Small-cap Stocks Below ₹100 to Attract Market Attention on Monday

Cupid Limited to Focus on Retail Expansion with ₹82.88 Crore Investment in Style Baazar

On Monday, April 6, the small-cap stock of Cupid Limited under ₹100 will be in focus as the company has announced a strategic investment of ₹82.88 crore in Baazar Style Retail Limited (Style Baazar). This move marks a significant step in strengthening its retail presence and expanding distribution for its growing FMCG portfolio.

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 company expects to generate incremental annual revenue of around ₹500 crore over the next three years as the platform scales across regions and product categories.

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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.

Commenting on the development, Aditya Kumar Halwasiya, Chairman and Managing Director of Cupid Limited, said that the company is pleased to complete the first phase of its strategic investment in Style Baazar, which strengthens its retail presence and significantly enhances its FMCG distribution reach across key markets.

Meanwhile, 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.

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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.

Cupid share performance has been positive in recent times, with the scrip surging 620% in 1 year and 101% in 6 months. However, the small-cap stock has added 4% in the last 3 months and 14% in the past 1 month. The Indian stock markets are closed today, April 3, on account of Good Friday.