Most celebrity skincare brands launch with hype and fade within two years, drowning in competitive markets and consumer skepticism. Statistics show 80% of celebrity beauty ventures fail to sustain beyond initial buzz. But when Bollywood actress Kriti Sanon, an engineer by education, partnered with six engineers from PEP Technologies (mCaffeine’s parent company) to launch Hyphen in July 2023, she wasn’t creating another vanity project. She was solving a personal problem while building India’s fastest-growing D2C skincare brand.
Two years later, that decision looks brilliant. Hyphen has achieved ₹400 crore in Annual Recurring Revenue (ARR), grew from 1 million to 4 million customers (4x growth in one year), serves 19,000+ pin codes across India, maintains 60% repeat purchase rate, and won PETA India’s Vegan Fashion Award in 2024 for being 100% vegan and achieving zero plastic footprint. The brand that hit ₹100 crore in its debut year (India’s fastest D2C brand to do so) tripled that to ₹400 crore in year two, projecting ₹500 crore by 2027.
Kriti serves as co-founder and Chief Customer Officer, personally overseeing product development, testing every formulation, designing packaging, and building a business that extends far beyond her 54+ million Instagram followers. With products averaging 4.5+ star ratings and double-digit market share in categories like lip balm within nine months, Hyphen proves that celebrity brands succeed when founders genuinely solve problems they personally experience.
Why Skincare? Kriti’s Personal Journey to Entrepreneurship
When Kriti Sanon decided to launch Hyphen, she wasn’t chasing trends or capitalizing on influencer status. She was solving frustrations she’d experienced for years as a professional actress whose career depended on maintaining perfect skin under harsh lights, heavy makeup, and punishing shooting schedules.
“I’ve always been into skincare because of my profession, but turning 30 made me take my skin even more seriously,” Kriti explained. Despite access to luxury skincare through her Bollywood career, she found most brands either overpriced or frag
mented, with products addressing single concerns in isolation using generic formulations.
The Indian Skincare Market Gap
In 2023, when Hyphen launched, the Indian skincare market (projected $10.48 billion in 2025) served two extremes:
- Luxury International Brands (Estée Lauder, Clinique, La Mer): High quality, extensively researched, but prohibitively expensive (₹3,000-15,000 per product), targeting ultra-wealthy consumers and out of reach for India’s aspirational middle class.
- Mass Market Brands (Ponds, Garnier, Olay): Affordable (₹200-800), widely available, but offering generic formulations with limited transparency about ingredients, ethical sourcing, or effectiveness for Indian skin types and climate conditions.
Kriti identified the missing middle: mass-premium skincare at ₹400-₹1,500 that offered quality ingredients, clinical testing, vegan formulations, and products specifically designed for Indian skin and environmental conditions. This sweet spot could capture India’s growing middle class willing to invest in quality skincare but unable to afford luxury brands.
The COVID Awakening
During COVID-19 lockdowns, Kriti, like millions of Indians, found herself with time to research skincare deeply. “I’ve always been into it because of my profession, but turning 30 made me take my skin even more seriously,” she reflected.
This research revealed gaps: products that didn’t work together, unclear ingredient lists, greenwashing without real sustainability commitments, and brands that didn’t understand Indian skin’s unique needs (managing melanin-rich skin, combating pollution, surviving extreme humidity and heat).
The Hyphen Journey: From Concept to ₹400 Crore in 24 Months
The Partnership: Kriti + PEP Technologies (2022-2023)
Kriti didn’t build Hyphen alone. She partnered with PEP Technologies, parent company of mCaffeine (India’s successful personal care D2C brand). This partnership brought:
Co-Founders with Expertise:
- Tarun Sharma (CEO): D2C and supply chain expert
- Saurabh Singhal (Chief Supply Officer): Manufacturing and logistics
- Mohit Jain (Head of Finance): Financial strategy
- Vikas Lachhwani (Chief Innovation Officer): Product R&D
- Vaishali Gupta (Chief Growth Officer): Marketing and growth
mCaffeine Learnings: PEP Technologies applied lessons from building mCaffeine, including D2C operations, influencer marketing, product formulation, supply chain management, and digital-first strategies.
Kriti’s Role: As co-founder and Chief Customer Officer, Kriti oversees customer experience, product testing, packaging design, brand aesthetic, and marketing strategy, personally testing every product before launch.
The Launch (July 2023): Three Essential Products
Hyphen launched in July 2023 with three carefully chosen products addressing Indian skincare fundamentals:
- Barrier Care Cream (₹525-575): Two variants for different skin types, focusing on skin barrier health critical for Indian climate extremes
- Golden Hour Glow Serum (₹795): Brightening serum with vitamin C and niacinamide targeting hyperpigmentation
- All I Need Sunscreen SPF 50 PA++++ (₹475): Broad-spectrum protection against India’s intense UV exposure
The initial launch targeted 18,000 pin codes, ensuring nationwide availability from day one rather than phased rollouts limiting growth.
