Limited downside
“Marico, ITC, HUL, Tata Consumer generally acquire a controlling stake in D2C startups versus Dabur’s minority stake acquisition in RAS Beauty,” reckons Nuvama Institutional Equities. Dabur’s minority-stake approach carries lower risk. If the brand scales up, Dabur can double down and integrate it into its distribution muscle. Otherwise, the financial downside remains limited.
