At 23, Ayush Baid was studying data analytics at University College London when he spotted a paradox that would reshape India’s homeware market: Indian artisans crafted premium handcrafted products for global brands, yet India lacked domestic access to the same quality. In 2018, he returned to Jaipur and founded Ellementry, the first Indian brand to establish a direct manufacturer-to-customer relationship for handcrafted homeware—and within six years, it has grown to serve over 250,000 customers across 12 countries, challenging the assumption that handmade products cannot scale profitably online.
Ellementry’s $9.32 million funding and expansion to 16 physical stores across 13 Indian cities marks a rare D2C success in a category where most startups struggle with supply chain fragmentation and consumer scepticism toward online handcrafted goods. The brand’s journey reveals how identifying a genuine market gap, combining cultural heritage with contemporary consumer demands, and solving the omnichannel problem through technology integration can create a defensible position in India’s $3–3.5 billion D2C homeware space.
Quick facts
| Company | Ellementry (Dileep Essentials Private Limited) |
| Founded | September 2018, Jaipur |
| Founder(s) | Ayush Baid, Riddhima Khandelwal (Creative Head) |
| Businesses | D2C handcrafted homeware: kitchenware, serveware, tableware, décor, furniture, lighting |
| Latest financials | Private; specific revenue/profit not publicly disclosed; $9.32M raised across 3 rounds (as of August 2024) |
| Listed or Private | Private; last funding round: Series A (August 2024) |
| Valuation | Not disclosed; last material transaction: Series A in August 2024 |
| Key shareholders | Phi Capital, She Capital, Brand Capital |
What they do
Ellementry is a direct-to-consumer homeware brand specializing in handcrafted, sustainable, and food-safe products. Unlike competitors who source from third-party manufacturers, Ellementry operates a vertically integrated model: it designs, manufactures in-house, and sells directly to consumers via its own website, physical retail, and marketplaces.
- Product portfolio: Kitchenware (ceramic, terracotta, stoneware), serveware, tableware, home décor, furniture, and lighting. Maintains 1,000+ SKUs with 50–60 new products added every two months (as reported by founder).
- Manufacturing: In-house production units in Jaipur; every product is handcrafted, food-safe, and toxin-free.
- Target customer: Affluent urban Indian consumers (Tier I/II cities) and international buyers seeking “quiet luxury,” sustainability, and artisanal design. Average order value: ₹2,000–₹15,000 per order.
- Distribution channels: 16 physical stores across 13 Indian cities, online marketplaces (Amazon, Tata Cliq, Myntra, Nykaa), and direct-to-consumer sales; present in 12+ countries including USA, Europe, and Middle East.
- Positioning: “Affordable luxury”—making everyday items beautiful through competitively priced, well-designed products that preserve Indian craftsmanship.
The origin
Ayush Baid grew up in a business family; his father, Dileep Baid, is an award-winning Indian handicraft exporter who built a 30-year global trade operation. While pursuing a degree in data analytics and e-commerce at University College London (UCL), Baid began analyzing his father’s export sector through a consumer lens and noticed an anomaly: Indian artisans were creating exquisite handcrafted products for global brands—sold at premium prices abroad—yet India’s domestic homeware market was dominated by mass-produced, design-light alternatives. The gap was not in production capability but in consumer access and brand positioning.
After returning to India, Baid conducted systematic market research. He studied consumer preferences across Indian cities, met local artisans, and studied the niche category of “fusion kitchenware”—products that blended traditional Indian craftsmanship with contemporary, food-safe design. He identified a specific untapped opportunity: Indian consumers were willing to pay for handmade, sustainable home products but had no trusted branded source. Most artisan products were sold offline or through niche craft networks; none had built a modern D2C brand with design-first positioning. In September 2018, at age 23, Baid launched Ellementry.
Co-founder Riddhima Khandelwal brought creative direction and brand design expertise. Together, they established what Baid later described as “India’s first vertically integrated D2C homeware brand born out of a manufacturing powerhouse”—distinguishing Ellementry from competitors who relied on third-party sourcing.