Year One: ₹100 Crore Milestone (July 2023-June 2024)
- Historic Achievement: Hyphen became India’s fastest D2C brand to hit ₹100 crore within its inception year, surpassing brands that typically take 3-5 years to reach this milestone.
- Product Expansion: Added lip balms, face masks, cleansers, moisturizers, and additional serums, reaching 30+ SKUs addressing diverse skincare needs.
- Market Share: Within 8-9 months post-launch, Hyphen captured double-digit market share in sub-categories like lip balm, demonstrating rapid consumer adoption.
- Customer Loyalty: Achieved 60-70% repeat purchase rate, indicating genuine product satisfaction beyond one-time celebrity-driven curiosity buys.
- One Million Customers: Crossed 1 million customer milestone by July 2024 (first anniversary), serving diverse demographics across India’s 19,000+ pin codes.
Year Two: ₹400 Crore and 4x Growth (July 2024-July 2025)
Revenue Explosion: Added ₹300 crore to gross revenue, reaching ₹400 crore ARR by July 2025 (second anniversary), tripling year-one performance.
Customer Base Growth: Grew from 1 million to 4 million customers (4x growth), demonstrating expanding market penetration beyond Kriti’s existing fanbase.
Product Portfolio: Expanded to 100+ products including:
- Double-Shot Face Serum
- Ice Dunk Cooling Face Mask
- Mango Lip Screen SPF 50
- Rice Water Brightening Serum
- Hydrating Essentials line (December 2024)
- Dewy Prep collection (June 2024)
Sustainability Recognition: Won PETA India Vegan Fashion Award in 2024 for 100% vegan formulations and achieved Zero Plastic Footprint through alternative packaging materials.
Media Impressions: Generated nearly 1 billion impressions in seven months (late 2024), demonstrating strong brand awareness and social media presence.
August 2025 Status and Controversy
- Financial Milestone: Hyphen’s ₹400 crore ARR positioned it among India’s top celebrity-founded beauty brands, though exact profit margins remain undisclosed. Some sources report annual revenue of ₹7.54 crore as of March 2024 (lower than claimed ARR), raising questions about ARR vs revenue accounting.
- Social Media Backlash: In August 2025, Hyphen faced criticism on platforms like Reddit with users questioning the ₹400 crore claims, alleging the brand copied Rhode Beauty’s product line and aesthetics, and suggesting limited visibility outside Kriti’s Instagram. Critics noted “Kriti is not Rihanna” with brand equity to launch billion-rupee businesses on name alone.
- Company Response: Despite backlash, Hyphen continues scaling with CEO Tarun Sharma defending growth through high repeat rates, 4.5+ product ratings, and double-digit market share achievements.
The Product Strategy: What Makes Hyphen Different
Science Meets Nature Philosophy
Hyphen positions itself as “infusing the power of nature with the potency of science,” combining natural ingredients with clinical testing and dermatological validation.
Key Product Attributes:
- 100% vegan formulations (no animal-derived ingredients)
- Clinically tested for efficacy and safety
- Dermatologist-approved for Indian skin types
- Multi-purpose products simplifying skincare routines
- Transparent ingredient lists with percentages disclosed
Mass-Premium Pricing (₹400-₹1,500)
Hyphen’s sweet spot pricing targets India’s aspirational middle class willing to invest in quality but unable to afford ₹5,000+ luxury products. This positioning:
- Makes quality skincare accessible to millions
- Maintains healthy gross margins (estimated 50-60%)
- Allows premium positioning without luxury price barriers
- Captures consumers trading up from mass brands
Indian Skin and Climate Focus
Unlike international brands with universal formulations, Hyphen designs specifically for:
- Melanin-rich Indian skin tones and concerns (hyperpigmentation, uneven tone)
- High UV exposure requiring strong sun protection
- Extreme humidity and heat affecting product stability
- Pollution-heavy urban environments damaging skin barriers
Simplified Skincare Routines
Rather than selling 10-step Korean routines requiring dozens of products, Hyphen emphasizes:
- Multi-purpose products reducing routine complexity
- Three essential daily products (cleanser, moisturizer, sunscreen)
- Targeted treatments for specific concerns
- Affordable complete routines (under ₹3,000 for full regimen)
The Business Model: How Hyphen Makes ₹400 Crore
Direct-to-Consumer Foundation
Hyphen launched as D2C brand selling through Hyphen website, capturing full margins and direct customer relationships. Benefits include:
- 50-60% gross margins before marketing costs
- Customer data for personalized marketing
- Rapid product testing and feedback loops
- Subscription options generating recurring revenue
Omnichannel Expansion
While prioritizing D2C, Hyphen expanded distribution through:
- Own website (primary channel)
- Major e-commerce platforms (Amazon, Nykaa, Flipkart)
- Physical retail partnerships (expansion ongoing)
- 19,000+ pin code coverage ensuring nationwide reach
Kriti’s Zero-Cost Marketing
With 54+ million Instagram followers and Bollywood stardom, Kriti provides organic marketing worth ₹20-40 crore annually in advertising equivalent. Every Instagram post featuring Hyphen reaches millions organically, driving direct sales without paid advertising.
