Are there any products you’ve come across that can only be purchased online or through the brand’s own stores? I’d expect you to have a few names in mind.

Let’s go one layer deeper. Out of the products you’re thinking of, is there one that you purchase regularly, perhaps once a month or every few weeks? I’m sure the list looks thin now.

That’s because the products we buy over and over again are rarely offered by direct-to-consumer (D2C) brands. And some brands that do position themselves as D2C players derive a huge portion of their sales through marketplaces like Amazon and Flipkart, retailers, and quick-commerce platforms.

That runs counter to the D2C characteristic that matters the most—to deal directly with customers and eliminate intermediaries.

Perhaps this means the nature of running a D2C business is changing, or maybe some brands simply wear the label without following through. In the latest episode of Two by Two, hosts Rohin Dharmakumar and Praveen Gopal Krishnan spoke with three guests to find out what “D2C” really means, and whether there are brands that fit the designation.

There was Deepak Shahdadpuri, managing director and founder of DSG Capital Partners, India and Southeast Asia’s first consumer-focused venture capital fund. Deepak has been cutting cheques for consumer brands for well over a decade. He shared his insights on how the D2C phenomena has played out in specific categories.

In fact, we listened with rapt attention when Deepak explained how this worked with yoghurt maker Epigamia, one of DSG’s portfolio companies.

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Our second guest was Ajai Thandi, a co-founder of Sleepy Owl Coffee. Ajai told us how he went through the daily grind to build a digital-first challenger brand for coffee enthusiasts.

Finally, Seetharaman G, deputy editor at The Ken and our resident retail expert, joined the conversation. In his weekly newsletter Trade Tricks, he’s written about how some emergent brands claim the D2C mantle even though they don’t truly function like one.

The investor, entrepreneur, and seasoned journalist dived into the true nature of D2C companies and how market conditions are compelling them to break the mould.