Small-cap stock under ₹100 Cupid to be in focus on MondayAI Quick ReadSmall-cap stock under ₹100 Cupid share price will be in focus on Monday, April 6 as the company has announced a strategic investment of ₹82.88 crore in Baazar Style Retail Limited (Style Baazar). This marks a significant step in strengthening its retail presence and expanding distribution for its growing FMCG portfolio.
As per the press release, the investment represents 25% of the company’s total planned outlay of ₹331.53 crore, with the remaining 75% to be deployed at a later stage.
Cupid has been allotted 1,01,00,000 warrants, which will be converted into equity shares of Style Bazaar, in accordance with regulatory timelines. The investment is expected to provide immediate access to Style Baazar’s extensive and expanding retail network, enhancing product visibility and last-mile reach across key markets.
"This investment provides Cupid Limited with direct access to a large and rapidly expanding retail network of 260+ stores, significantly strengthening market access, shelf visibility, and last-mile reach for its FMCG product portfolio," the press release informed.
With the ecosystem in place, Cupid Limited expects to generate incremental annual revenue of around ₹500 crore over the next three years as the platform scales across regions and product categories. The company believes the partnership will unlock meaningful growth opportunities by combining its FMCG portfolio with a robust retail distribution backbone.
Commenting on the development, Aditya Kumar Halwasiya, Chairman and 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.”
The collaboration is also expected to facilitate faster rollout of Cupid’s expanded product range, supported by Style Baazar’s store-level execution capabilities and consumer insights. This is likely to help the company deepen its penetration across high-potential regional markets with improved efficiency.
The company expects its products to gain wider shelf presence and improved consumer engagement as they become available across these outlets from the outset.
Looking ahead, Style Baazar plans to scale its store network to over 500 locations in the next two to three years. This expansion is expected to further amplify Cupid’s reach, enabling higher consumer touchpoints and stronger brand visibility across geographies.
Shreyans Surana, Managing Director of Baazar Style Retail Limited, said, “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.”
Cupid Limited, established in 1993, has been expanding beyond its core business of condoms and personal care into a broader FMCG portfolio, including fragrances, personal hygiene and wellness products. The company also has a strong global footprint, exporting to over 125 countries and maintaining long-term partnerships with global health organisations.
Despite the prolonged US-Iran war and the subsequent sell-off in broader markets, Cupid has been positive in recent times. It has given multibagger returns, soaring 620% in 1 year and 101% in 6 months.
Meanwhile, in the past 5 years, the scrip has surged almost 4000%.
However, the small-cap stock has added 4% in the last 3 months and 14% in the past 1 month.
It ended the previous session (Thursday, April 2) 1% higher at ₹87.59 on BSE. The Indian stock markets are closed today, April 3, on account of Good Friday.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
Pranati Deva is a seasoned financial journalist with over a decade of experience in high-pressure newsroom environments, currently working as a Senior Sub Editor at LiveMint. Over the years, she has developed a reputation for sharp editorial judgement, a strong grasp of market dynamics, and the ability to translate complex financial developments into clear, engaging stories for a wide audience.
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