The struggle years
Ellementry’s early years exposed two foundational challenges: consumer behaviour and operational complexity.
- 2018–2020: Building trust in handmade online. The core problem was psychological. Indian consumers were sceptical about buying handmade products online, fearing quality inconsistency, durability, and food safety. Baid faced significant pushback—”People were apprehensive of buying handmade products online,” he later recalled. Competitors sold mass-produced kitchenware at lower price points, creating a value perception gap. Ellementry had to invest in education, publishing content on craft heritage, food-safety testing, and material science to justify premium pricing. This phase drained marketing budgets with modest conversion rates.
- 2019–2021: The online-to-offline pivot. Early growth came from the website and social media, but Ellementry discovered that handcrafted homeware is fundamentally tactile. Customers wanted to feel the ceramic glaze, see the finish, and understand the durability before purchasing. This insight forced an unplanned pivot: building physical retail stores. However, opening retail created new challenges. Ellementry had to maintain separate inventory systems, ensure consistent storytelling across channels, synchronize pricing and promotions, and train store staff on the brand’s craft-first narrative. This omnichannel complexity stretched operations, particularly in smaller cities where the company expanded.
- 2020–2022: Supply chain stress during pandemic. Like all consumer goods startups, Ellementry faced COVID-induced supply chain disruptions. Lockdowns affected artisan production, logistics constraints raised shipping costs, and international orders ground to a halt. However, the lockdown also accelerated e-commerce adoption in India generally, which benefited online sales. Ellementry used this period to deepen its e-commerce operations and prepare for international shipping, which later became a growth vector post-2022.
- 2021–2023: Scaling artisan partnerships. As Ellementry expanded from 10 to 50+ artisans, maintaining consistent quality became a scaling challenge. Handcrafted products by definition have minor variations; Ellementry had to codify quality standards, implement spot-checking processes, and communicate the “handmade authenticity” value proposition to customers—some of whom saw variations as defects rather than character. This required building systems and patience.
The turning point
The turning point came in late 2021–2022 when Ellementry shifted from online-only to a deliberate omnichannel strategy, opening physical retail stores in metros like Delhi, Mumbai, and Bangalore. This decision, which began as a tactical response to e-commerce limitations, proved transformative.
In online D2C, Ellementry’s conversion rate hovered in the typical range for lifestyle e-commerce. However, when customers visited a physical store—touching products, understanding the craft narrative through trained staff, and experiencing the brand’s design-first aesthetic in person—conversion jumped. Ellementry reported a 68% conversion rate in physical retail, a multiple of its online rate. This revelation reframed the company’s growth strategy: retail stores were not auxiliary channels but primary acquisition funnels that drove omnichannel engagement.
Between 2022 and 2024, Ellementry expanded from 2–3 stores to 16 stores across 13 cities, directly capturing this conversion lift. Simultaneously, the company approached marketplace partnerships (Amazon, Tata Cliq, Myntra, Nykaa) strategically, using these platforms to reach price-sensitive or geographically distant customers while protecting retail margins. By 2024, this omnichannel model had generated:
- 400,000+ cumulative orders (September 2018 – September 2026)
- 250,000+ repeat customers with a 48% repeat purchase rate
- Expansion to 12+ countries, with international orders accelerating post-pandemic
- Double-digit year-on-year growth in FY24 and FY25 (exact figures not publicly disclosed)
The money behind it
Ellementry has raised ₹3.53 crore in paid-up capital and has secured funding through multiple rounds, totalling $9.32 million. The company operates as Dileep Essentials Private Limited (CIN: U17309RJ2018PTC060134), registered with the Registrar of Companies in Jaipur, with an authorized capital of ₹25.9 crore.
- Seed round (April 2024): She Capital led a seed investment of $360,000, valuing early-stage growth.
- Series A (August 2024): Ellementry closed its Series A round, the latest material capital raise, though specific amount and lead investor were not disclosed publicly. Investors included Phi Capital (early supporter), She Capital, Brand Capital, and Bennett Coleman and Company.
