PNN
Mumbai (Maharashtra) [India], January 23: Cupid Limited (BSE – 530843, NSE – CUPID) announced a strategic investment of ₹331.53 Cr in Baazar Style Retail Limited (Style Baazar), a well-recognised and established value retail chain that has been profitable as well as lean in operating 250+ stores across key markets in India. The investment to be made over 18 months, funded through internal accruals, marks a significant step in Cupid’s strategy to strengthen its retail presence, improve market access, penetration and accelerate growth across high-potential regions.
This strategic investment provides Cupid Limited with direct access to a strong and rapidly expanding retail network, significantly enhancing the availability and visibility of its FMCG product portfolio across key regional markets. Style Baazar’s extensive store footprint will enable Cupid to deepen its presence in existing markets while also entering new regions with greater speed and efficiency.
With Cupid’s products to be immediately available across Style Baazar’s 250+ stores, the partnership will strengthen last-mile reach and shelf presence from day one. As Style Baazar advances its expansion plans to scale up to over 500 stores in the next two to three years, Cupid’s FMCG offerings are expected to grow alongside this network, multiplying consumer touchpoints and improving brand visibility.
The investment will also support the faster rollout of Cupid’s expanded product portfolio, leveraging Style Baazar’s strong store-level execution and consumer insights to enhance in-store visibility, merchandising effectiveness, and customer engagement across priority markets.
Cupid Limited expects ₹150 Cr of incremental revenue in FY27 from the Style Baazar ecosystem, with a defined ramp-up to ₹500 Cr of annual business within three years, as the same fast-expanding ecosystem scales across distribution, categories, and consumer touchpoints.
By combining Cupid’s manufacturing scale, brand-building strengths, and supply chain capabilities with Style Baazar’s established retail platform, the collaboration is expected to create a more integrated go-to-market approach. This alignment will help Cupid achieve faster geographic expansion, improved distribution efficiency, and sustained growth in its FMCG business.
Commenting on the transaction, Mr. Aditya Kumar Halwasiya, Chairman & Managing Director of Cupid Limited, said “This strategic investment marks an important step in strengthening our retail presence and expanding consumer reach. Style Baazar’s established network of over 250 stores provides us with a strong platform to scale our FMCG product portfolio across key regional markets. As the store network expands to over 500 locations in the coming years, our products will be an integral part of that growth, enabling wider availability, improved visibility, and deeper engagement with consumers.”
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