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September 1, 2026
Vikash Tripathi, Outlook Business
1 September 2026
Eight decades ago, the ‘nationalist businessman’ GD Birla helped prepare the ‘Bombay Plan’, which asked the state to pro-vide for the bare minimum needs of its people. His plan asked for 2,800 calories of well-balanced food per day, 30 yards of clothing per year and 100sq ft of housing per person.
Today, seventh-generation Aryaman Vikram Birla is betting on an entirely different opportunity: premium dining. “We continue to believe in the remarkable potential of the premium casual dining space, spurred by rising disposable income and evolving lifestyles,” the 29-year-old said after Aditya Birla New Age Hospitality acquired KA Hospitality in 2023.
The Birlas are not alone in trying to cash-in on rising prosperity in India. In the past five years alone, India’s top 10 industrial groups have announced new ventures in consumer-facing sectors or doubled down on existing ones. A rough tally of these investments crosses ₹4.8 lakh crore.
For decades, these same business houses built their dominance in core sectors like steel, power, aluminium, cement and chemicals, laying the industrial backbone of the economy. This helped the nation become a large producer of such goods and, in some cases, an exporter as well.
But as India’s economic conditions changed, so has the focus of its largest conglomerates.
For the likes of Tata, Aditya Birla, Bajaj and Bharti, that journey started way back. “What has changed in recent years is the speed and openness of the amount of capital being invested,” says Jitender Kumar, associate professor and programme chairperson, retail management programme at Birla Institute of Management Technology.
“It is not ‘opportunistic’ reasons, it’s structural reasons.”
Two factors seem to be driving the shift: the first is the arrival of an affluent consuming class that can buy branded and premium goods, and the second is the attraction of consumer businesses as a way to diversify revenue and, in some cases, improve the quality of earnings.
The Rise of Affluence
A couple of decades ago, if an Indian household had some extra cash, it often meant buying more of the same. Today, it increasingly means buying better. Even salt is being upgraded, from iodised to Himalayan pink or rock salt. The same shift is visible in bigger purchases: sports utility vehicles (SUVs) over hatchbacks, and ₹1cr-plus homes over budget flats.
But India isn’t simply consuming more. It is moving from basic consumption towards discretionary, branded and premium consumption. This boom is most clearly seen in the rapid expansion of the financial infrastructure that enables consumption. Formal retail credit penetration has more than doubled over the past decade, according to a TransUnion Cibil report, driven largely by personal loans, credit cards and consumer durable loans. Meanwhile, the government-backed Unified Payments Interface has untethered spending from the cash in a buyer’s wallet.
The signs show up across the broader consumption economy. Homes priced above ₹1cr accounted for 54% of total sales in 2025, up from just 30% in 2023—the market that decorative paints and home solutions are chasing.
Out of 4.7mn cars sold in the financial year 2025–26, SUVs accounted for more than half.
“The consumer market has grown substantially—not only through rising incomes but also the dramatic expansion of branded consumption across product verticals,” says Devangshu Dutta, founder of management-consulting firm Third Eyesight.
The bets are also getting more varied, from Reliance Retail tying up with global brands like Fenty and Skims to the Bharti Group bringing Olive Garden to India.
The Lure of Returns
For a passenger walking through an airport, the flight is only one part of the journey. There is coffee before boarding, food between flights, a lounge, retail outlets, parking and a host of other things to spend money on. For Adani Airports, those non-aero businesses are increasingly becoming the more lucrative part.
Its non-aero operations already generate about ₹2,500cr, with returns in the high-20% range, against roughly 12% from regulated aeronautical operations.
Jeet Adani, director of Adani Airport Holdings, expects the share of aeronautical revenue to fall to around 10% of total revenue, with non-aero becoming the bigger growth driver. The motivation can be seen as an escape from a return ceiling as much as a bet on rising affluence.
As Kumar puts it, consumer businesses help the conglomerates in two major ways. First, they help insulate them from volatile and often punishing commodity cycles, and second, they often offer far better returns with lower capital intensity and faster cash conversion.
Reliance Industries (RIL) shows how significant that shift can become. By 2025–26, its consumer-facing arms, Jio Platforms, Reliance Retail Ventures and Reliance Consumer Products, together contributed over 40% of group revenue and nearly 60% of operating profit.
