The new influx of capital will enable manufacturing expansion and R&D capabilities. The formulations behindPilgrim'sserums,Kay Beauty'smakeup andNykaa'sprivate-label range sit with a manufacturer most shoppers have never heard of.Naturis Cosmetics, a contract maker that has supplied 50+ beauty brands since 2011, just took its first institutional cheque. On16 July 2026it announced a₹100 croreround led bySharrp Ventures, its firstexternal fundingin nearly 15 years. The one wrinkle: the headline figure and the number in its filings do not yet line up. The figures below come from Naturis's own funding announcement and its Tracxn company report, generated 16 July 2026. Naturis is aCDMO(contract development and manufacturing organisation): it develops and makes products that other companies sell under their own labels. Its client list is the interesting part. AlongsideNykaaandPurplle, it names Pilgrim, Asaya, Hoop, Colorbar, Innovist's Bare Anatomy, Kay Beauty and Antinorm, plus pharma tie-ups withGlenmarkandDr. Reddy's Laboratoriesfor OTC and cosmeceutical products. The pitch to investors is timing. India is set to become the world's fourth-largest beauty and personal care market, worth$40 billion by 2030, according to a Redseer report cited in the announcement. Every new D2C brand needs someone to actually make the product, and that is the layer Naturis sells into. The round was led by Sharrp Ventures, withMirabilis Investment Trust(the family office of Infosys co-founder K. Dinesh), growth investorsAnicut CapitalandNiveshaay, D2C operators Suyash Saraf (Hyperscale Ventures) and Yogesh Kabra, and several pharma andspecialty-chemicalangels. Sagar Kandhari of Ambassador Capital Partners advised on the raise and has joined the board. Here is where the reader should slow down. The announcement says ₹100 crore. Tracxn, which builds its funding records from filings, logs something smaller. Using Tracxn's own rupee-dollar ratio (it lists ₹155 crore as $18.3M), the recorded $3.53M works out to roughly ₹30 crore, close to the ₹33.74 crore in its news line. That is about a third of the announced total. The gap is not proof of anything: filings can lag a raise, and an announced figure can bundle tranches or instruments not yet registered. But if you are underwriting this company, the equity currently on record is the smaller number, and that is worth knowing. The financials are the strongest part of the story. Revenue nearly quadrupled in four years, and the company was profitable in every one of them, rare for a manufacturing business scaling this fast. Two things to read here. First, FY22's ₹28.1 crore net profit is an outlier, its operating profit (EBIT) that year was only ₹17.4 crore, so the headline profit came from non-operating items, not the core business. Second, the real trend is FY25's ₹12 crore net profit on ₹155 crore of sales, a net margin near7.7%. Solid for a CDMO, but thin enough that the R&D and factory spending this round funds has to pay off
