorised Money Exchange Dealer (AD II), enabling the issuance of multi-currency forex cards and cross-border remittance services.
Chatterjee emphasized the significance of this milestone, highlighting the opportunity it presents to provide Indian consumers with both international and domestic payment solutions on a unified platform. Revolut, Europe’s largest neobank, entered the Indian market in 2021 with aspirations to disrupt the domestic payments sector. The RBI’s approval is expected to bolster Revolut’s position as a key player in this domain.
Prepaid Payment Instruments (PPIs) are payment tools that utilize stored monetary value, including digital wallets, smart cards, or vouchers, for transactions. RBI Governor Shaktikanta Das proposed on April 5, 2024, to allow PPIs to be linked through third-party UPI applications, enabling PPI holders to conduct UPI payments akin to bank account holders.
Chatterjee underscored Revolut’s commitment to full compliance with regulatory requirements, particularly in India, where the neobank has undertaken significant efforts to localize its global tech-stack to adhere to local regulations.
In an interview with ET BFSI, Chatterjee disclosed Revolut’s plans to introduce a comprehensive suite of digital-first money management services for all Indian customers. These services will enable users to manage their finances, including payments and remittances, both domestically and internationally.
The app, currently in use by employees, will be officially launched once the internal testing phase is completed, according to Chatterjee. She also revealed that there are over 175,000 prospective customers on Revolut India’s waitlist, indicating strong interest in the product.
Postman, renowned as an API management platform tailored for enterprises, has recently made headlines with its acquisition of Orbit, a pivotal tool in the arsenal of developer companies for nurturing communities across a spectrum of platforms, including Discord, Slack, and GitHub. Although the specifics of the financial transaction remain undisclosed, Postman took to its blog to underline Orbit’s indispensable role in supporting major developer companies in fostering community management and fostering growth over the course of the past four years.
Within the ecosystem of Postman, the integration of Orbit is poised to be transformative, with the Orbit team set to assume a pivotal role in seamlessly embedding community-centric features into the fabric of the Postman Public API Network. This strategic move is aimed at catalyzing dynamic collaboration between content creators and end-users within the network. Postman, boasting a staggering valuation of $5.6 billion, stands as a stalwart in the realm of API collaboration platforms, serving a user base exceeding 30 million developers and 500,000 organizations.
Under the stewardship of Noah Schwartz, a recent addition to the Postman team hailing from Amazon Web Services, the Orbit team is primed to spearhead initiatives aimed at empowering API distributors to broaden the horizons of their communities, optimize API utilization, and solicit direct feedback from users entrenched within the network.
This integration is anticipated to embolden developers to unearth APIs tailored to their unique requirements and foster meaningful engagements with peers to extract maximum value from each API. However, as part of the transitionary phase, Orbit has outlined plans to gradually phase out its existing product and platform over the span of the next 90 days. Commencing July 11, all functionalities will be deactivated, with no provision for the creation of new users or workspaces.
Postman’s strategic maneuver comes on the heels of its triumphant fundraising endeavor in 2021, securing a whopping $225 million in funding. The fundraising round, spearheaded by Insight Partners, witnessed active participation from prominent entities such as Coatue, Bond Capital (helmed by Mary Meeker), and Battery Ventures.
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