And there is another advantage. “A small business, when it wants to build a new venture, faces constant margin pressure and often has to build its supply chain from scratch. A large conglomerate can leverage its existing scale, infrastructure and supply chain to enter a new business far more efficiently,” explains Kranthi Bathini, equity strategist at WealthMills Securities.
Different Strokes
In chasing consumers, some conglomerates are following the fastest-growing categories, while others are using their existing industrial capabilities to enter consumer-facing businesses. One is trying to build an entire ecosystem around it. But the lines between these approaches are not always clean.
Tatas is doing both: building entirely new consumer brands while also using the industrial ecosystem it has built over decades.
For Tatas, the consumer opportunity has largely been about following where spending is moving. Their consumer ventures have followed this arc longest. It began decades ago with Lakmé (1952), Tata Tea (1962) and Titan (1984). Tanishq and the expansion of Trent under brands such as Zudio are only the latest examples.
At Tata Consumer Products, once largely a staples business built around salt, tea and pulses, the focus has been shifting towards value-added foods and beverages, with ₹7,000cr spent on the acquisitions of Capital Foods and Organic India in 2024. Across companies such as Tata Digital, Indian Hotels, Air India and Tata Motors Passenger Vehicles, the group has announced close to ₹93,180cr in investment over the past five years.
Aditya Birla’s jewellery chain Indriya and its move into premium hospitality belong to the same category of ‘pull-based’ diversification.
JSW is taking a different route. It is taking its existing industrial strengths one step closer to the buyer. The group, which has traditionally been focused on areas such as steel, energy and cement, has expanded into consumer-facing areas such as auto, paints and home solutions.
It launched JSW Paints in 2019, and acquired a controlling stake in paintmaker AkzoNobel India for ₹8,986cr last year. Its strategy is to leverage an established network of contractors, dealers, architects and builders to reach consumers.
The same strategy can be seen in its push into autos, acquiring a 35% stake in the Indian unit of China’s MG Motor in 2024, leveraging synergies with its established steel business.
At Tatas, too, group companies like Tata Steel, Tata Power, Tata AutoComp, Tata Technologies and TCS are doing significant businesses with Tata Motors.
Adani is also using an asset it already controls to move further into the consumer’s wallet. Adani Airports announced a ₹20,000cr investment in June to develop hotels, retail, entertainment and commercial infrastructure around its eight airports, and has signed hotel management agreements with IHG Hotels & Resorts for five hotels. City-side developments could contribute 30–40% of Adani Airport Holdings’ non-aero revenue.
Yet another example of the extension strategy is Aditya Birla Group’s attempt to diversify from cement, metals and textiles into decorative paints with Birla Opus.
RIL took a different approach: trying to connect multiple consumer businesses into one ecosystem. It expanded its retail network through new formats and acquisitions, added brands and partnerships, and then built a consumer-goods business around acquisitions such as Campa Cola and Lotus Chocolate.
That expansion was helped by billions of dollars raised by both Jio Infocomm and Retail Ventures from foreign investors in 2020. The group now plans to spend another ₹8,000cr expanding consumer goods manufacturing. The advantage of having that kind of scale is clear. If RIL has Ajio at a mall and, next to it, GAP and Herschel, it can negotiate better rental terms.
For conglomerates, Kumar points out, the next level of competition will not be based on investment, “but on the ability to create different consumer experiences, foster innovation and create lasting brand loyalty through the integration of these capabilities”.
Can Scale Win?
When Reliance Fresh opened its first stores in 2006, it was part of a rush by some of India’s biggest business groups to crack organised retail. Aditya Birla Group, RP-Sanjiv Goenka Group’s Spencer’s and Kishore Biyani’s Future Group were all betting that organised retail could transform the way Indians shopped. What followed was years of experimentation, losses and, for some, eventual retreat.
Birlas essentially gave up on grocery retail after a decade of heavy losses and exited entirely.
Future was pushed into insolvency after a controversial ₹24,713cr deal with RIL. Spencer’s is still trying to find its footing, with ₹249.33cr in net losses in 2025–26.
Conglomerates may have deeper pockets, but that does not automatically make them better at selling to consumers. India has seen some of those bets fail or take years to work. And even among today’s biggest players, the results are still mixed.
Tata Sons has been in this segment longer than the Ambanis, yet its consumer businesses still make up less than 40% of its total revenue —a share that has not changed since 2020.
