Jul 11, 2026 · 1 hr 18 min · 14 segments
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Tarun SharmaGuestGaneshHost
So first of all, beauty and personal care is an incredible category to be in, right? It's been 10 years.

The new age brands, and we can see around ourselves the, the brands which were not present maybe five years or 10 years back, are contributing close to about 14, 15,000 crores in terms of revenue.
Wow!

Over the last 10 years, what we have realized, and we're still humble about it, is that capital doesn't build a good BPC brand.
Yeah.
Capital doesn't build a good BPC brand.

Very fundamental first approach [laughs]That over time they have never required capital.

Today we talk about equity fund raises, but debt pe toh paisa hamesha se milta tha.

Banks toh hamesha se udhar dete aaye, right? So we believe capital doesn't solve your consumer problem because capital ka role bahut limited hai.

But if just because capital raising has happened and capital has attracted to you, that doesn't mean there will be success at the end of the corridor.

So the biggest lesson we learned in our last five years of journey, so we were very capital efficient and we were very proud of it.

So first of all, beauty and personal care is an incredible category to be in, right? It's been 10 years.

The new age brands, and we can see around ourselves the, the brands which were not present maybe five years or 10 years back, are contributing close to about 14, 15,000 crores in terms of revenue.
Wow!

Over the last 10 years, what we have realized, and we're still humble about it, is that capital doesn't build a good BPC brand.
Yeah.
Capital doesn't build a good BPC brand.

Very fundamental first approach [laughs]That over time they have never required capital.

Today we talk about equity fund raises, but debt pe toh paisa hamesha se milta tha.

Banks toh hamesha se udhar dete aaye, right? So we believe capital doesn't solve your consumer problem because capital ka role bahut limited hai.

But if just because capital raising has happened and capital has attracted to you, that doesn't mean there will be success at the end of the corridor.

So the biggest lesson we learned in our last five years of journey, so we were very capital efficient and we were very proud of it.
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