Sharrp Ventures leads 100 CR investment in Naturis Cosmetics’ first institutional funding round

The formulations behind Pilgrim's serums, Kay Beauty's makeup and Nykaa's private-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. On 16 July 2026 it announced a ₹100 crore round led by Sharrp Ventures, its first external funding in nearly 15 years. The most telling detail is not the size of the cheque. It is who wrote it.

The figures below come from Naturis's own funding announcement and its Tracxn company report, generated 16 July 2026.

Why a factory, not a brand, just raised ₹100 crore

Naturis is a CDMO (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. Alongside Nykaa and Purplle, it names Pilgrim, Asaya, Hoop, Colorbar, Innovist's Bare Anatomy, Kay Beauty and Antinorm, plus pharma tie-ups with Glenmark and Dr. Reddy's Laboratories for 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, with Mirabilis Investment Trust (the family office of Infosys co-founder K. Dinesh), growth investors Anicut Capital and Niveshaay, D2C operators Suyash Saraf (Hyperscale Ventures) and Yogesh Kabra, and several pharma and specialty-chemical angels. Sagar Kandhari of Ambassador Capital Partners advised on the raise and has joined the board.

Naturis posted ₹155 crore in revenue in FY25, up from ₹43 crore four years earlier, and stayed profitable the whole way, a 52% five-year revenue CAGR by Tracxn's count.

Fourteen years without outside money, then ₹100 crore

Naturis was founded in 2011 and grew to ₹155 crore of revenue without institutional capital. That makes this round its entire external funding history to date: ₹100 crore, all of it dated July 2026. For a manufacturer that has been profitable in every year on record, the money is a choice, not a rescue.

The cap table is the part worth pausing on. Sharrp Ventures, the lead, already backs Nykaa and Purplle, two of Naturis's own customers. Having owned pieces of the shopfronts, it has now bought into the factory behind them. The rest of the register reads like a customer-acquisition plan: family-office patience from Mirabilis, growth discipline from Anicut and Niveshaay, and D2C plus pharma angels who sit in exactly the two markets Naturis wants to sell into next.

Four years of revenue, and one profit spike to ignore

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 near 7.7%. Solid for a CDMO, but thin enough that the R&D and factory spending this round funds has to pay off.

The rivals took money earlier. Naturis took revenue first.

Set against its closest contract-manufacturing peers, Naturis is the one that waited.

Kimirica is six years younger and already at Series B. Naturis spent those years compounding revenue instead, and arrives at its first round with ₹155 crore of sales and a profit in every year on record. That is a different starting position from a company that raised its way to scale, and it is what the new capital is being asked to accelerate rather than repair.

Where the money goes

The plan for the capital is specific:

• A new production unit in Vapi, 225,000 sq ft, on top of the current 200,000 sq ft facility (capacity 84M units).
• An experience centre in the NCR region and a new R&D centre in Mumbai.
• New categories over five years: men's grooming, body care, colour cosmetics, fragrances, exports, and deeper OTC pharma.

Running it is CEO Rahul Tandon, an IIT Delhi alumnus and former Schlumberger executive, alongside COO Nukul Mehra (ex-Accenture) and co-founders Sanjay and Dhruv Mehra. The team is listed at 97 to 120+ people depending on the source.

"Our long-term vision is to build India's leading ODM platform in the BPC space," said Rahul Tandon, Co-Founder and CEO. "This investment is not just a vote of confidence in Naturis, but also in India's manufacturing and innovation ecosystem."

For founders watching the D2C beauty gold rush, Naturis is a reminder that the durable money often sits one layer back, in the boring, capital-hungry business of actually making the thing. The open question is whether it can add men's grooming, body care, colour cosmetics, fragrances and exports all at once without thinning the 7.7% margin that made it worth funding in the first place.

FAQ

How much did Naturis Cosmetics raise?

Naturis Cosmetics raised ₹100 crore in July 2026, in a round led by Sharrp Ventures. It is the company's first institutional funding since it was founded in 2011.

What does Naturis Cosmetics do?

It is a contract development and manufacturing organisation (CDMO) that develops and makes skincare, haircare, makeup and personal-care products for 50+ brands, including Nykaa, Pilgrim, Colorbar and Kay Beauty, plus OTC products for Glenmark and Dr. Reddy's.

This article is based on the uploaded press release (Naturis Cosmetics, 16 July 2026) and the Tracxn company report dated 16 July 2026.