- Total capital raised (to date): $9.32 million across three rounds.
- Capital allocation: Proceeds were deployed toward retail expansion (16 stores opened or planned), product development (maintaining 1,000+ SKUs with frequent refreshes), international market entry, and operational technology (CRM systems, real-time inventory sync, AI-driven personalization).
Board leadership includes Dileep Baid and Rahul Baid, maintaining founder family control while attracting institutional investors focused on sustainable, design-led consumer brands.
How it makes money
Ellementry’s business model is fundamentally D2C margin-capture driven by vertical integration and premium positioning. Revenue is generated across three streams:
- Direct-to-consumer (40–50% of revenue, estimated): Full-margin sales via ellementry.com. Customers pay retail price; the company retains gross margin of 60–70%, significantly higher than wholesale. This is the most profitable channel and the core of the D2C model.
- Marketplace sales (30–40% of revenue, estimated): Amazon, Tata Cliq, Myntra, Nykaa. Ellementry pays 8–15% commission to marketplaces, plus advertising spend to secure visibility. Gross margins are 45–55%, lower than DTC but still profitable, with reach advantage in Tier II/III cities and price-sensitive segments.
- Physical retail (10–20% of revenue, estimated): 16 stores across 13 cities generate per-store sales that fund lease costs, staff, and inventory. Retail stores operate as experience centers and acquisition funnels, driving omnichannel engagement and brand elevation. Store conversion rates (68%) far exceed typical D2C, justifying the capital investment.
Unit economics: With an average order value of ₹2,000–₹15,000 (typical for premium kitchenware), Ellementry targets repeat purchases to amortize customer acquisition costs. The 48% repeat purchase rate is healthy for homeware, indicating strong satisfaction. Product-level margin sits above 50% on direct sales, enabling reinvestment in brand, retail, and technology.
Key economic insight: Handcrafted products have structural cost advantages versus mass-produced alternatives when positioned as premium. Ellementry’s production model leverages lower artisan labor costs (relative to mechanized manufacturing) while charging premium retail prices justified by design, sustainability, and heritage narratives. This margin spread (often 55–70% gross) is significantly higher than industrial kitchenware (30–40%) and allows for heavy brand and retail investment.
The numbers
Ellementry does not publicly disclose revenue or profit figures. However, available data provides operational insight:
| Metric | FY24 (estimate) | FY25 (estimate) | Source / Notes |
| Cumulative orders | 350,000–380,000 | 400,000+ | Ellementry stated 400,000+ orders by September 2026 (Storyboard18, May 2024) |
| Customer base | 200,000–225,000 | 250,000+ | Stated as exceeding 250,000 users by May 2024 |
| Repeat purchase rate | 48% | 48% | Indicates strong satisfaction and LTV potential (Indian Retailer interview) |
| Physical stores | 8–10 | 16 (as of April 2026) | |
| YoY growth (stated) | Double-digit | Double-digit | Company-stated, exact figures not disclosed (Storyboard18) |
Growth interpretation: Over 6 years (Sept 2018 – Sept 2024), Ellementry moved from zero to 400,000+ orders, implying a compound annual order growth of approximately 100%+ (early years drove outsized growth; recent years may be slower). The 48% repeat purchase rate and 250,000+ customer base suggest an increasingly sticky customer base; LTV calculations (repeat rate × order value) likely justify customer acquisition costs of ₹1,500–₹3,000 per unit on DTC channels.
Where the money comes from
Ellementry’s revenue is segmented by channel and customer geography:
- Domestic D2C (website + physical stores): 60–70% of revenue. Direct sales via ellementry.com and 16 retail stores across Tier I cities (Delhi, Mumbai, Bangalore, Hyderabad, etc.) where premium homeware has highest purchase intent.
- Domestic marketplaces (Amazon, Tata Cliq, Myntra, Nykaa): 20–30% of revenue. These platforms unlock Tier II/III demand and price-sensitive buyers, subsidizing lower margins with volume.
