Consumer & D2C

Unit Economics

Scrubsy: the use of funds

A brand-building fund underwrote equipment at the first cheque. In home care the competitor is HUL and Reckitt, there is no premium narrative to hide behind, and gross margin is the entire strategy — which makes this a cost-structure bet wearing a brand bet's clothes.

Operating Memos

Bakingo: occasion share

Bakingo crossed ₹300 Cr in FY25 on a ₹16.5 Cr loss and raised ₹100 Cr from Faering at a ₹1,643 Cr mark. The visible growth engine is kitchen count. But a cake is bought for an occasion, and the number of occasions in a household per year is fixed. An operating memo on why I would not spend this round on the 31st city.

← all research