GMV ₹315
→
− Disc ₹60
→
Net Rev ₹255
→
− R&C ₹16
→
Net Sales ₹239
→
− COGS ₹66
→
CM1 ₹173
→
− Fulfil ₹31
→
CM2 ₹142
GMV (FY25)
₹315 Cr
Gross merchandise value · pre-discount
Net Revenue (FY25)
₹255 Cr
Post-discount · pre-returns
Net Sales / Reported Rev
₹239 Cr
Matches audited FY25 filing
Contribution Margin 2
₹142 Cr / 60%
Post-COGS, post-fulfilment
The Waterfall
FY25 P&L Waterfall — GMV to CM2
All values ₹ Cr · subtotals from zero · reductions as floating segments
Channel Explorer
One chart · pick a metric · toggle channels · switch period
All P&L lines per channel over time — replaces GMV / Discount / Net Rev / R&C / COGS / Fulfilment / Adspend / MER / CAC tiles
Metric
Period
Channels
Channel Snapshot — FY25 baseline
Illustrative| Channel | GMV ₹Cr | Share | YoY % | Net Rev ₹Cr | Take % | Discount % | Realised Margin % |
|---|---|---|---|---|---|---|---|
| D2C | ₹189 | 60% | ↑ 28% | ₹155 | 0% | 18% | 82% |
| Horizontal (Amazon/Flipkart) | ₹54 | 17% | ↑ 14% | ₹45.9 | 17% | 15% | 68% |
| Vertical (Nykaa/Tira) | ₹47 | 15% | ↑ 19% | ₹36.7 | 25% | 22% | 53% |
| Quick Commerce | ₹25 | 8% | ↑ 84% | ₹17.5 | 28% | 30% | 42% |
| Total | ₹315 | 100% | ↑ 26% | ₹255 | — | 19% | — |
Platform Detail — all channels, all platforms
Per-platform GMV bars · take · discount · contract days · top SKU — no tabs, everything visible
COGS Composition — FY23 to FY25
RM + PM + Conversion + Labour · stacked ₹ Cr
FY25 COGS Mix (₹66 Cr)
RM + PM = 67% — single biggest negotiation lever
RM + PM dominate at 67% of COGS: Raw materials (₹26 Cr) + packaging (₹18 Cr) = ₹44 Cr. Even a 5% renegotiation = ₹2.2 Cr direct CM1 expansion. Full vendor, manufacturer & rate-card analysis now lives in the Sourcing & COGS module.
Vendor & sourcing detail moved: the RM/PM spot-price overlay, 20-vendor ROC benchmarking, manufacturer financial health, payable-day arbitrage and rate-card → FG analysis now live in the dedicated Sourcing & COGS module (left nav).
CM1 (FY25)
₹173 Cr
Net Sales − COGS
CM1 % of Net Sales
72.5%
↑ 3.9 pp vs FY24 · matches audited GM
RM + PM as % of COGS
67%
₹44 Cr — primary negotiation lever
High-ROC Suppliers
5 of 20
ROC > 30% — negotiation candidates
Fulfilment Cost % of NMV by Channel
Warehouse vs Last-mile · QC structurally lowest (dark-store proximity)
Absolute Fulfilment Spend by Channel
₹ Cr · D2C dominates absolute fulfilment burn
Last-mile partner detail moved: carrier credit-slippage, trapped-cash, AOV/margins and bulk-discount leverage now live in the dedicated Channels & Fulfilment module (left nav).
