Condom major Cupid has taken a decisive step to deepen its retail footprint, paying ₹82.88 crore—25% of its planned ₹331.53 crore investment—into Baazar Style Retail Limited (Style Baazar), in a move set to rapidly expand its FMCG reach.

 

Following the transaction, Cupid has been allotted 1.01 crore warrants, convertible into equity shares of Style Baazar, marking the first phase of a strategic partnership aimed at unlocking nationwide scale.

 

The deal gives Cupid immediate access to Style Baazar’s fast-growing network of over 260 stores, sharply boosting its shelf presence, distribution strength, and last-mile connectivity. Its products are set to hit store shelves across the chain right away, accelerating visibility and consumer engagement from day one.

 

The collaboration is expected to fast-track the rollout of Cupid’s expanded FMCG portfolio, tapping into Style Baazar’s strong execution at the store level and deep consumer insights. The partnership positions Cupid to penetrate high-growth regional markets with greater speed and efficiency.

 

With Style Baazar targeting an aggressive expansion to more than 500 stores over the next two to three years, the opportunity is poised to scale significantly—bringing Cupid’s products to a wider consumer base and multiplying brand touchpoints across geographies.

 

Cupid is betting big on the alliance, projecting an additional ₹500 crore in annual revenue within three years as the platform scales across categories and regions.

 

Commenting on the Development, Aditya Kumar Halwasiya, Chairman & Managing Director of Cupid Limited said, “We are pleased to complete the first phase of our strategic investment in Style Baazar, this development strengthens our retail presence and significantly enhances our FMCG distribution reach across key markets. As the partnership scales, we remain confident of driving strong growth through improved market access and deeper consumer engagement.”

 

Shreyans Surana, Managing Director, of Baazar Style Retail Limited added, “We are pleased to advance our partnership with Cupid Limited with the completion of the first phase of their investment. Their strong FMCG portfolio and execution capabilities continue to complement our retail platform, enabling better product availability and customer experience. This collaboration will further support our expansion journey as we scale our store network and strengthen our overall value proposition.”