We’re absolutely thrilled to supercharge our partnership with Indus Valley Cookware, India’s leading brand for healthy cookware! Over the past three years, we have had the incredible opportunity to work with Jagadeesh and Madhumitha on their bold mission to make 100 million Indian kitchens healthier and safer. Since our investment in 2021, Indus Valley Cookware has skyrocketed with over 4x growth, all while maintaining an exceptional capital efficiency of nearly 5x.
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Indus Valley Cookware, founded in 2016 by the dynamic husband-and-wife duo Jagadeesh Kumar and Madhumitha Udaykumar, is revolutionizing Indian kitchens with its mission to offer "better-for-you" cookware. As India’s first healthy cookware brand, The Indus Valley (TIV) is committed to eliminating harmful toxins, chemicals, and plastics from everyday cooking by offering a thoughtfully designed range of products. The founders’ passion extends beyond just selling cookware—they aim to raise awareness about the importance of healthy cookware and educate customers on proper use and care.

Indus Valley’s diverse product range spans four key categories—cookware, pressure cookers, tableware, and drinkware—each thoughtfully designed to promote healthier cooking and living.

Cookware
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‍Indus Valley’s cookware collection includes everything from kadais and tawa to grill pans and specialized pans for regional dishes, catering to a diverse range of cooking needs. The brand offers two distinct types of cookware: traditional cast iron, celebrated for its durability, and three-ply stainless steel, designed for modern kitchens with its superior heat distribution and versatile compatibility.

Cast iron, the brand’s first range, is loved for its longevity and pre-seasoned convenience, making it perfect for traditional cooking, from frying to making dosa and gravies. In 2022, Indus Valley introduced its triply stainless steel cookware, made with fully clad 304-grade stainless steel. The three-layered construction ensures even heat distribution, reducing cooking time and boosting efficiency. These durable products are resistant to scratches and rust, and they work seamlessly with both gas and induction stoves—making them an essential for any kitchen.

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Pressure Cookers
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In August 2022, Indus Valley introduced its 304-grade stainless steel pressure cookers. Built for durability, safety, and efficiency, these cookers feature scratch-resistant, non-reactive materials that prevent food contamination. Their thick construction ensures even heat distribution, enabling faster cooking compared to traditional aluminum cookers.

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Tableware
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Indus Valley’s tableware range brings together sustainability and functionality with products made from safe, natural materials like bamboo and neem. The collection includes chopping boards, ladles, cutlery, plates, and trays, all thoughtfully crafted for a healthier, more eco-friendly dining experience.

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Drinkware
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The drinkware range features products made from copper, steel, and neem wood, including tumblers, bottles, and glasses. Copper, known for its antimicrobial properties, helps inhibit bacterial growth, including E. coli, boosts immunity, and fights infections—aligning perfectly with TIV’s commitment to providing better-for-you products.

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Why are we excited about kitchenware?

The Indian consumer ware market, valued at approximately INR 348 billion (USD 4.2 billion) in FY22, is a vibrant sector with immense growth potential. According to Technopak, 91% of this market is driven by consumer houseware, and cookware alone makes up 22% of the segment, about INR 75 billion (USD 904 million). Despite its size, the market remains fragmented, with organized players accounting for just 40%—highlighting a significant untapped opportunity and a pressing need for innovation.

Looking ahead, the market is expected to grow at a CAGR of 10.2% between FY22 and FY27, with the organized sector poised to expand even faster. This growth is being fueled by demographic shifts, evolving consumer priorities, and the surge of e-commerce.

Historically, kitchenware in India has been driven by price and functionality, primarily focused on simplifying domestic tasks. Over the last 30-40 years, Indian kitchens have adapted to the needs of working professionals, nuclear families, and smaller living spaces. Innovations like Teflon-coated cookware sped up cooking but often compromised nutrition and health in the process.

Today, growing awareness about the health risks posed by materials like Teflon and plastic is reshaping consumer preferences. We believe the kitchenware category is on the brink of a major disruption—one that mirrors the "better-for-you" shift we’ve seen in the packaged food and beauty & personal care industries. With health and sustainability now at the forefront, the market is ripe for transformation.

As the largest healthy kitchenware brand, Indus Valley is uniquely positioned to lead this shift. The company is also set to benefit from the rapid growth of online shopping in this category—a channel where Indus Valley already holds a dominant position.