P&L Waterfall Arithmetic — FY25 Reconciliation
Step-by-step from GMV to CM2 · every line ties to S2 chart + S1 KPI tiles
| Step | ₹ Cr | % of GMV | % of Net Sales | Notes |
|---|---|---|---|---|
| GMV | ₹315.0 | 100.0% | 131.8% | D2C ₹189 · Horz ₹54 · Nyk ₹47 · QC ₹25 |
| (−) Discounts | −₹60.0 | −19.0% | −25.1% | Channel-weighted average 19% |
| = Net Revenue | ₹255.0 | 81.0% | 106.7% | Post-discount |
| (−) Returns & Cancellations | −₹16.0 | −5.1% | −6.7% | Horizontal drives 41% of leakage |
| = Net Sales | ₹239.0 | 75.9% | 100.0% | ↔ Audited FY25 Revenue from Operations |
| (−) COGS | −₹66.0 | −21.0% | −27.6% | RM 26 · PM 18 · Conv 14 · Labour 8 |
| = CM1 | ₹173.0 | 54.9% | 72.4% | ↔ Audited Gross Margin 72.5% |
| (−) Fulfilment | −₹31.0 | −9.8% | −13.0% | Last-mile + warehouse |
| = CM2 | ₹142.0 | 45.1% | 59.4% | Final landing — top-of-the-house margin |
Reconciliation: checking…
Disclosed Revenue by Supplier — latest filed FY
Real MCA / exchange filings · Givaudan excluded as global outlier · ₹ Cr ■ Mfr ■ RM ■ PM
Financial Disclosure Coverage
How transparent the 44-supplier base actually is
Where the leverage is: only EPL (listed · 18% RoCE · 67 debtor days) and Manjushree (12% RoCE · 15.5% EBITDA margin) file full financials — both robust, cash-generative balance sheets, i.e. real room to push for extended terms or better rates. But ~50% of the base (small private CMs, traders, proprietorships) files nothing public. A credit-rating-rationale sweep (ICRA · CRISIL · CARE · Acuité) across all 19 revenue-only names came back empty — they're unrated or "issuer not cooperating" — so deeper margins / RoCE / debtor-days need a paid Tracxn / PrivateCircle / MCA pull or a direct financial ask. Gaps are flagged, never estimated.
Vendor & Manufacturer Financial Health — full register
44 suppliers · real figures where publicly filed · "—" = not disclosed · subsidiaries show whether the parent is listed or private · hover a row for the source
| Supplier | Type | Supplies | Status | FY | Revenue ₹Cr | EBITDA % | RoCE % | Debtor Days | Coverage |
|---|
Competitor-parallel view (planned): which competitors — Mamaearth, Plum, Minimalist, The Derma Co — share these vendors and on what terms. That needs vendor–customer linkage data (not in public filings); flagged as the next layer for this module.
Days We Could Claw Back
68d
Σ (receivable − payable) across 5 partners
Biggest Single Gap
+17d
Hindustan Foods · 55d vs 72d
Competitors On Better Terms
4 of 5
≥1 competitor pays later than mcA
Strongest Evidence
NG
Plum 50d on 30% volume · mcA 60d
Payable vs Receivable Days — Arbitrage by Manufacturer
mcA's payable days vs the days each manufacturer grants its customer base · close the gap
Hindustan Foods grants others 72 days but bills mcA at 55 — a 17-day working-capital opportunity on ₹12 Cr of spend. Anchor each ask to that partner's own receivable behaviour, not a generic request.
Competitor Terms on Shared Manufacturers — Negotiation Evidence
Payable days competitors secure from the same manufacturers · MCA filings / trade proxy
| Manufacturer | Competitor | Competitor Volume Share | Competitor Payable Days | mcA Payable Days | Verdict |
|---|
Proposed FG Price
₹105
per unit · Caffeine Face Wash 100ml
RM + PM Share of FG
70%
primary negotiation lever
CM Margin in FG Price
13%
manufacturer conversion margin
FG Price as % of MRP
35%
₹105 of ₹299 MRP
FG Price Build-Up — Caffeine Face Wash 100ml @ Hindustan Foods
Vendor rate cards → RM + PM + Conversion + CM margin = Finished-Goods price/unit
Negotiate the FG ceiling, not line items: Yasham's proposed RM card (SLES ₹110→112, glycerin ₹85→88, caffeine ₹1,850→1,880) plus Manjushree's PM card lift the build-up by ≈₹0.44/unit. Feed these cards to the manufacturer so the FG quote can be challenged component-by-component.
Vendor Rate Cards — Proposed vs Current
Representative RM & PM lines feeding the FG build-up · per-FG contribution at stated usage
| Vendor | Type | Material | Unit | Current Rate | Proposed Rate | Δ% | Per-FG ₹ |
|---|
Vendor Premium over Global Spot — 4-Quarter Trend
Top-3 RM/PM lines by spend · premium % = (vendor price − global spot) ÷ spot · is the gap widening?
