Naturis Cosmetics just took its first institutional cheque — ₹33.7 Cr, led by Sharrp Ventures, the Harsh Mariwala investment office and the Marico promoter family's capital.
You've never heard of Naturis. But you've used it. It's the contract manufacturer behind Nykaa, Plum, Pilgrim, Purplle, Bare Anatomy and Ustraa.
Everyone in Indian beauty is sourcing the next hero brand. Almost nobody is asking who actually makes the product.
We have 160+ D2C beauty brands and a handful of formulators who can actually ship them. That's pricing power sitting quietly upstream. When the same factory makes your portfolio brand and its three closest competitors, the moat you thought you were underwriting — the formulation, the “clean” claim, the hero SKU — is rented, not owned.
And a strategic just noticed. Sharrp isn't a generalist fund chasing GMV. It's Marico capital moving into the supply side of the boom, not another brand. When smart strategic money buys the arms dealer instead of the army, that's a tell about where the margin actually lives.
The question I keep coming back to: if you can't name the OEM your portfolio brand depends on, do you actually understand its unit economics? Or are you underwriting a marketing budget wearing a product's clothes?
Naturis being profitable on ₹154 Cr of revenue while its clients burn to acquire customers is the whole thesis in one line.
Which brands its capacity favours next. That's the leading indicator.