mCaffeine, a direct-to-consumer personalcare start-up, aims to break even by the fourth quarter of FY24. The company has witnessed a substantial growth in operating revenues, with a 70–80 per cent increase over its FY22 figure of ₹135.23 crore, Tarun Sharma, co-founder and CEO, told businessline. It had posted a loss of ₹56.67 crore in FY22.

The D2C company has also forayed into the cosmetics sector with a lipstick range. It has launched its cocoa kiss lipsticks range in six variants. “The beauty and personal care industry is valued at $16 billion, and is projected to reach $30 billion in the next five years. This presents a significant opportunity for multi-thousand crore brands, including ours,” he noted.

Going forward, it plans to expand its product portfolio in the make-up and cosmetic segment, with the launch of new products, including concealers and others, in the coming months.

With regard to growth in revenues, the CEO said it is largely a result of an increase in market share across its top five categories, which include body scrub, undereye, face wash, face serum, and seasonal categories such as body butter.

Additionally, the growth can be attributed to its channel expansion. “Previously, we operated in 3,000 outlets, but we have now expanded our reach to 20,000 outlets. Moreover, this year, we are on track to reach a 30,000 outlets, further solidifying our market presence,” he said. mCaffeine aims to expand its presence to 100,000 touchpoints in the coming 4-5 years, thereby increasing the offline sales’ contribution to 50 percent from the current 30 per cent.

In addition to organic growth, the company, which raised ₹240 crore in its last round, is open to exploring inorganic opportunities in the space of cosmetics, dermatology, and male grooming.

The company, which is focused on capturing the mass premium market, specifically targeting millennials and Gen Z, said it will continue to be bullish about investing in enhancing the team’s skills, implementing advanced technologies, including R&D, and significantly boosting marketing budgets by over 60 per cent this year in comparison to the previous year.

mCaffeine was founded in 2016 has a portfolio comprises more than 95 caffeine-based products in multiple categories, the major ones such as body care, face care, eye care, hair care and lip care.