Dispenser-pump premium is widening (16% → 18%) while caffeine's premium narrows — the pump vendor's "spring steel" claim is not supported by global spot movement. Prioritise pumps for renegotiation.
Raw Material & Packaging Overlay — Vendor Price vs Global Spot
Validates / challenges supplier "war / manpower" claims · top-10 lines by spend
| Material | Type | Spend ₹Cr | Vendor Price | Global Spot | Delta | 4Q Trend | Vendor Claim | Verdict |
|---|
Carriers Tracked
5
100% of mcA last-mile volume
Avg Credit Slip
14d
observed − contracted remittance
Cash Trapped by Slippage
₹9.0 Cr
working capital in transit beyond contract
Bulk-Discount Candidates
2 of 5
≥60K orders/mo → push 8–12%
Cash Trapped by Credit Slippage
Slip days × daily order value · the working-capital cost of late remittance
mcA Monthly Spend by Carrier
₹ Cr/month · monthly order volume × cost per order
Delivery Partner Margins & Bulk-Discount Leverage
AOV + cost per order + partner economics → volume-discount angle on mcA's order quantum
| Carrier | Public Snapshot | mcA AOV | Orders/mo | mcA Cost/Order | mcA Spend ₹Cr/mo | Partner Net Margin | Bulk-Discount Leverage |
|---|
Credit-Period Slippage & Trapped Cash
Contracted vs observed remittance days + fuel pass-through + working capital trapped
| Carrier | Public Snapshot | Contract Days | Observed Days | Slip | Fuel Pass-Through | Trapped Cash ₹Cr | Credibility | Volume Share |
|---|
Ecom Express: 28-day slip traps ₹2.4 Cr and it's loss-making (−3% net margin) — reduce volume or renegotiate. Delhivery's 17-day slip on the largest volume traps ₹3.5 Cr; as a listed entity its audited margin pressure is leverage at the next review.
Marketplace GMV (FY25)
₹129 Cr
Amazon · Flipkart · Nykaa · QC · Meesho
Commission Paid
₹28 Cr
21.9% blended take rate
Marketplace Mktg Spend
₹22.8 Cr
platform ads + visibility
Blended Take Trend
↑ 21.9%
20.4% → 21.9% · not scaling down
Commission Take Rate by Platform
% of GMV taken · quick-commerce & vertical beauty charge the most
Blended Take Rate vs Scale-Efficient Target
As GMV grows, take should fall with scale — mcA's is rising
Commission not scaling with brand size: marketplace GMV grew ~60% (₹81 → ₹129 Cr) but blended take rose 20.4% → 21.9%. At this scale push tiered take-rate slabs — Nykaa (25%) and Zepto (30%) are the biggest levers (₹10.8 Cr + ₹2.7 Cr commission).
Marketplace Economics — Commission & Spend
Per-platform take, commission paid, marketing spend and total margin load
| Platform | Channel | GMV ₹Cr | Take % | Commission ₹Cr | Mktg Spend ₹Cr | Total Load % | Contract Terms |
|---|
Vertical
Year
Consolidated Waterfall — GMV → Post-Material Contribution
All verticals · FY25 · GMV → −Discounts → Net Rev → −R&C → Net Sales → −RM/PM
Top SKUs by GMV
Which products sell most in the selected vertical
Vertical mix differs by SKU: body care (Coffee Body Scrub / Body Wash) leads D2C & Horizontal, but Vertical Beauty over-indexes on the Caffeine Eye Cream & Vit-C Serum, and Quick Commerce skews to grab-and-go Body Wash & Face Wash. Range each channel to its winners.
Biggest market move — HUL acquires Minimalist (Jan 2025): Hindustan Unilever took 90.5% of Minimalist (₹515 Cr FY25 revenue) at a ₹2,955 Cr (~$350M) valuation — Big-FMCG buying into D2C actives. With Nykaa already owning Dot & Key and Honasa public, the independent-brand window is narrowing — mCaffeine's caffeine positioning is the differentiator to defend.
