Cupid Limited Invests ₹331.53 Cr in Style Baazar Retail

Mumbai (Maharashtra) [India], January 23: Cupid Limited (BSE: 530843 | NSE: CUPID) has announced a strategic investment of ₹331.53 crore in Baazar Style Retail Limited, the operator of the well-established value retail chain Style Baazar. The investment, to be deployed over the next 18 months through internal accruals, marks a significant milestone in Cupid’s long-term strategy to expand its retail footprint, strengthen market access, and accelerate growth in its FMCG business across high-potential regions in India.

Style Baazar currently operates 250+ profitable and operationally lean stores across key Indian markets and has built a strong reputation in the value retail segment. Through this strategic partnership, Cupid Limited gains direct access to a rapidly expanding retail ecosystem, significantly enhancing the availability, visibility, and reach of its FMCG product portfolio.

The association is expected to deliver immediate benefits. Cupid’s products will be rolled out across Style Baazar’s existing store network from day one, strengthening last-mile connectivity and shelf presence across multiple regions. As Style Baazar executes its aggressive expansion strategy—targeting over 500 stores within the next two to three years—Cupid’s FMCG offerings are poised to scale in parallel, multiplying consumer touchpoints and reinforcing brand visibility.

Beyond physical expansion, the investment supports the faster rollout of Cupid’s expanded product portfolio. Leveraging Style Baazar’s strong store-level execution, merchandising capabilities, and consumer insights, Cupid aims to enhance in-store visibility, improve merchandising effectiveness, and deepen customer engagement in priority markets. This data-driven retail integration is expected to sharpen Cupid’s go-to-market strategy and improve conversion at the point of sale.

From a financial perspective, Cupid Limited anticipates incremental revenue of ₹150 crore in FY27 from the Style Baazar ecosystem alone. With the continued scaling of stores, distribution, and product categories, the company has outlined a clear ramp-up plan to reach ₹500 crore in annual business within three years. This growth is expected to be driven by expanding consumer access, improved distribution efficiency, and increased penetration across regional markets.

Strategically, the collaboration combines Cupid’s manufacturing scale, brand-building expertise, and supply chain capabilities with Style Baazar’s proven retail platform. The integrated approach is designed to accelerate geographic expansion, optimise distribution economics, and support sustainable growth in the competitive FMCG landscape.

Commenting on the transaction, Aditya Kumar Halwasiya, Chairman & Managing Director of Cupid Limited, said the investment represents a critical step in strengthening the company’s retail presence. He noted that Style Baazar’s established network of over 250 stores offers a strong foundation to scale Cupid’s FMCG portfolio across key regional markets. As the store network expands to more than 500 locations in the coming years, Cupid’s products are expected to become an integral part of that growth—driving wider availability, stronger visibility, and deeper consumer engagement.

This strategic investment underscores Cupid Limited’s focus on building a robust, future-ready FMCG distribution ecosystem, positioning the company for sustained growth as organised value retail continues to expand across India.

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