These groups have what most standalone consumer companies don’t: capital, distribution, infrastructure, brands, scale.
But winning consumers takes something else entirely—reading what people want, building brands, innovating fast and earning loyalty.
“In B2B [business to business], it’s about manufacturing at scale, getting your costs down. Then you can compete. In B2C [business to consumer], it’s all about the product. With the right product at the right price, you have a chance to win in the market,” Parth Jindal, managing director of JSW Cement and JSW Paints, told Outlook Business in 2025.
Tata Sons’ chairman N Chandrasekaran hit the same wall while revamping the group’s consumer unit. “I have the money. But I don’t have the team to run it,” he had told Sunil D’Souza while hiring him to lead Tata Consumer Products in 2020.
Reliance and Tatas have had the longest head start, but even their journeys show how difficult it is to turn scale and capital into consumer businesses. Birla, JSW and Adani are now trying to make that transition in their own ways.
A longer tail—Bajaj in hospitals, L&T in retail finance and education, Mahindra in insurance and hospitality, Murugappa in electric mobility—is playing it safer, going deeper into what it already owns rather than chasing new categories.
What ties them together is a bet on consumers buying not just more but better, and on those consumers being worth more per rupee of capital than the industrial customers who built these houses.
The prize is growing, but so is the competition. Capital and scale may get these conglomerates through the door. They won’t guarantee a seat at the table.
(Published in Outlook Business)
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July 13, 2026
Viveat Susan Pinto, S Shanthi (Financial Express)
13 July 2026
India’s new-age coffee chains are accelerating expansion despite continuing losses, as investors bet that the country’s under-penetrated branded cafe market can deliver long-term growth.
Third Wave Coffee plans to open 100 cafes this financial year while targeting company-wide break-even. Blue Tokai aims to expand from 240 outlets to 800 by FY30 and is preparing for an eventual public listing. Nothing Before Coffee (NBC), which has grown to 114 cafes across 45 cities, plans to more than double its network over the next two years.
The expansion comes even as profitability remains elusive. Investors, however, are increasingly prioritising store-level economics over headline profits, arguing that India’s cafe market is still in its early stages of growth.
“The earlier failures in the cafe segment were largely capital-discipline failures, not failures of the category itself,” said Vish Narain, managing partner at Pulsar Capital, which is backing Blue Tokai’s international expansion.
“Chains expanded store count before proving unit economics. Investors today understand that India’s per-capita coffee consumption is still in its early stages. They are reading past shutdowns as wrong execution, not wrong thesis,” he said.
Dissecting the Balance Sheets
The numbers highlight the challenge.
Heissette Beverages, the parent of Third Wave Coffee, accumulated losses of Rs 320 crore between FY21 and FY25, while total assets stood at Rs 538 crore at the end of FY25, according to Tracxn. Muhavra Enterprises, Blue Tokai’s parent, reported accumulated losses of Rs 175 crore over the same period, with total assets of nearly Rs 370 crore. Financials for FY26 are not yet available with Tracxn.
NBC accumulated losses of nearly Rs 3 crore over FY24 and FY25 against total assets of Rs 18 crore. Mumbai-based premium chain Subko Coffee, with 16 outlets in India and one in Dubai, posted losses of Rs 45 crore over five years, while total assets stood at Rs 61 crore at the end of FY25.
Third Wave Coffee said around 90% of its outlets are Ebitda-positive and expects to achieve company-wide break-even during FY27. Blue Tokai, backed by Verlinvest, is targeting profitability by March 2028.
NBC declined to specify a profitability timeline but said it has adopted a franchisee-invested, company-operated (FICO) model to reduce cash burn while retaining operational control.
“FICO lets us expand quickly with franchisee capital while keeping operational control,” said Ankesh Jain, co-founder and chief executive officer, Nothing Before Coffee.
Structural Shifts
Experts attribute the investor interest partly to improving outlet economics as operators shift from large dine-in formats to compact grab-and-go and cloud-kitchen models.
“These formats materially cut capex per outlet and shrink payback timelines, making the category venture-fundable rather than just a slow-and-steady, self-funded business,” said Krishna Dev Pathak, investment banker and advisor to early-stage startups.
Lower capital requirements have strengthened unit economics, reinforcing investor confidence despite delayed company-level profitability.