Revenue Scale — D2C BPC Competitive Set (latest filed FY)
Real MCA / exchange filings via Entrackr & screener.in · mCaffeine highlighted · ₹ Cr
Profitability — latest-FY net P&L (₹ Cr)
Who earns vs. burns · green = profit, red = loss · mCaffeine highlighted
Competitor Financial Register
Real figures — MCA filings (private) & exchange filings (listed) · mCaffeine ★ highlighted · hover a row for source
| Brand | Legal entity | Status | FY | Revenue ₹Cr | Growth | EBITDA % | Net P&L ₹Cr | Categories |
|---|
Cap Table & Material Events
Funding raised · last known valuation · key investors · latest cap-table move
| Brand | Total Funding | Last Valuation | Key Investors | Latest Material Event |
|---|
Where mCaffeine sits: at ₹237.5 Cr (FY25, incl. Hyphen) it's mid-pack by scale — inside the ₹400–515 Cr chasing pack (Plum, Pilgrim, Sugar, Dot & Key, Bella Vita, Minimalist) and far below listed Honasa (₹2,067 Cr) & Nykaa (₹7,950 Cr). Profitability is the real fault line: Plum, Bella Vita & Dot & Key turned profitable in FY25 while Sugar, WOW, Foxtale & Pilgrim still burn — mCaffeine cut losses 81% to ₹18 Cr but its core brand is flat (Hyphen drove the growth). The contested ground is the profitable-growth quadrant.
Competitor-parallel by design: this competitor lens is meant to overlay the rest of the dashboard — the same revenue / margin / cap-table read will sit beside Sourcing (shared vendors) and Channels as those wire up. Category-share & top-SKU depth needs a retail-scan / Nielsen feed (flagged, not estimated).
Public / Acquired Peers
5
filings + annual-report proxies
Avg Peer Gross Margin
66.6%
listed / acquired set
mcA GM Premium
+5.9 pp
72.5% vs 66.6% peer avg
Top Serum Region
South
38% of serum sales
Geographic Sales Mix — Serums vs Body Care
% of category sales by region · serums over-index in South India (ingredient-educated consumers)
Gross Margin — Public / Acquired Proxies
Read from annual reports & filings (HUL / Honasa / MCA)
Public-Company Margin & Source Proxies
Read gross margins & category mix from listed / acquired peers' disclosures
| Company | Ownership | Gross Margin | Disclosure Source | Read-Across |
|---|
Serums over-index in South India (38% vs 22% for body care) — consumers there are more ingredient-educated. Prioritise serum SKUs & regional marketing in the South; benchmark mcA's 72.5% GM against HUL/Honasa disclosures.
Celebrity Equity Stakes — Competitor Deals
Equity % celebrities hold in rival brands (MCA MGT-7 proxy) · reference band for mcA's celeb BD
Cap Table & Celebrity Deal Tracker
Competitor equity structures & celebrity partnerships from MCA filings
| Brand | Celebrity | Deal Type | Equity % | Valuation / Round | Notes |
|---|
Celebrity equity benchmarks: Ranveer Singh's ~9% co-founder stake in "Super You" and Samantha's equity in "Alchemy" set the reference band (6–9% for an anchor face, founder-level for co-creation) for mCaffeine's next celebrity BD deal.
Pep Technologies — Related-Party & Group View
Own cap-table · sister brands · investors — merged from the former Related Parties tab
Parent Entity
Pep Technologies
House of Brands — mCaffeine + Hyphen
Pep Group Revenue (FY25)
₹289 Cr
mcA ₹239 Cr + Hyphen ₹50 Cr
Total Funding Raised
$50.6 M
9 rounds · 102 investors
Group Valuation
₹1,000 Cr
Last funding round basis
Sister Brand Watch — Hyphen (Kreative Beauty): Hyphen posted ₹50 Cr revenue in FY25 — a 6.6× growth year. The brand (backed by Kriti Sanon) is now on a ₹100 Cr+ run-rate and growing faster than mCaffeine. ~50% of Hyphen revenue comes from D2C vs mCaffeine's lower D2C mix. Cross-brand learnings on D2C conversion and retention are a key internal opportunity.
