India, Feb. 7 -- Calling India's beauty and personal care (BPC) market crowded would be an understatement - it is a red-ocean battlefield. For decades, the category has been dominated by large FMCG giants, such as Marico and Hindustan Unilever, and global beauty majors like Garnier, L'Oreal, and Maybelline.

Structurally, the market is split along clear price lines - domestic FMCG brands focused on value-conscious mass consumers and international brands, which cater to the affluent or aspirational class.

This price and positioning gap began to narrow around 2016, when a new wave of D2C beauty brands entered the market, promising global-grade formulations at affordable prices. These startups leveraged digital distribution, influencer-led ...