- International: 5–10% of revenue (estimated). Expansion began post-pandemic (2021–2022). Presence in USA, Europe, Middle East through FBA (Fulfillment by Amazon) and direct exports. International gross margins are similar to domestic but shipping costs are higher.
Customer acquisition strategy: Subtle marketing (brand describes itself as avoiding aggressive promotion) via social media engagement and organic reach (114,000+ followers, organically grown within two years). Retail foot traffic and marketplace visibility are secondary acquisition levers. Customer acquisition cost per acquisition on DTC is estimated at ₹1,500–₹2,500; marketplace is likely higher due to commission and advertising spend.
Geographic concentration risk: Domestic revenue (90%+) is concentrated in metros and affluent Tier I cities. Growth in Tier II/III markets via quick commerce (e.g., Blinkit) represents a strategic diversification initiative announced for 2026 onward.
The risks
Ellementry faces three critical risks that could constrain growth or erode margins:
- Supply chain and artisan dependency. Ellementry relies on a network of 4,000+ artisans for production. Handcrafted quality is inherently variable; scaling consistency requires intensive training, quality audits, and fair-wage standards. A disruption to the artisan network (e.g., economic pressure on rural communities, migration of skilled labor to urban centers) would compress supply. Competitor risk: if mass-produced alternatives adopt better design (historically low), Ellementry’s premium pricing would erode. Current mitigation: fair-wage commitment and community programs, but not a structural lock-in.
- Omnichannel profitability at scale. Operating 16 stores with inventory sync, staff training, and lease commitments requires disciplined unit economics. Physical retail conversion (68%) is strong, but per-store payback periods are not disclosed. If marketplace competition intensifies and drives down brand DTC pricing, retail stores could become uneconomical. Risk: becoming a logistics and lease-heavy business with declining margins. Current safeguard: cluster-based expansion to optimize marketing and inventory footprint, but execution risk remains.
- Market saturation and category expansion risk. The Indian D2C homeware market is ₹3–3.5 billion (2026), growing 15–20% annually. Ellementry’s current revenue share is unknown; if the market grows slower than the company’s ambitions (stated target: 50–70 stores by 2028), the brand must diversify into adjacent categories (furniture, textiles, etc.) to maintain growth. Product diversification dilutes design focus and increases operational complexity. Competitors (Nestasia, Chumbak, Jaypore, iTokri) are equally well-funded and may capture segments faster.
The takeaway
Ellementry’s success is rooted in a singular insight: supply-side capability (Indian artisans) does not create demand; demand-side understanding does. Ayush Baid identified that India’s affluent urban consumers wanted handcrafted products but had no trusted, design-led, scale-ready source. By combining his father’s manufacturing heritage with modern D2C operations and omnichannel retail, he built a business that made handcrafted homeware aspirational rather than niche.
The broader lesson: in categories perceived as fragmented or artisanal (handcrafted goods, bespoke services), the first mover to build systems, consistency, and brand narrative can capture disproportionate value. Ellementry’s 68% retail conversion rate versus typical e-commerce (3–5%) reveals that the conversion gap in handcrafted categories is often not consumer willingness but channel friction. The company solved this by making retail a core part of the go-to-market, not an afterthought.
For founders in heritage or craft categories: the path to scale is not to industrialize the craft (Ellementry explicitly rejects this), but to industrialize the systems around the craft—supply chain coordination, quality standards, brand narrative, omnichannel logistics. The craft itself remains handmade; everything else is standardized. This distinction is what allows Ellementry to command premium margins while growing at venture pace.
Frequently asked questions
Is Ellementry profitable?
Ellementry does not disclose profitability. Most pre-IPO venture-backed D2C brands reinvest revenue into growth (retail expansion, marketing, inventory), so EBITDA-positive status does not necessarily signal high profitability. Ellementry’s business model (60–70% gross margins on DTC, 48% repeat purchase rate) suggests unit-level profitability, but corporate-level profitability is unknown. The company’s willingness to raise Series A in August 2024 (six years after founding) suggests controlled burn or break-even at scale, not losses.
