Rohan Mirchandani & Epigamia: The Visionary Who Revolutionized Healthy Snacking in India

Discover Rohan Mirchandani's journey: The Wharton grad who returned to India, disrupted FMCG with Epigamia, and built a ₹1250 Cr healthy food empire.

In 2022, I had the good fortune to interview Rohan Mirchandani, co-founder and then CEO of Epigamia on the Founder Thesis podcast. Rohan was truly a visionary who built what could arguably be India's first healthy D2C brand and is at an ARR of Rs. 250 Cr currently.

This is my tribute to the great man - a distillation of everything I learnt about him in that conversation.

Check out the video of the conversation here or read on for insights.

🚀 The Making of a "Global Indian" Entrepreneur

Rohan Mirchandani (1982-2024) spent his formative years in New Jersey, USA. His academic journey was stellar, earning a Bachelor of Science in Finance and International Business from NYU Stern School of Business, followed by an MBA from The Wharton School of the University of Pennsylvania. This elite education provided a robust understanding of global finance, international markets, and strategic management.

Before his entrepreneurial leap in India, Rohan gained valuable corporate experience. He started as an Associate at Duff & Phelps (formerly S&P) in New York in 2004. From 2005, he served as a Board Member at The Ross Group, a private holding company with interests in logistics and warehousing across North America. This role gave him early exposure to the complexities of diversified business operations and supply chains, critical skills for a future FMCG founder.

His international upbringing and US corporate experience likely fostered a "global Indian" mindset, enabling him to adapt international trends for the Indian market —a key factor in introducing a product like Greek yogurt to India.

💡 The Entrepreneurial Spark: From Ice Cream to a Healthy Revolution

Rohan returned to India in January 2013, at age 30, to explore business opportunities. The catalyst for his FMCG venture is often traced to a "eureka moment" during a business school lecture in Mumbai, which highlighted a perceived lack of innovation in India's FMCG landscape.

Initially, with co-founder Ganesh Krishnamurthy, he launched the ice cream brand Hokey Pokey, with products reaching stores in 2014. However, the team quickly recognized the challenge of ice cream's seasonality, limiting consistent growth.

"We saw in that, you know, literally from May, June to July, August, the sales just got desecrated because, you know, seasonality..."

This realization, coupled with observing rising consumer health consciousness, prompted a strategic pivot.

Epigamia 🥛: Contemporizing Indian Dairy

In June 2015, Drums Food International launched 'Epigamia', a brand that would go on to define the Greek yogurt category in India. The founding team included Rohan Mirchandani, Ganesh Krishnamurthy, Uday Thakker, and Rahul Jain. The core mission was to "contemporise" India's traditional dairy industry and offer healthier, appealing snacking options free from preservatives and artificial ingredients, using fresh, locally-sourced components.

"The idea was to create a fresh FMCG brand that would focus on fresh food, cold chain driven food."

Epigamia aimed to solve the scarcity of snacks that successfully combined health, taste, and innovation, particularly in dairy. This involved enhancing traditional products like dahi and lassi with functional benefits like higher protein and lower sugar, in convenient formats.

Product Innovation at its Core: Epigamia's diverse portfolio, a testament to its innovative spirit, includes:

• Signature Greek yogurt & flavored yogurts

• Smoothies & Milkshakes

• Artisanal Curds (including lactose-free versions to cater to specific dietary needs)

• Traditional Mishti Doi & Kheer in modern formats

• Plant-based options: Almond/oat beverages and coconut milk yogurts

This innovation was driven by the Drums Food Innovation Centre, fostering a culture of experimenting with unique flavors and product lines. Rohan often spoke of a "fail fast" philosophy for R&D:

"New products were typically tested in a select group of approximately 200 stores... until you really get people spending rupees from their hard-earned money on your product you're not getting real feedback."

This lean methodology allowed for rapid iteration, leading to successful launches like their milkshakes, which became the company's fastest-scaling product.

📈 Scaling Epigamia: Funding, Growth, and Market Dominance

Epigamia's journey was marked by impressive growth, fueled by strong investor confidence and strategic execution.

Funding Success:

• The company raised a total of $81.4 million over 18 funding rounds.

• Key investors included Verlinvest (its largest institutional investor), Danone Manifesto Ventures (the venture arm of global food giant Danone), DSG Consumer Partners, Fireside Ventures, and KA Enterprises LLP (Bollywood actress Deepika Padukone's investment arm).

• By December 2023, Epigamia achieved a post-money valuation of ₹1,250 crore (approximately $150 million).

These funds were strategically deployed to expand product lines, increase distribution, scale operations, enter new markets, and fuel innovation. The partnership with Deepika Padukone, who invested and endorsed, was a significant brand-building masterstroke.

Revenue Trajectory & Market Reach:

• FY19 Revenue: ₹87.8 crore

• FY20 Revenue: ₹110 crore (approx. 20% growth)

• FY23 Total Revenue: ₹172.0 crore

• Projected FY25 Revenue: An ambitious ₹250 crore, projecting 35-40% growth.

Epigamia significantly expanded its physical presence from around 4,000 distribution points to over 25,000 retail outlets across the top 30 cities in India. A critical component of their strategy was leveraging quick commerce, accounting for a substantial 47-48% of revenue.

Category Creator & Market Leader: Epigamia is credited with creating and leading the Greek yogurt category in India. While competing with dairy giants like Nestlé, Mother Dairy, and Amul, Epigamia carved out a distinct position by targeting health-conscious urban consumers.

🧭 Leadership Philosophy: Resilience, Passion, and Decisiveness

Rohan Mirchandani was widely regarded as a "visionary leader," known for his "unwavering commitment, boundless energy, and deep passion". He fostered a culture of mentorship and support within his team.

An anecdote he often shared from an NYU professor deeply influenced his approach:

"Life is too short to be stressed. Either shut up and see it through or just end it. Make a decision and don't complain!"

This philosophy, he acknowledged, helped him maintain composure during challenging times. His inspiration from "The Shawshank Redemption" and "Eye of the Tiger" further reflected a mindset geared towards perseverance.

His approach to navigating the Indian market was pragmatic:

"You better buddy have a plan c, d, and an e. This is not a plan a, plan b country."

Vision for the Future 🌏

Before his passing, Rohan's vision for Epigamia was ambitious:

• Scale revenue to ₹250 crore in FY25.

• International Expansion: Enter the Middle East (UAE, Oman, Qatar, Saudi Arabia) by 2025-26, followed by Southeast Asia.

• Strategic Acquisitions: Openness to acquiring protein-focused product companies.

• Potential IPO: A long-term objective.

Following his demise in late 2024, the company's senior leadership, including co-founders and key members like Ankur Goel (COO) and Uday Thakker (Director), along with CEO Rahul Jain (who was appointed in December 2023 as Rohan moved to Executive Chairman ), affirmed their commitment to carrying forward his vision with the full support of the board and investors.

A Legacy of Innovation ✨

Rohan Mirchandani's journey with Drums Food International and Epigamia is more than a business success story. It's a testament to how a clear vision, coupled with adaptability, consumer understanding, and relentless execution, can disrupt established industries and create new categories. He not only introduced India to Greek yogurt but also built a brand synonymous with health, quality, and contemporary choices, leaving an indelible mark on the Indian startup ecosystem and the FMCG sector.

Listen now!

Apple Podcast | Amazon Music

As always, I’d love to hear your thoughts! Whether it's about this episode or ideas you’ve been playing around with, shoot me an email at ad@thepodium.in. Your feedback keeps these conversations going, and I’m always up for chatting about your startup ideas too.

Until next time,

Your Host,

Akshay Datt