Strategic Product Launches
Hyphen launches new products strategically:
- Seasonal launches (summer cooling masks, winter moisturizers)
- Trend-responsive (Korean beauty-inspired formats)
- Customer-requested (based on feedback and reviews)
- Festival-timed (Diwali gifting sets, wedding season specials)
Financial Performance Through August 2025
Year 1 (July 2023-June 2024):
- Revenue: ₹100 crore ARR
- Customers: 1 million
- Products: 30+ SKUs
- Repeat Rate: 60-70%
Year 2 (July 2024-June 2025):
- Revenue: ₹400 crore ARR
- Customers: 4 million (4x growth)
- Products: 100+ SKUs
- Repeat Rate: 60%
Projections:
- 2026-2027: ₹500 crore target
- Profitability: Undisclosed, but fast growth suggests reinvestment over profits
Valuation: Undisclosed, but estimated ₹800-1,200 crore based on revenue multiples typical for profitable D2C beauty brands
Kriti’s Stake: Exact percentage undisclosed, but as co-founder likely 15-30%, worth ₹120-360 crore at estimated valuation
Lessons from Hyphen’s ₹400 Crore Success
Solve Problems You Personally Experience: Kriti created Hyphen because she wanted simplified, effective skincare at reasonable prices, not because market research suggested opportunity. This authentic problem-solving resonates with customers sharing similar frustrations.
Partner with Operational Experts: Kriti provided vision, brand, and marketing. PEP Technologies provided D2C expertise, supply chain, manufacturing, and operational execution. This complementary partnership combined strengths while offsetting weaknesses.
Price for Your Market, Not Aspirations: At ₹400-₹1,500, Hyphen prices for India’s aspirational middle class, not ultra-wealthy. This accessible premium positioning maximizes addressable market while maintaining healthy margins.
Quality Must Justify Celebrity Premium: With 4.5+ star ratings and 60% repeat rate, Hyphen products deliver genuine quality beyond celebrity marketing. Products must work or customers won’t return regardless of founder fame.
Sustainability as Differentiator: 100% vegan formulations and zero plastic footprint aren’t just ethical choices, they’re marketing differentiators appealing to conscious consumers willing to pay premiums for values-aligned brands.
Scale Fast When Product-Market Fit Proven: Once Hyphen achieved product-market fit (proven by repeat rates and ratings), aggressive scaling from 30 to 100+ SKUs and 1 million to 4 million customers captured market share before competitors responded.
Expect Scrutiny When Growing Fast: Hyphen’s August 2025 backlash shows that rapid growth invites skepticism. Brands must prepare for questioning of claims, comparisons to competitors, and demands for transparency beyond founder star power.
The Bottom Line
Kriti Sanon’s Hyphen journey from concept to ₹400 crore skincare brand in just two years demonstrates that celebrity ventures succeed when built on authentic founder involvement, quality products, and strategic partnerships. By transforming her personal skincare frustrations into a solutions-driven business, Kriti created India’s fastest D2C brand to hit ₹100 crore, grew 4x to serve 4 million customers, and maintained 60% repeat purchase rates indicating genuine product satisfaction.
What separates Hyphen from typical celebrity skincare brands is execution. Kriti serves as Chief Customer Officer actively testing products and designing packaging, partnered with experienced D2C operators from mCaffeine providing operational expertise, and offers quality products (100% vegan, clinically tested, dermatologist-approved) at mass-premium pricing (₹400-₹1,500) accessible to India’s aspirational middle class. Her 54+ million Instagram followers provide marketing reach worth crores annually, while her engineering background and attention to formulation details give the brand credibility typical celebrity endorsements lack.
The brand’s challenges, including August 2025 social media backlash questioning ₹400 crore claims and allegations of copying Rhode Beauty’s aesthetics, illustrate that fast-growing celebrity brands face scrutiny demanding transparency beyond star power. However, with 60% repeat rates, 4.5+ star product ratings, double-digit market share in key categories, PETA awards for vegan formulations, and ambitious ₹500 crore targets by 2027, Hyphen’s fundamentals suggest genuine business traction beyond hype.
For Kriti personally, Hyphen represents significant wealth creation contributing to her estimated ₹100+ crore net worth from acting, endorsements (Coca-Cola, Titan, Tissot), and entrepreneurship (Hyphen, The Tribe fitness, Ms. Taken clothing, Blue Butterfly Films production). As co-founder with substantial equity, she benefits directly from company success, potentially earning tens of crores if Hyphen achieves exit through acquisition or IPO in coming years.
The journey from turning 30 and researching skincare during COVID to building ₹400 crore revenue shows that the most successful celebrity businesses solve problems founders personally experience, maintain product quality matching brand promises, and partner with operational experts providing execution capability. Kriti Sanon didn’t just license her name to skincare products. She built a company addressing gaps she experienced, testing every formulation, and committing to ethical values (vegan, zero plastic) resonating with conscious consumers. And that authentic approach transformed skincare passion into India’s fastest-growing beauty brand, proving that when celebrity meets genuine entrepreneurship, billion-rupee businesses are possible in just two years.