How does Ellementry compete with fast-fashion homeware brands like Ikea or Pepperfry?
Ellementry competes on positioning, not price. Ikea and Pepperfry compete on volume, design variety, and affordability; Ellementry competes on heritage, handcraft narrative, and premium aesthetics (“quiet luxury”). The customer willing to pay ₹5,000 for a handcrafted ceramic bowl is not Ikea’s customer. This segmentation reduces direct competition but limits market size. Ellementry’s ₹2,000–₹15,000 AOV targets affluent urban consumers (top 5–10% of India’s population), while Ikea targets mass affluent. These segments overlap but are distinct.
What is Ellementry’s path to profitability given its physical retail model?
Physical retail is capital-intensive but high-conversion (68%). Profitability depends on per-store unit economics. If each store generates ₹1.5–2 crore annually at 50%+ gross margins, lease and operating costs (estimated ₹50–80 lakh/store/year) yield 15–25% net store margins. Quick commerce and marketplace channels have lower per-unit costs and could become the primary profit driver, with retail serving as brand and acquisition. This model mirrors Wakefit’s playbook: high-margin DTC + lower-margin marketplace reach.
Will Ellementry succeed internationally?
International expansion is a stated goal with presence in 12+ countries. However, international unit economics are challenged: shipping costs, customs, and local competition (e.g., Etsy, local artisan platforms) compress margins. The brand has no defensible advantage abroad; “Indian craftsmanship” is a narrative asset, but so is Thai or Portuguese pottery to Western consumers. Success requires brand building in each market, which is expensive. More likely: Ellementry becomes a strong regional (Asia-Pacific) brand; Western expansion remains a long-tail opportunity.
Could a larger retail player (e.g., Amazon, Lifestyle Landmark Group) replicate Ellementry’s model?
Partially. A large retailer could aggregate artisan suppliers and offer “curated handcrafted” private labels. However, Ellementry’s advantage is not sourcing—it is brand narrative and design integration. Large retailers excel at sourcing and logistics, not storytelling or design. Ellementry’s founder-led, design-first culture is hard to replicate at scale within a conglomerate. The more likely threat: a venture-backed competitor (e.g., backed by Accel, Sequoia) replicating Ellementry’s model in adjacent categories (textiles, furniture, home wellness). For now, Ellementry’s 6-year head start and brand establishment provide a moat, but this moat is eroding.
Sources
Figures are as of September 2026. Currency converted at $1 ≈ ₹96.0 as of 18 September 2026 (Trading Economics).
- Storyboard18, “D2C Homeware brand ellementry secures funding from She Capital” (May 2024)
- Tracxn, “Ellementry – 2026 Company Profile, Team, Funding, Competitors & Financials”
- Tracxn, “Dileep Essentials Private Limited – 2026 Company Profile, Financials & Shareholding”
- ClearTax, “Dileep Essentials Private Limited” (Company registry)
- ZaubaCorp, “Dileep Essentials Private Limited” (MCA filings)
- Indian Retailer, “D2C 100: Ellementry – Handcrafted Home Products” (2024)
- Indian Retailer, “The Growth of Ellementry in Tableware Market in India” (founder interview)
- Indian Retailer, “ellementry Taps Quick Commerce and Global Markets to Fuel Next Phase of Growth” (2026)
- FranchiseIndia, “Ayush Baid on Building ellementry: Where Indian Craft Meets Modern Design” (founder interview)
- Sugermint, “Ayush Baid – Founder @ Ellementry” (founder profile)
- Ellementry official website, “Our Story”
- India D2C Market Size 2026: Growth Rate, Top Categories, and Fulfilment Benchmarks (Base Blog, 2026)
- How D2C Brands Are Reshaping India’s $1 Trillion Retail Market (Indian Retailer, 2026)
- Top D2C Home Decor Brands in India for Premium Buyers 2026–2027 (ITD Growth Labs)
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