New Delhi, July 6 -- When Varun Alagh and Ghazal Alagh founded Mamaearth in 2016, they weren't trying to build a consumer goods company. The startup was born out of a personal problem-finding safe babycare products-and grew into one of India's biggest direct-to-consumer (D2C) success stories by riding the country's e-commerce boom.

Nearly a decade later, the founders are telling a different story.

"The first 10 years were about proving that a consumer-first Indian company could build brands that people genuinely trust. The next 10 years are about something even more ambitious: helping define what the future of Indian beauty looks like," Ghazal Alagh wrote on LinkedIn after Mamaearth parent Honasa Consumer Ltd's first Investor Day in Jun...