Sometime in 2022, as Honasa Consumer—skincare brand Mamaearth’s parent—prepared to go public, its co-founder Varun Alagh made two unusual bets on logistics.

The first was on Shiprocket, an e-commerce shipping aggregator that promised independent brands they could build their own delivery networks without relying entirely on Amazon or Flipkart. The second was on a far stranger proposition: a small Delhi-based drone startup called Skye Air Mobility.

At the time, more than a thirdSEBI of Honasa’s sales still came through........

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