New Delhi: Baazar Style Retail Ltd, which operates the Style Baazar value-fashion chain, on Tuesday said it has secured a strategic investment of ₹331.53 crore from FMCG major Cupid Ltd through a preferential issue of equity warrants.
In a regulatory filing, the Kolkata-based retailer said its board has approved the issuance of up to 1.01 crore equity warrants at ₹328.25 apiece, convertible into equity shares within 18 months. Monarch Networth Capital has acted as the sole advisor to the transaction.
The company said the proceeds will be used partly to repay or prepay certain borrowings, leading to a reduction in debt and finance costs, while the remaining funds will support its next phase of growth. Style Baazar currently operates over 250 stores across eastern India and plans to expand its footprint to more than 500 stores over the next three years through a cluster-based rollout strategy.
Beyond fashion, the partnership with Cupid Ltd is expected to broaden Style Baazar’s product mix into personal care and wellness categories, helping improve store productivity, customer frequency and revenue diversification. Cupid, which has a presence in over 110 countries, manufactures condoms, lubricants and a range of FMCG products.
“This strategic investment will serve as growth capital and help accelerate our expansion plans, strengthen supply-chain integration and enhance our product assortment,” managing director Shreyans Surana said.
Cupid chairman and managing director Aditya Kumar Halwasiya said the investment would help the company scale its FMCG portfolio through Style Baazar’s expanding retail network, improving visibility and consumer reach in key regional markets.
The company said the fundraise is aimed at creating long-term value by strengthening the balance sheet while backing store-led growth and category expansion.