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Investors are betting on the value retail chain’s franchise model to disrupt the retail market in small-town India. By the looks of it, the six-year-old startup seems to have gotten a lot of things right.

Surprisingly strong metrics alongside aggressive expansion mask a lurking balance-sheet risk. Moreover, competition is not going to be kind to the retail giant any time soon.
A little over a decade after it was founded, the company that introduced India to Greek yogurt has pulled off a turnaround. But competition is rising fast and Epigamia can’t afford to simply rest on its laurels.
The consumer electronics startup jumped through the ranks to become India’s top audio and smartwatch brand. Just as quickly, the IPO-bound company appears to be losing steam and its comeback looks uncertain.