India's digitally native brands - we have to stop calling them D2C brands - have had an extraordinary run. In 2020, when lockdowns pushed consumers online, these agile upstarts spotted an opening: while legacy FMCG giants were still figuring out e-commerce, challenger brands could move fast, speak directly to customers, and own entire niches - beauty products free of harmful chemicals, snacks for specific dietary preferences, apparel cut for Indian body types.