Deepak's Musings #176: 🛒 Why is ChrysCapital, one of India’s heavyweight PE firms, zeroing in on insurgent consumer brands?

🩺 Knya’s Medical Apparel Revolution

When hospitals handed out stiff, uninspired scrubs, Knya stepped in—not as just another medical uniform brand, but as a revolution born in response to the pandemic’s unspoken grind. Co-founders Vanshika and Abhijeet Kaji are reimagining scrubs with whisper-light fabrics, deep pockets, antimicrobial finishes, and even sustainable materials made from recycled bottles. Now expanding into medical gear, such as stethoscopes, Knya is building a 360-degree brand for healthcare heroes.

🇮🇳 L Catterton India hits first close

Excited to have another consumer-dedicated fund in India. The new fund recently invested in DSGCP portfolio's healthy snacking company Farmley. Look forward to seeing the insurgent brands ecosystem grow with more stakeholders working with the best founders to build the new generation of consumer brands.

🎬 PMF + Celebrity = CPMF

Given the number of brands “working with” celebrities, including those from the DSGCP portfolio, I have struggled to find a framework that captures the dynamism and nuances of finding the right match. I intentionally used the term 'working with' because engagement with celebrities ranges from paid brand endorsements at one end to honest and genuine partnerships from the very beginning of a brand’s creation. I have been involved with both and many more in between.

Hotstart VC’s Scott Van den Berg has developed a framework which I like. I would tweak a few things, but it captures all the key elements.

I would recommend everyone working with celebrities to read the full post but for the lazy ones, the TLDR is - Success has nothing to do with follower count and everything to do with alignment.

🌱 The plant-based protein market is in turmoil

The plant-based revolution may be hitting a crunch: in just the past year, over 40 alt-protein companies have been acquired or shut down. What does the future hold?

🤝 What? Did Dmart take a stake in Eternal!

Why is Dmart’s founder investing in a business that could prove disruptive for his own company? Radhakishan Damani, long wary of cash-burning internet ventures, has acquired a stake in Eternal, the parent company of Zomato and Blinkit. It’s a modest 0.5% holding, but the signal is powerful: if Damani sees value in quick commerce and food delivery, the segment may finally be entering a more sustainable phase.

🛒 Why is ChrysCapital, one of India’s heavyweight PE firms, zeroing in on insurgent consumer brands?

ChrysCapital’s Rajiv Barta says the firm targets four key areas for consumer investments, playing into the core thesis that India's rising incomes will drive a 10-15 year premiumisation trend across these consumer categories.

-Target Sectors: F&B/food services, packaged foods, retail, and beauty/personal care

-Premiumisation Focus: Betting on consumers upgrading from unbranded to branded products as incomes rise - particularly the "mass premium" segment

-Revenue Sweet Spot: Companies already at $50-70M+ revenue that can scale 3-4x within 5 years

-Buyout-Ready: Family businesses where owners are willing to sell control, especially when next generation isn't interested

🎙️ Great podcast - WTF with Nikhil Kamath

Three hours short, but a must-watch for anyone building an insurgent brand in the Beauty & Personal Care (BPC) space. There's a lot to unpack regarding why fragrance is poised to explode in India, as well as current market valuations. Joining Nikhil are Bhakti Modi (Tira), Shantanu Deshpande (Bombay Shaving Company), and Diipa Khosla (Inde Wild).

📰 Other consumer-related news: deals, funding, branding and more