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We have seen this play out in other global markets

The US cookware and dinnerware market, valued at $12.7 billion and growing at a 5.8% CAGR from 2021 to 2028, highlights a major opportunity for brands. The pandemic played a pivotal role in accelerating this growth as more people cooked at home, leading to an increased focus on the quality and functionality of kitchen tools. Trends like modular kitchens, improved living standards, and exposure to diverse cooking techniques have further fueled demand for cookware that’s versatile, durable, and well-designed.

As consumer preferences shift toward healthier, long-lasting, and aesthetically pleasing options, cookware has become a category ripe for innovation and premiumization.

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Caraway
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Launched in 2018, Caraway has quickly garnered global attention for its non-toxic, nonstick ceramic cookware, blending health-conscious design with vibrant colors and minimalist aesthetics. Caraway’s range of fry pans, saucepans, and Dutch ovens not only enhance the look of kitchens but also offer safe, easy-to-use alternatives for cooking. The brand's mission to make toxin-free cookware accessible has resonated deeply with consumers and investors alike, raising $35M in September 2022 by McCarthy Capital.

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Great Jones
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Founded in 2018, Great Jones has successfully combined modern design with everyday functionality in its stylish cookware lineup, offering a range of stainless steel and ceramic products. With pieces like stock pots, sauce pots, and deep sauté pans, Great Jones caters to both home cooks and professionals. Known for its sleek aesthetics and focus on premium quality, the brand has carved out a niche in the high-end kitchenware market. It was acquired by Meyer Corporation in June 2023.

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Misen

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Misen, founded in 2015, has built a reputation for offering professional-grade cookware at affordable prices. Their range, including stainless steel skillets, nonstick pans, and knives, is designed for durability and performance. By cutting out middlemen and selling directly to consumers, Misen delivers premium products at competitive prices. The brand has raised $6 million through crowdfunding and investment from Vanterra Capital.

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These examples underscore a global trend toward healthier, premium kitchenware where brands like Caraway, Great Jones, and Misen have successfully capitalized on shifting consumer preferences. Just like in these markets, we believe the Indian kitchenware market is on the verge of a similar transformation, and Indus Valley is perfectly positioned to lead the charge.

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What we love about The Indus Valley

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Track record of high growth while prioritising capital efficiency

Since our investment in 2021, Jagadeesh and Madhumitha have truly embodied the DSG Consumer Partners' philosophy of building brands thoughtfully and sustainably. Under their leadership, The Indus Valley has experienced an impressive 80% year-over-year growth in FY24, while maintaining exceptional capital efficiency of nearly 5x. This disciplined, step-by-step approach not only highlights their commitment to sustainable growth but has laid a solid foundation for the business to become a category-defining brand in India’s healthy cookware market.

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Market leader in key online channels

Amazon Bestsellers: TIV’s products consistently rank among the top sellers in the cookware category on Amazon. Their tawa has secured the #2 spot, while their pressure cooker SKUs ranked 1st and 4th in the "Hot New Releases" section, both landing in the top 100 bestsellers.

Rapid Growth on Amazon: TIV became the fastest-growing cookware company on Amazon in FY24, reflecting growing popularity and consumer trust.

Expansion into Quick Commerce: TIV has strategically expanded into quick commerce platforms to reach consumers where they shop. The brand launched on Swiggy Instamart in October 2024 and on Blinkit and Zepto by end of 2024.

Strong D2C performance: TIV's website accounts for nearly 60% of their revenue, with an impressive year-on-year growth of approximately 65%.

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Robust NPD cycle and innovative assortment

The Indus Valley boasts an extensive range of over 50 products, including cast iron, sheet iron, and tri-ply stainless steel options. Their in-house New Product Development (NPD) team is dedicated to spotting market opportunities by analyzing global trends, customer feedback, and search data. By manufacturing in India, TIV has ensured the highest product quality, proudly branding them as "Made in India."

Each new product is meticulously designed, prototyped, and tested—both in labs and in real-world settings—to ensure quality and functionality. With rapid turnaround, moving from concept to launch in just three months, TIV remains highly responsive to market needs and evolving consumer preferences.

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Opportunity to Own the Healthy Cookware Positioning

The Indus Valley has remained steadfast in its mission to promote healthy cookware, educating consumers about the benefits of materials like cast iron, stainless steel, and neem wood. Their commitment to quality, combined with continuous innovation driven by customer feedback, has helped TIV dominate the rapidly changing cookware market as India’s trusted healthy cookware brand.

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We’re incredibly excited to continue strengthening our partnership with Madhumitha and Jagadeesh as they lead The Indus Valley in redefining cookware in India—creating products that are safe, sustainable, and thoughtfully designed to build healthier kitchens.

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