Cupid, a consumer wellness and personal care company, expects the contribution from Baazar Style Retail to touch ₹150 crore in this fiscal and gradually scale up to ₹500 crore annually in the next few years.
The company has committed investment of ₹332 crore in Baazar Style Retail, which will provide access to over 280 stores, with the network expected to cross 500 stores over the next two to three years.
Aditya Kumar Halwasiya, Chairman & Managing Director, Cupid, said the company made an additional $5 million follow-on investment in GII Healthcare Investment, fully funded through internal accruals.
The investment strengthens Cupid’s strategic relationship with the platform and provides greater exposure to the broader GCC healthcare opportunity, including healthcare assets in Saudi Arabia, he said at the company’s AGM on Wednesday.
Further, the Board in August gave in-principle approval for a proposed manufacturing venture in South Africa with a local partner holding 51 per cent stake.
The proposed asset-light model would see Cupid contribute its manufacturing expertise, technical know-how, technology transfer, quality systems and training, while the local partner would arrange the capital expenditure, working capital and operating funding, he said, highlighting the company’s growth prospects.
The proposed facility could strengthen Cupid’s presence in South Africa and provide a platform for wider expansion across Africa and, subject to approvals, additional international markets.
The company was included in the BSE Group A category in July and subsequently joined the FTSE Emerging Markets All Cap Index in September.
Cupid has set a revenue target of ₹1,085 crore in this fiscal and ₹1,500 crore in FY29 with the focus on building a larger and more diversified FMCG and healthcare platform, while maintaining discipline on profitability, governance, capital allocation and sustainable growth.
Halwasiya said while the global healthcare franchise continues to provide a strong foundation, the growing Consumer Healthcare and FMCG businesses are opening a larger opportunity in India.
Published on September 23, 2026