Investors are also betting on a broader shift in consumer behaviour. Anuj Kejriwal, chief executive officer and managing director of Anarock Retail, said rising incomes, urbanisation and changing preferences are gradually moving India from “a tea economy to a coffee economy”. The shift is widening the addressable market for organised coffee chains beyond the metros into smaller cities.
Consumers increasingly use cafes as workspaces, meeting points and all-day dining destinations, prompting chains to diversify into food, desserts, packaged coffee, vending solutions and merchandise.
“The cafe model is now well established as part of consumers’ lifestyles,” said Devangshu Dutta, founder and chief executive of retail consultancy Third Eyesight.
Challenges remain. Rentals in premium locations have surged, coffee prices remain volatile, and labour and supply-chain costs continue to pressure margins.
For now, investors appear willing to fund rapid expansion, betting that disciplined execution and improving unit economics will eventually turn India’s cafe boom into a profitable business.
(Published in Financial Express)
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May 27, 2026
Writankar Mukherjee and Aanya Thakur, Economic Times
Kolkata/Mumbai, 27 May 2026
Quick commerce has become the dominant online sales channel for India’s top fast-moving consumer goods (FMCG) companies, with Dabur India and Britannia Industries among others now deriving up to 75% of their digital sales from 10-minute delivery platforms.
Industry executives said quick commerce is reshaping consumer buying habits and increasingly cannibalising sales from all other channels, including ecommerce platforms, modern trade and kirana stores, even as large online marketplaces and retailers expand into the segment.
Latest data from companies including ITC Ltd, AWL Agri Business, Tata Consumer Products and Parle Products showed quick commerce accounted for 60-75% of their total online sales in FY26, rising sharply from less than half a year earlier.
For Britannia and Tata Consumer Products, quick commerce now contributes more than 70% of online sales, while the share climbed to 75% for Dabur in the fourth quarter ended March from 50% in the December quarter.
Executives said expanding assortments and demand for instant replenishment are accelerating the shift. “Quick commerce has been gaining ground with several ecommerce companies such as BigBasket, Amazon and Flipkart, as well as retail chains like Reliance Retail, entering the space,” said Mayank Shah, vice-president at leading biscuits maker Parle Products. “Given consumers’ demand for convenience and immediate replenishment, quick commerce has emerged as a strong growth opportunity for them.”
Quick commerce accounted for 65% of online sales of Parle Products and AWL Agri Business last fiscal, compared with 50% and 45%, respectively, in FY25. ITC derived 58% of its online sales from this channel in FY26.
Frequent Purchases
Grocery-shopping are now centred around frequent top-up purchases through the week.
“Quick commerce has facilitated a grocery shopping habit which already existed – more frequent purchases. These companies are now also looking to improve profitability by expanding into higher-margin and impulse-driven categories,” said Devangshu Dutta, founder and CEO of Third Eyesight, a consultancy in consumer space.
While the channel is already significant for FMCG companies in the top 8-10 cities, it is expanding rapidly into smaller towns as operators such as Blinkit, Zepto and Swiggy Instamart widen their footprint.
Premium Push
The channel has also allowed companies to push premium products, executives said.
“While on marketplaces and traditional e-commerce platforms we were heavily skewed towards staples, the shift to q-commerce is helping us premiumise our assortment and sell far more indulgent categories,” Britannia Industries chief commercial officer Vipin Kataria told analysts earlier this month.
The transition has led to a threefold increase in sales of adjacency categories for the biscuits and dairy products maker, he said.
Kataria expects quick commerce’s contribution to the company’s total online sales to rise to 85% from 70% currently.
Most FMCG companies reported 70-100% year-on-year growth in quick commerce sales in FY26, making it the fastest-growing channel for the industry for the past two to three years. Executives expect the trend to continue.
Dabur India global chief executive officer Mohit Malhotra said beverages, foods, personal care and home care are currently the strongest-performing categories in this channel.
Saugata Gupta, managing director of Marico, said quick commerce is likely to be especially dominant in foods, while specialised ecommerce players such as Myntra and Nykaa remain strong in personal care.
The maker of Parachute, Saffola and Livon brands is strengthening its quick commerce supply chain through digitisation, automation and AI-based forecasting, Gupta said.
