India’s ‘insurgent’ brands swell but struggle to scale past ₹250 crore revenue

This year alone, listed FMCG major Marico Ltd acquired snacking brand 4700BC and protein and supplements brand Cosmix, while rival Emami Ltd acquired IncNut Digital (owners of personal care brands Vedix and SkinKraft) and Axiom Ayurveda, makers of the beverage brand Alo Fruit. Late last year, Dabur Ltd set up a ₹500 crore venture fund to acquire new brands; this year it acquired a minority stake in luxury beauty company RAS Beauty. Bigger rivals ITC Ltd and Hindustan Unilever have also been active, acquiring brands across categories. ITC has acquired staples brand 24 Mantra and the ready-to-eat and meats brands Prasuma and Meatigo last year. Meanwhile, HUL spent nearly ₹3,000 crore to buy out personal care brand Minimalist in one of the largest such deals in India’s packaged consumer industry early last year.