GCPL acquires Muuchstac in ₹450 cr deal; promoters to continue to run biz

FMCG major Godrej Consumer Products Ltd (GCPL) has completed the acquisition of Muuchstac in a Rs 450-crore deal and its promoters would continue to be in the driving seat, running the business.

GCPL Managing Director and CEO Sudhir Sitapati, in a post on social media platform LinkedIn, said its founders "Vishal and Ronak will continue to run this business with GCPL supporting them".

Moreover, GCPL, which is increasing its investment in high-margin categories, is looking for more new-age D2C businesses as Muuchstac.

"If anyone else knows of a new-age D2C business with numbers as good as this one, please write a comment or DM me," said Sitapati.

Last month, GCPL had announced the signing of a definitive agreement to acquire the FMCG business of Triology Solutions, operating primarily in the male grooming category with 'Muuchstac' brand via slump sale to "drive profitable growth".

Muuchstac was founded in 2017 by two boys from Bhayander -- Vishal Lohia and Ronak Bagadia.

"On 10 November 2025, we bought out Muuchstac in a Rs 450 crore deal, at an attractive valuation for Godrej Consumer Products Ltd, which also offered Vishal and Ronak a greater than 15,000x return," said Sitapati.

Lauding founder efforts, he said they scaled up the business to about Rs 10 crore, in 2023 when 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," he said, adding now face wash accounts for 90 per cent 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 and even including offline, it is likely to be the number 3 player in the market.

"After the first Rs 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 Rs 3 lakh," he said, adding "everything else has been funded by operational profit".

According to Sitapati, when GCPL Head of M&A first showed him the Muuchstac numbers, he said, "I know you will probably immediately say no, but just have a closer look."  "The business, expected to hit a revenue of Rs 80 crore in a few months, was indeed smaller than what strategics usually like. But a number that stood out was the EBITDA of Rs 30 crore. Intrigued, we dug a bit deeper," he said.