Mumbai, June 24 -- India is producing more 'insurgent' consumer brands than ever, but only a handful are growing into large-scale businesses. Most of these independent brands continue to struggle to break past the Rs.100-250 crore revenue mark, according to the fourth edition of the annual India Insurgent Brand Report by consulting firm Bain and venture capital fund DSG Consumer Partners set to release this week.

The number of insurgent brands in the report's Insurgex Index-defined as brands with at least Rs.100 crore in annual revenue, over 30% CAGR growth in a three-year period, and more than 1.5x capital efficiency-grew from 29 in FY24 to 39 in FY25.

Newer entrants in the list include a number of packaged food and beverage brands suc...