Bengaluru: When our Head of M&A, Jishnu Batabyal, first showed me the Muuchstac numbers, he said, “I know you’ll probably immediately say no, but just have a closer look.” The business, expected to hit a revenue of INR 80 crore in a few months, was indeed smaller than what strategics usually like. But a number that stood out was the EBITDA of INR 30 crore. Intrigued, we dug a bit deeper.
Muuchstac was founded in 2017 by two boys from Bhayander: Vishal Lohia and Ronak Bagadia
After an indifferent few years where they scaled up the business to about INR 10 crore, in 2023 they had an aha moment. One SKU, Muuchstac Face Wash, was getting strong consumer traction. They figured that something about this product clicked with consumers (buy to find out what!) and they pivoted their entire effort to this one SKU. It now accounts for 90% of their revenue. They only spend on a micro-influencer marketing model, no TV advertising or performance marketing. Even within influencer marketing, they don’t promote posts and rely solely on organic content.
Muuchstac Face Wash is the number 2 player in men’s face washes online. Even including offline, it is likely to be the number 3 player in the market.
After the first INR 3 lakh that they put in during 2017-18, they haven’t lost money in a single year. Their total capital outlay in this company has been INR 3 lakh. Everything else has been funded by operational profit.
On 10 November 2025, we bought out Muuchstac in a ₹ 450 crore deal, at an attractive valuation for Godrej Consumer Products Limited, which also offered Vishal and Ronak a greater than 15,000 x return !
Vishal and Ronak will continue to run this business with GCPL supporting them. If so much could be achieved without any resources, one can only imagine what they’ll be able to do with the resources now available.