(Published in Economic Times)
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March 1, 2026
Apoorva Mittal, Economic Times
1 March 2026
Resshmi Nair, 31, had grown used to the dotted red bumps on her arms. Her dermatologist diagnosed it as keratosis pilaris aka strawberry skin. It is a harmless skin condition that often affects legs and arms but Nair, a Mumbai-based marketing consultant, wanted it gone. She slathered lotions and salves but to no avail. Then she chanced upon an Instagram reel which showed an oil-based in-shower spray that promised to take care of her problem. “It was very tempting as it resonated with a personal concern,” she says. She is now on her third bottle. The bumps haven’t disappeared entirely, but they have become smaller, she says.
Like Nair, there are many who seek solutions tailormade for their beauty bugbears. Consumers who once searched for moisturisers and shampoos now look for niche products for hair and skin. They want to repair skin barrier, tame baby hairs and minimise facial pores.
A new generation of Indian beauty and personal care (BPC) brands are both listening to them and leading them. Focused products, they realise, could help them stand out in a crowded sector dominated by FMCG giants. While problems like acne, frizzy hair and rough skin have always been around, experts say the commercial importance of solving them narrowly and packaging that specificity as a brand strategy have become more intense of late.
India’s direct-to-consumer (D2C) beauty and personal care market—which is heavily invested in micro-problem targeting—is estimated to be $4.5 billion in FY2025, according to consulting firm Redseer. The new-age brands could account for 25-35% of total BPC spends by 2030. “Three major factors have contributed to this: one, the rise of digital medium for both commerce and marketing, which created a segue for new brands to launch and scale; two, younger consumers (Gen Z and young millennials) have become ingredient literate and look for results over broad promises; and three, competitive intensity in the market is pressing brands to position as per the right niches,” says Kushal Bhatnagar, associate partner, Redseer.
The shift is measurable on beauty retailer Nykaa’s platform. “Consumer vocabulary is far more evolved,” says a company spokesperson. Searches driven by specic concerns or ingredients are growing faster than broad category items. While foundational concerns like acne and brightening remain relevant, the platform is seeing strong growth in queries around pigmentation, barrier repair, pore care and specic hair issues. “This fragmentation is actually a sign of a more informed and aware consumer base,” the spokesperson adds.
ZOOMING IN
For young D2C brands, this behavioural shift has opened a narrow but potent entry point. Instead of launching another shampoo or moisturiser, they launch a product targeting a single problem and market it in an easily demonstrable short-video format. In the current beauty landscape, the market has shifted from general solutions to hyper-targeted efficacy.
Moxie Beauty, founded by Nikita Khanna in 2023, illustrates the playbook. Khanna, who previously worked at McKinsey, began with a focus on wavy and frizzy hair, a segment she herself belongs to. But it was one particular styling product, the flyaway hair stick, that went viral, propelling the brand into visibility. She says, “The wavy hair routine required us to educate people, which took time. But one can understand the flyaway wand in five seconds.” And it targeted what she calls a “widely held pain point”. That helped Moxie cut through crowded feeds and end up on consumer shelves. “Being synonymous with a category helps,” she says. “When people want a wax stick or flyaway stick, they search for our brand.”
That shift—from paying for visibility to being searched for directly—is critical in a market where customer acquisition costs (CAC) can be punishingly high. For many D2C brands, launching a sharply defined product is a way to reduce discovery friction and lower early-stage CAC. But a brand cannot be built or scaled on gimmicks, says Khanna. “If you solve only for what will look good in a video and will go viral, you won’t be able to scale. And if it’s a gimmick, people won’t repeat the purchase,” she adds.
Divanshee Jindal, cofounder of the brand The Solved Skin, says companies have to get the “product-communication fit” right. Her brand’s liquid pimple patch, which is designed to mask acne under makeup, is quickly emerging as its hero product. “People get excited when a product feels relatable and authentic,” says Jindal. “A new, convenient format that solves a real pain point makes consumers willing to try a new brand. But if it’s a standard product, say, a salicylic acid face wash, they will often default to a brand they already trust.”
SMALL IS BEAUTIFUL
The idea is to start small but evolve. Moxie, for instance, has moved beyond textured hair into solving broader “Indian hair problems” like damage repair and anti-dandruff that has brought in male consumers as well. “Curly or wavy hair was a huge, underserved problem,” says Khanna. “But the thought was always to solve other problems as well.” Moxie, which recently raised $15 million in a funding round led by Bessemer Venture Partners, says it has crossed Rs. 100 crore in annual recurring revenue on its two-year mark, and is seeing roughly 50% consumers coming back in six months across platforms. However, it says profitability is harder to crack because of intense competition from new brands and changing channel mix.
