D2C x 2025

Hey readers,

Welcome to the last edition of D2C Cents in 2025!

This edition?

We look back at the year that changed everything, the deals, the IPOs, the pivots, and the one question every founder needs to answer going into 2026.

HUL's ₹2,955 Crore Minimalist Bet

HUL paid ₹2,955 crore for Minimalist, the biggest D2C acquisition in Indian history. The brand was doing ₹347 crore in revenue but wasn't even profitable. Yet HUL paid 8.5x revenue, a multiple that shocked everyone.

BoAt co-founder Aman Gupta put it, the deal was a "BIG BIG WIN for the entire Indian D2C ecosystem." 

Marico Completes Plix Acquisition

Marico completed its acquisition of the remaining 25.25% stake in Plix

The Personal Care giant added to its prior D2C acquisitions True Elements, Just Herbs, and Beardo.

Ranbir Kapoor Launches ARKS

Bollywood actor Ranbir Kapoor launched ARKS, a direct-to-consumer lifestyle brand positioned around “quiet confidence” and functional, elevated fashion.

Ranveer Singh’s Bold Care Raises $5 Million in Series A

Men’s health and wellness platform Bold Care raised $5 million, in a funding round led by Rainmatter, with participation from other investors.

Mid-stage D2C brands with clear strategies were still attracting capital, even in a cautious funding environment.

BlissClub Raises ₹33 Crore Led by Elevation Capital

With board approval dated April 29, 2025, women's activewear brand BlissClub raised ₹33 crore in a Pre-Series B round

Supply6 Gets Kriti Sanon Investment

Bollywood actress Kriti Sanon invested in D2C supplement brand Supply6, continuing the trend of celebrity capital flowing into health and wellness brands.

Alimento Agro Foods Series A

Alimento Agro Foods, parent of MOM and Gimi Gimi brands, raised ₹52 crore (~$5.8 million) in a Series A round.

While Lenskart grabbed headlines, Wakefit proved the model works for smaller, profitable players too. The IPO was oversubscribed 2.5x with ₹971 crore revenue in 9M FY25 and only ₹9 crore loss. Clean unit economics, clear path to profitability, steady growth. And that's exactly what 2025 rewarded.

Nestlé's minority stake pushed Drools past a $1 billion valuation, making it India's first pet care unicorn.

Where’s the next D2C unicorn? Home fragrance? Plant-based meat? Sexual wellness?

Bengaluru-based menswear brand Snitch raised ₹340 crore at a ₹2,500 crore valuation.

The Good Glamm Group Shuts Down

Between 2021 and 2023, the group acquired 9 brands, including MyGlamm, The Moms Co, Sirona, Organic Harvest, and BabyChakra.

At its peak, Good Glamm raised $250+ million across multiple rounds.

In July 2025, it shut down operations after multiple failed attempts to restructure its business.

Flipkart Shuts Down ANS Commerce

Earlier in February 2025, Flipkart shut down ANS Commerce, its D2C-focused SaaS platform.

ANS Commerce had been acquired in 2022 for approximately $250 million, at the peak of the D2C boom.

Here's the flip side. BlueStone had ₹1,770 crore in revenue, 275 stores across India, and strong brand recognition in the jewellery category.

Yet they listed at ₹510 against the ₹517 IPO price, a -1.4% listing loss. Why? Revenue grew, but losses grew faster.

The "growth at any cost" era is officially over.

The GST Council implemented sweeping tax reforms.

Big-ticket items like TVs, ACs, and refrigerators moved from 28% GST to 18%, making them significantly more affordable.

Blinkit commanded over 50% market share in the $6-7 billion GMV quick commerce market.

The big one. Lenskart's IPO opened October 31-November 4, 2025, at a price band of ₹382-402, raising ₹7,278 crore. Lenskart’s seesaw opening showed uncertainty. Is this a tech company or a retail company?

Quick Commerce Had Its Biggest Diwali Ever

• Zepto delivered over 2 million daily orders during Diwali week, which CEO Aadit Palicha said was 30-40% more than its closest competitor across all peak days. The company hit 2.37 million orders, the highest in its history.

• Flipkart Minutes saw a 1.5x growth in orders over weekly orders during the festival week, with over 1.93 million unique orders placed. 

• BigBasket witnessed 500% YoY growth in electronics during Diwali, driven largely by iPhone sales.

Biscoff Launches ₹10 Packs

Mondelez India launched Biscoff cookies at ₹10. It's the mass-premium sweet spot India's consumer market is rapidly moving toward.

But the move sparked intense debate:

"Is this smart democratization or brand suicide?" "Can a 'luxury' brand, one that built its identity on imported exclusivity, go mass-market and keep its premium perception intact?"

That tension, mass vs. premium, revenue vs. brand equity, defined D2C in 2025. And it's the question every founder will have to answer in 2026.

Meesho shares listed at ₹162.50 on NSE (46.4% premium) and ₹161.20 on BSE (45.23% premium) above the issue price of ₹111. The IPO raised ₹5,421 crore, with overall subscription reaching 79.03 times.