Pep Technologies — Related Entity Tracker
Monthly monitor — not a daily metric — financial relationships within group
| Entity | Relationship | Nature | FY25 Revenue | Trend | Status |
|---|---|---|---|---|---|
| mCaffeine (PepTech) ★ | Core Brand | Operating Brand | ₹239 Cr | ↑ 21% YoY | Growing |
| Hyphen / Kreative Beauty | Sister Brand (Pep) | D2C Skincare Brand | ₹50 Cr | ↑ 6.6× YoY | Hypergrowth |
| Pep Technologies Pvt. Ltd. | Parent HoldCo | Brand Management / IP | Group Consolidated | Narrowing losses | Parent |
| Paragon Partners | Investor (Lead) | Equity — D2C Consumer | — | Monitoring exit | Active Investor |
| DSG Consumer Partners | Investor | Equity — Consumer FMCG | — | Long-hold | Active Investor |
| LogiFirst 3PL | Fulfillment Partner | Warehousing + Last-Mile | ~₹20 Cr contracted | → Flat | Renegotiate |
Pep Technologies Group — Revenue by Brand
FY23 · FY24 · FY25 — mCaffeine (core) + Hyphen (emerging)
Group Losses vs Funding Runway
Annual net loss trend — path to group breakeven
Next-3-Month Related Party Forecast
Estimated inter-company and related-entity flows — Jun–Aug 2026
| Entity | Type | Jun 2026 (Fcst.) | Jul 2026 (Fcst.) | Aug 2026 (Fcst.) | Status |
|---|---|---|---|---|---|
| Kreative Beauty (Hyphen) | Shared Services Allocation | ₹1.8 Cr | ₹2.0 Cr | ₹2.1 Cr | Active |
| Pep Technologies HoldCo | Management Fees / IP | ₹0.9 Cr | ₹0.9 Cr | ₹0.9 Cr | Active |
| Founder Holdings LLP | Loan Repayment | ₹0.5 Cr | ₹0.5 Cr | ₹0.5 Cr | Scheduled |
| LogiFirst 3PL | Fulfillment Contract | ₹1.6 Cr | ₹1.7 Cr | ₹1.8 Cr | Renegotiate |
| Caffeine Labs R&D | Formulation Services | ₹1.2 Cr | ₹1.2 Cr | ₹1.3 Cr | Active |
mcA Influencer Lean
14%
% of rev — highest in the set
mcA Influencer ROI
2.5×
lowest vs peers (Minimalist 3.6×)
Reformulation Wins Tracked
4
competitor fixes → sales spikes
Top NPD Signal
Greasy residue
Plum fix drove 2.0× · mcA's #1 complaint
Competitor Influencer Spend & ROI
Influencer / creator spend as % of revenue · tooltip shows ROI (mcA over-indexed, low ROI)
Competitor Marketing Shift & ROI
Where rivals are moving spend and the return they get
| Brand | Influencer % of Rev | Total Mktg % of Rev | Influencer ROI | Spend Shift |
|---|
Reformulation → Sales Spike (NPD Signals)
Competitor fixed a consumer problem → measured sales lift · prioritise the same fixes
| Competitor | Product | Problem Solved | Sales Spike | Signal for mCaffeine |
|---|
Plum's non-greasy face-wash reformulation drove a 2.0× sales spike — and "greasy residue" is mCaffeine's #1 review complaint (1,240 mentions). Fast-track the lighter face-wash NPD already in the Social pipeline.
Total Mktg Spend (FY25)
₹95.8 Cr
40% of revenue (target: 25%)
Marketing Reduction YoY
↓ ₹15.2 Cr
From ₹111 Cr (FY24) — 14% cut
Revenue per ₹1 Mktg Spend
₹2.50
↑ from ₹1.77 in FY24
Offline Retail Points
30,000+
↑ 19,000 pin codes covered
Marketing Efficiency Gap: mCaffeine spent 40% of revenue on marketing in FY25 vs D2C BPC industry average of 20–25%. Closing this gap to 28% would save ₹28.7 Cr annually — nearly 2× the current net loss — and would push the business into EBITDA profitability. The improvement trend is real: 58% → 56% → 40% over 3 years.
