In the latest D2C news India reflecting a broader reset across the Direct-to-consumer India landscape, healthy snacking brand Happilo reported operating revenue of ₹280 crore in FY25, compared to ₹329 crore in FY24, marking a 15% decline in topline. However, the bigger headline in this D2C startup news story is profitability discipline: the Bengaluru-based D2C brand reduced its losses by 93% to ₹9.5 crore in FY25 from ₹136.6 crore in FY24.
According to financial statements filed by Happy International Pvt Ltd with the Registrar of Companies, Happilo also generated ₹2.5 crore from non-operating income, taking its total income to ₹282.5 crore in FY25. For those tracking Indian D2C updates and D2C industry news, this signals a strategic pivot within the fast-maturing D2C ecosystem India—from aggressive scale to sustainable D2C revenue growth.
Founded in 2016, Happilo operates in the D2C food and beverage brands segment, offering dry fruits, trail mixes, nut protein bars, dates, and muesli through online channels and an omnichannel D2C strategy. Product sales remained its only source of operating revenue in FY25, reinforcing its focused D2C business model India approach.
On the cost front, procurement accounted for 73% of total expenditure. In line with moderated scale, procurement costs declined 17% to ₹212.4 crore in FY25 from ₹257 crore in FY24. Employee benefit expenses dropped 34% to ₹15.5 crore. Advertising and promotional expenses were cut sharply by 59% to ₹28.2 crore in FY25 from ₹69.4 crore in FY24, reflecting tighter capital allocation amid evolving D2C market trends 2025.
Total expenditure fell 38% year-on-year to ₹292 crore in FY25 from ₹467.7 crore in FY24. Undisclosed miscellaneous expenses reduced significantly to ₹6.2 crore from ₹46.2 crore, while transportation costs stood at ₹7.6 crore. This disciplined D2C supply chain innovation and operating efficiency enabled Happilo to turn EBITDA positive at ₹3 crore. EBITDA margin improved to 0.89%, while ROCE stood at -11.54%. On a unit basis, the company spent ₹1.04 to earn one rupee of operating revenue in FY25—demonstrating measurable improvement in unit economics.
Happilo has raised approximately $38.5 million across two D2C funding rounds, including $25 million from Motilal Oswal Private Equity in February 2022 and $13.5 million from A91 Partners in February 2021. As VC-backed D2C brands navigate a competitive category with low entry barriers and volatile procurement prices, this reset aligns with what’s happening in India’s D2C space today—profitability-led recalibration.
The healthy snacking market within the broader D2C ecosystem India continues to expand, even as margins remain pressured by intense competition and import-linked input costs. Potential easing of key nut imports through trade agreements could further support D2C brands scaling in 2025 and beyond. For stakeholders tracking D2C funding news, D2C investor insights, and the daily digest of D2C news in India, Happilo’s FY25 performance reflects resilience and strategic realignment rather than contraction.
Within India’s D2C business India landscape, the focus has clearly shifted toward sustainable growth, disciplined spending, and stronger fundamentals. Happilo’s FY25 numbers underline that even in a competitive D2C food and beverage brands category, operational clarity and cost optimization can rebuild momentum within the evolving Direct-to-consumer startup IPO tracker narrative.
