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INDUSTRY AND COMPETITIVE CONTEXT India's beauty and personal care (BPC) market is large, growing and unevenly concentrated. Redseer values it at roughly USD 23 billion in FY25, growing at about 12% a year, and projects USD 40 billion by 2030. That would make India the fourth-largest BPC market globally. The same research notes that, despite this growth, only a handful of brands have scaled meaningfully. Only around 20 brands, most housed inside large FMCG groups, exceed ₹1,50