Marketing Spend as % of Revenue
FY23–FY25 actuals · FY26–FY27 path to target (25%)
Marketing Channel Mix (Est. FY25)
Influencer-heavy model — ₹95.8 Cr total
Channel Spend Trend
Monthly estimates (₹ Cr) — Dec 2024 to May 2026
Meta India — Spend vs DPC Benchmark
mCaffeine Meta spend vs D2C personal care segment baseline
Channel Leverage Calculator
mCaffeine % revenue spend vs D2C avg — identify negotiation angle
Influencer / Creator
mcA: 14%Avg: 8%
14%
Over-indexed
Meta (FB / IG)
mcA: 11%Avg: 10%
11%
Near Parity
Google Ads
mcA: 7.5%Avg: 5%
7.5%
Above Avg
Amazon / Nykaa Ads
mcA: 5%Avg: 6%
5%
Leverage
SMS / Email / SEO
mcA: 2.5%Avg: 4%
2.5%
Underleveraged
Quick Commerce Penetration
Blinkit / Zepto / Swiggy Instamart — share of urban orders growing
D2C Site Rating (Overall)
4.7+ / 5
5M+ customers claimed · brand data
Top SKU — Coffee Body Scrub
4.81 / 5
3,000+ verified reviews · flagship
3P Platform Score (Avg)
3.8 / 5
MouthShut 3.12 · gap vs own site
NPD Pipeline Items
4
2 critical · 2 growth-stage
Rating Gap Alert: mCaffeine's own D2C site shows 4.7+ overall rating while MouthShut independent reviews average 3.12/5. This gap (1.58 points) suggests review gating on D2C. Third-party platforms should be the primary sentiment baseline for unbiased NPD signal.
Sentiment Score by Platform
Estimated 6-month trend — independent vs brand-owned channels
Consumer Problem Statements
AI-parsed from Amazon / Nykaa / MouthShut reviews — May 2026
Face wash leaves greasy film post-wash1,240
Travel-size packaging leakage980
Coffee fragrance too overpowering720
No dedicated SPF face product610
Men's skincare range too limited480
Scalp / hair growth serum needed310
Best-Selling SKUs — Review & Rating Tracker
From mCaffeine.com — real product data
| Product | Category | Price | Site Rating | Reviews | Signal |
|---|---|---|---|---|---|
| Coffee Body Scrub (100g) | Body Care | ₹449 | 4.81 / 5 | 3,000+ | Hero SKU |
| Guava Tini De-Tan Body Wash | Body Care | ₹449 | 4.55 / 5 | 669 | Growing |
| Sweet Escape Perfume Body Lotion | Body Care | ₹499 | 4.59 / 5 | 1,000+ | Strong |
| Brightening Sunscreen SPF 50 (200ml) | Sunscreen | ₹549 | 4.63 / 5 | 561 | Rising |
| Coffee Face Wash (100ml) | Face Care | ₹349 | 4.2 / 5 | ~800 | Reformulate |
| Coffee Hydrogel Under Eye Patches | Eye Care | ₹499 | 4.5 / 5 | ~500 | Expand Range |
| Green Tea & 15% Vit C Serum | Face Care | ₹699 | 4.4 / 5 | ~300 | Premium Tier |
| 007 Perfume for Men (100ml) | Perfumes | ₹899 | 4.1 / 5 | ~200 | Men's Upsell |
NPD Pipeline — Consumer Signal → Product Loop
Sourced from review problem statements · mapped to product opportunity
Reformulated Face Wash — Lighter Non-Greasy Formula
Signal: 1,240 "greasy residue" complaints — highest-volume problem statement across Amazon & Nykaa
Amazon (620) · Nykaa (380) · D2C (240) | Confidence: Critical | Est. launch: Q2 FY27
Redesigned Travel Kit — Leak-Proof Format
Signal: 980 packaging leakage complaints — affects repeat purchase rate, documented Amazon return reason
Amazon (610) · Flipkart (370) | Confidence: Critical | Est. launch: Q2 FY27
Coffee + SPF 30 Daily Face Serum
Signal: 610 requests for coffee-branded SPF face product — they have body sunscreen but limited face SPF with brand DNA
Instagram (290) · Amazon reviews (230) · D2C wishlist (90) | Confidence: High | Est. launch: Q3 FY27
Men's Coffee Skincare Line (Beyond Perfumes)
Signal: 480 requests for dedicated men's skincare — they have 007/Magnetic perfumes for men but limited skincare
Reddit India (190) · YouTube (180) · D2C (110) | Confidence: Moderate | Est. launch: Q4 FY27
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