Mani Singhal, MD of the consulting firm Alvarez & Marsal, points out that most successful D2C brands started out with a sharply defined hero product. “Earlier it was natural vs chemical or price disruption; today it’s much more about efficacy proof, ingredient transparency, visible results and credible
storytelling,” she says.
From the manufacturer’s side, Nishit Dedhia of Kain Cosmeceuticals, a cosmetics manufacturing company, says, “It is easier today for brands to target special concerns. That specificity helps them build a differentiated product earlier on.” Most brands, he explains, x a major problem such as acne, dryness, pigmentation and then layer in a niche twist. Strawberry skin, once not a mainstream concern, is now a category. “People didn’t know the term. Once you give it a name, they identify with it,” he adds.
Dedhia describes the portfolio strategy as 8-2 or 9-1 where eight or nine products are general, incremental variations of core needs, while one or two are “category-building products” that require significant consumer education or product communication but create their own search demand. “That is the only way you get out of the vicious cycle of paying for visibility,” he says. “When people search for your brand directly, CAC comes down.”
Devangshu Dutta, founder of management consulting firm Third Eyesight, says micro-problem framing is “co-created” by consumers and companies. “The fragmentation is real, but the language used to describe it is heavily brand-driven,” he says. Terms like “strawberry skin” or “glass skin” correlate with influencer campaigns but label pre-existing dissatisfactions that mass products did not address sharply.
However, sometimes, in the race to differentiation, brands go for outlandish ideas. Dedhia says brands increasingly approach manufacturers with amusing asks in the quest to stand out. For instance, beard fillers packaged like mascara or plumpers for face and neck.
PRODUCE & PERISH
The problem is that the mortality rate of skincare brands is very high in India. Dedhia estimates that around 60% companies shut down in three years. Many brands burn through capital chasing ads and trends without building repeat customers or a community.
“For a brand to cross over from being a curiosity-driven purchase to being part of a regimen needs a minimum 25-30% of customers showing up as repeats after three months, while truly successful brands reach higher repeat numbers,” says Dutta.
Subscriptions are an even stronger test. “Generic formulations, me-too products and influencer spends can get you first users, but repeats will happen only from the user getting demonstrated value,” says Dutta.
But growth does not equal stability. CAC typically starts low for niche products, rises during scaling-up and stabilises only if organic demand takes over, says Bhatnagar of Redseer. Quick commerce accelerates discovery but compresses margins due to the high commission rates on these platforms, promotional expectations and lower average order values.
Singhal, who says a consolidation phase is underway, adds: “Niche entry can work extremely well if the problem is frequent enough and the solution is demonstrably effective.” Durable brands deliver consistent performance, build adjacencies beyond the first niche and maintain disciplined unit economics.
“If repeat rates don’t stabilise, economics becomes very challenging, very quickly.”
PERSONALISATION AHEAD
For Aparna Saxena, founder of Delhi-based beauty brand Antinorm, the next decade will be defined by even greater personalisation. Her brand has multifunctional products that are timesaving. Saxena says she surveyed about 250 women above 25 years of age and found that five-step routines typically do
not last after two months. Antinorm’s architecture rests on multifunctionality, like a leave-in cream that doubles as heat protectant and promises a “presentable” hair look without a blow-dry. Its most popular product is a spray that cleanses and moisturises, which they dub as “instant shower” or “facial in a flash”.
She says the brand, which launched in July last year, will close next fiscal with about Rs. 25 crore in revenue. Repeat rates are currently under 25% “because the denominator is expanding rapidly”, she adds. “Between 2020 and 2025, customers moved away from incumbents and got used to having options and trying newer brands,” she says. “Now they have routines in place. The next five years will be defined by more and more personalisation and micro-problem solving.” The beauty is about to go really skin deep.
(Published in Economic Times)
admin
February 14, 2026
This episode of theUpStreamlife is a freewheeling conversation between Vishal Krishna and Devangshu Dutta, founder of Third Eyesight, with insights into the growth of modern retail and consumption in India, brand building and M&A, the balance of power between brands and retailers/platforms, sustainability vs growth and many other aspects, and is well-suited for founders and teams who want to be building for the long run in India.
