Mumbai-based private equity firm Ananta Capital has acquired a majority stake in D2C startup Phitku via a combination of primary capital infusion and a secondary share purchase. The size of the transaction was not disclosed.
Phitku founders Neha Marda Agrawal, Sumit Marda and Rahul Dokania will continue to lead and retain some stake in the business while also getting a partial exit. Important to mention that Phitku, which sells alum-based natural deodorants, was bootstrapped prior to the stake acquisition.
Founded in early 2025, Phitku is a personal care brand primarily operating in the alum-based natural deodorant category. The startup sells alum crystal roll-on deodorants via its D2C platform as well as e-commerce and quick-commerce marketplaces. It gained national visibility after appearing on Shark Tank India Season 5.
The startup intends to use the capital to accelerate product development, strengthen branding, and selectively expand into international markets. It plans to maintain a concentrated portfolio strategy and focus on establishing leadership in its category before expanding into other categories.
With the capital in the bank, the brand Phitku aims to grow 4-5X over the next two years and hit an ARR of ₹300 Cr. It claims to have achieved profitability within 14 months of launch while remaining bootstrapped, and that it has served over 6 Lakh customers across India.
Ananta Capital is a PE firm and investment management platform backed by Taparia family of Famy Care Group. Founded in 2020 by Ashutosh Taparia, the firm operates as an independent investment arm with a major focus on the consumer, healthcare, and retail sectors.
Notably, the firm already operates a range of personal care brands through its beauty and wellness company, The Guardian Group. Its portfolio includes 7 brands including perfume brand Bella Vita, skincare brand HipHop, as well as the India franchise of global nutritional supplement major GNC. Last year, Ananta Capital acquired a majority stake in Rubans, a digitally native, fast-growing fashion jewellery brand for Indian women.
Important to note that Phitku is just the latest in a recent series of D2C startups being acquired by larger conglomerates to expand into digital retail and build on the pre-existing connect that startups have with a younger, more digitally native audience.
Other examples include Innovist (acquired by L’Oreal), Minimalist (acquired by Hindustan Unilever), and Forest Essentials (acquired by Estee Lauder).
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