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Hyphen’s INR 100 Cr Milestone: How D2C Brand Built A Winning Formula With mCaffeine’s Playbook

Inc42Inc42 · 1y ago
Hyphen’s INR 100 Cr Milestone: How D2C Brand Built A Winning Formula With mCaffeine’s Playbook
Medial

India's beauty and personal care (BPC) brands are experiencing rapid growth due to consumer trust, investor interest, and product innovation. It is predicted that the Indian BPC market will have the highest compound annual growth rate (CAGR) of 10% from 2022 to 2027, surpassing China and the US. By 2027, India could account for approximately 5% of the global BPC market, reaching $30 billion from $19 billion in 2022. Hyphen, a new brand launched by mCaffeine, has seen success in its first months, with plans for operational profitability by FY26 and revenue targets of INR 200 crore. BPC startups in India have raised over $1 billion in funding between 2014 and H1 2024.

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Pep Technologies cuts losses 81% in FY25; Hyphen drives growth, mCaffeine stalls

EntrackrEntrackr · 11d ago
Pep Technologies cuts losses 81% in FY25; Hyphen drives growth, mCaffeine stalls
Medial

Fintrackr All Stories Pep Technologies cuts losses 81% in FY25; Hyphen drives growth, mCaffeine stalls mCaffeine’s parent reported 23% growth in FY25, along with an 81% reduction in losses. However, a closer look at its consolidated balance sheet indicates flat growth for mCaffeine. mCaffeine’s parent reported 23% year-on-year growth in the fiscal year ending March 2025, along with an 81% reduction in losses. However, a closer look at its consolidated balance sheet indicates flat growth for mCaffeine, while its other brand, Hyphen, grew over 6.5X and crossed the Rs 50 crore mark during the last fiscal year. Pep Technologies, the parent company, recorded a 23% increase in operating revenue to Rs 237.5 crore in FY25 from Rs 193 crore in FY24, according to its financial statements sourced from the RoC. While the firm did not disclose a brand-wise revenue breakdown, Hyphen’s operating entity, Kreative Beauty, reported Rs 50 crore in FY25. Excluding this, mCaffeine’s revenue remained largely flat at Rs 187.5 crore in FY25. The revenue break-up for mCaffeine could not be ascertained, as the company did not report standalone financial statements for the brand. mCaffeine offers caffeine-based skincare and haircare, while Hyphen focuses on clean, vegan skincare with multi-benefit products. Both brands sell online through marketplaces as well as their own platforms. Sale of its products was the sole source of operating revenue for Pep Technologies. The Powai-based company also earned Rs 1.5 crore from interest income that took its total income to Rs 239 crore in FY25. The firm’s largest expense head, advertising, declined by 13.5% to Rs 96 crore in FY25 from Rs 111 crore in FY24. This cost accounted for 38% of the total cost. Cost of materials increased by 6.5% to Rs 66 crore, while employee benefit expenses fell 29.9% to Rs 27 crore. Warehousing costs also decreased by 7.4% to Rs 31.5 crore while commission cost rose 22.2% to Rs 11 crore. Overall, mCaffeine reduced its total expenses by 13% to Rs 252 crore in FY25 from Rs 290 crore in FY24. The combination of revenue growth and tighter cost control helped the firm narrow its losses by 81% to Rs 18 crore in FY25 from Rs 93 crore in FY24. Its ROCE and EBITDA margin improved to -130.71% and -7.54% respectively. On a unit basis, Pep Technologies spent Rs 1.06 to earn a rupee during the fiscal year, compared to Rs 1.50 in FY24. The firm reported current assets of Rs 111 crore, including Rs 29.5 crore in cash and bank balances in FY25. mCaffeine’s parent Pep Technologies has raised nearly $50 million of funding till date, having Amicus Capital as the largest external shareholder, followed by RPSG Ventures and Paragon Partners. The contrast within the portfolio stands out. While mCaffeine appears to have reached a phase of limited growth, Hyphen is emerging as the key driver of momentum. This shift suggests a gradual rebalancing of focus within the company’s brand mix. For Pep Technologies, the challenge now is twofold: sustaining Hyphen’s trajectory while finding ways to revive growth in mCaffeine. Over time, capital allocation, marketing focus, and product innovation may increasingly tilt toward the faster-growing brand. The firm’s broader direction will likely depend on how effectively it manages this transition without diluting the identity or positioning of either brand.

Can CHOSEN Rewrite India’s Beauty Playbook With Its Patented Skincare Solutions & LED Tech?

Inc42Inc42 · 1y ago
Can CHOSEN Rewrite India’s Beauty Playbook With Its Patented Skincare Solutions & LED Tech?
Medial

India's direct-to-consumer (D2C) beauty and personal care (BPC) industry has seen the rise of successful brands like Mamaearth, mCaffeine, and WoW Skin Science. CHOSEN by Dermatology, founded by Dr. Geetika Mittal Gupta, has joined the ranks. The brand offers tech-led skincare solutions based on Dr. Gupta's expertise in dermatology. CHOSEN focuses on creating smaller, more accessible versions of traditional skincare products, catering specifically to Indian skin. Despite production capacity constraints in 2023, the brand is actively acquiring more facilities to address stock shortages and support scaling. Other notable players in the D2C BPC space include Minimalist and Nykaa.

How Startups Are Redefining Holi With Eco-Conscious Playbook

Inc42Inc42 · 2y ago
How Startups Are Redefining Holi With Eco-Conscious Playbook
Medial

Indian direct-to-consumer (D2C) startups are capitalizing on the Holi festival by offering eco-friendly and sustainable products. These startups, such as PHOOL.co, All Naturals, and Earth Inspired, are providing custom gift boxes, non-toxic colors, and certified skin-friendly colors made from natural ingredients. Sustainable gifting has also become popular, with brands like Ferns N Petals offering organic hampers. Additionally, there is a trend towards handmade sweets and healthy festive treats, with a demand for natural sweeteners and gluten-free options. The D2C sector aims to tap into the growing number of environmentally conscious customers and expects the festival to generate over INR 50,000 Cr in business.

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