Kriti Sanon, one of Bollywood’s most popular and bankable stars, has been making headlines for reasons beyond the film industry. In 2023, she launched her skincare and beauty brand, Hyphen, with a mission to offer clean, effective, and accessible products for Indian consumers. Within just two years of its launch, the brand shocked the business world when it announced a milestone of crossing ₹400 crore in gross revenue. This bold claim placed Hyphen among the fastest-growing beauty startups in India. However, the declaration also opened a storm of controversy. Industry experts, consumers, and influencers began questioning the credibility of such numbers, and debates about transparency, marketing hype, and the authenticity of celebrity-led brands gained momentum.
The Rise of Hyphen
Kriti Sanon did not enter the beauty market casually. She partnered with Tarun Sharma, the former CEO of mCaffeine, who brought his industry expertise to the venture. With Sanon’s star power and Sharma’s business acumen, Hyphen positioned itself as a brand that merged Bollywood glamour with science-backed formulations.
The brand marketed itself as modern, minimal, and aspirational, drawing inspiration from global beauty trends. Hyphen’s product range included cleansers, moisturizers, serums, sunscreens, and a lip balm that quickly became its hero product. The branding focused on simplicity and effectiveness, while Kriti Sanon herself became the face and voice of the brand, appearing in campaigns and interviews to promote the philosophy behind it.
Within months of its launch, Hyphen claimed to expand to over 19,000 pin codes across India. The brand also claimed that its customer base grew from one million in its first year to four million in its second year, with a customer retention rate of nearly 60 percent. These numbers painted a picture of extraordinary growth, almost unheard of in India’s hyper-competitive beauty and skincare space.
The ₹400 Crore Claim
The controversy erupted when Hyphen announced that it had achieved ₹400 crore in gross revenue within just two years of operations. The company described its performance as revolutionary and projected even bigger goals for the future. While the brand celebrated the achievement, the Indian business community responded with shock and disbelief.
To put the claim into context, other beauty brands like Sugar Cosmetics, Plum, and Minimalist had taken years to scale up to similar figures. Sugar Cosmetics, for instance, took nearly a decade to cross the ₹500 crore mark. Minimalist, one of the most disruptive Indian skincare startups, went from ₹350 crore to ₹500 crore in a year, but even this leap paled in comparison to Hyphen’s supposed growth rate.
Industry Experts Raise Red Flags
Nitin Joshi, a marketing professional known for analyzing startup growth patterns, released a viral video that dissected Hyphen’s claims. He pointed out that Hyphen’s revenue in the financial year 2024 was only around ₹7 crore. If the brand indeed crossed ₹400 crore in the following year, that meant a staggering 5,600 percent growth in twelve months.
Joshi compared Hyphen’s numbers with the performance of parent company mCaffeine, which generates around ₹200 crore annually. For a sub-brand like Hyphen to suddenly outpace its parent company by such a huge margin raised eyebrows. He argued that such growth would not only be improbable but also unprecedented in the Indian beauty industry.
His analysis struck a chord with entrepreneurs, financial analysts, and consumers alike. Many began asking the same question: How could a new brand, even with celebrity backing, grow at a pace that defied market logic?
Social Media Backlash
Once Joshi’s video went viral, social media platforms buzzed with reactions. Twitter, Instagram, and Reddit threads filled with skepticism. Users claimed that the brand relied too heavily on marketing gimmicks and influencer promotions rather than genuine customer love.
Some argued that Hyphen’s product line lacked originality. They pointed out that many products looked strikingly similar to international bestsellers, particularly Rhode, the brand owned by American model Hailey Bieber. The lip balm, which became Hyphen’s most talked-about product, faced direct comparisons to Rhode’s peptide lip treatment. Critics accused Hyphen of copying formulas and packaging rather than innovating.
Others accused influencers of creating artificial hype. They noted that many influencers received Hyphen products in PR packages and posted glowing reviews, but very few appeared to purchase the products independently. This observation fueled the idea that Hyphen’s popularity came from orchestrated marketing campaigns rather than organic demand.
Celebrity Brands Under Scrutiny
The Hyphen controversy did not happen in isolation. In recent years, Indian celebrities have jumped onto the entrepreneurship bandwagon, launching fashion labels, fitness apps, and beauty lines. However, these ventures often attract scrutiny because celebrity-driven hype sometimes overshadows product quality or business fundamentals.
For example, global markets have seen successful celebrity brands like Rihanna’s Fenty Beauty or Kylie Jenner’s Kylie Cosmetics. These brands revolutionized the beauty industry because they combined celebrity influence with genuine innovation. In India, however, critics argue that many celebrity-led brands focus more on leveraging fame than delivering unique value.
Kriti Sanon’s Hyphen thus became a case study in the larger debate. Consumers questioned whether Bollywood actors could build sustainable businesses or whether they simply acted as faces of companies run by professionals. The controversy made audiences more cautious about believing the numbers and narratives promoted by celebrity entrepreneurs.
The Broader Impact on the Startup Ecosystem
The skepticism around Hyphen highlights deeper issues within India’s startup ecosystem. Over the past decade, several startups have faced allegations of inflating numbers to attract investors, create media buzz, or establish dominance in competitive markets. In such an environment, a claim as bold as Hyphen’s ₹400 crore milestone naturally invites scrutiny.
The controversy also sheds light on the role of transparency. Today’s consumers and investors expect clarity in business reporting. Without verified financial disclosures, ambitious claims can backfire, as seen in Hyphen’s case. The lack of trust not only damages the brand’s image but also impacts the credibility of India’s startup culture.
Kriti Sanon’s Role in the Debate
Kriti Sanon has remained vocal about her passion for Hyphen. She often speaks about her personal involvement in product development and brand strategy. For her, Hyphen represents more than a business; it symbolizes her vision for combining beauty with wellness.
However, critics argue that her celebrity status shields the brand from tougher questioning. They claim that while Sanon actively markets the products, she has not addressed the doubts about the financial numbers head-on. Many believe that only a transparent financial disclosure can restore faith in Hyphen’s claims.
The Road Ahead
Despite the controversy, Hyphen continues to operate and expand. The brand still enjoys a loyal customer base and benefits from Kriti Sanon’s immense popularity. However, the road ahead will not be easy. To maintain credibility, Hyphen must demonstrate consistency in performance, provide evidence for its claims, and invest in innovation that sets it apart from competitors.
If Hyphen succeeds in navigating this storm, it can emerge stronger as a case of resilience. If it fails, the brand risks becoming a cautionary tale about celebrity entrepreneurship, marketing hype, and exaggerated milestones.
Conclusion
The Kriti Sanon startup controversy reflects the intersection of Bollywood, business, and consumer skepticism. On one hand, Hyphen represents ambition, star power, and India’s booming beauty industry. On the other hand, the bold revenue claims raise tough questions about transparency, sustainability, and authenticity.
The debate around Hyphen is not just about numbers; it is about trust. Indian consumers and investors today demand honesty and accountability, even from their favorite celebrities. For Hyphen, the challenge lies not in selling products but in convincing the public that its success story is genuine.
Until the brand opens its books or provides verifiable proof, the ₹400 crore milestone will remain a lightning rod for controversy. The episode serves as a reminder that in the age of information, hype may spark attention, but only truth sustains trust.
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