The factory, not the brand
Naturis Cosmetics took its first institutional cheque this week — ₹33.7 Cr from the Marico promoter family's investment office. You have never heard of Naturis. You have used it. It manufactures for Nykaa, Plum, Pilgrim, Purplle, Bare Anatomy and Ustraa, and its round says more about where margin sits in Indian beauty than any brand round this year.