Project Bloom
B2B ambient scenting platform serving corporate, retail and hospitality sites in India
Adviser: CA Dhiraj Ostwal, Transaction Advisory
01Executive Summary
Project Bloom is a small, founder-built company that supplies scent-diffusion systems and fragrance oils to corporate offices, premium retail and hospitality sites. After several years of selling online and through other channels, it moved in mid-2024 to concentrate on business customers, and that shift has driven a step-change in scale.
The company is an incorporated private limited company with four individual shareholders. Management states that the founder is now located outside India and that the business has been run remotely on documented procedures by a five-person team. The shareholders are offering 100% of the company.
At a glance
| Sector | Ambient scenting and fragrance products |
| Region | Southern India, with sites in other metro markets |
| Incorporated | 2015 |
| Offered | 100% of the share capital |
| Debt position | No bank borrowing drawn at 31 Aug 2026; shareholder loans outstanding (see section 07) |
02Investment Highlights
Each highlight below rests on the company's own accounts. Statements that management makes but has not yet evidenced are labelled as such.
Revenue more than doubled in FY26
Revenue moved from ₹56.31 L in FY25 (audited) to ₹118.95 L in FY26 (unsigned accounts), growth of 111.2%.Profit scaled with revenue
Reported EBITDA rose from ₹7.29 L in FY25 to ₹28.98 L in FY26, a margin of 24.4% against 12.9%.Strong start to FY27
Revenue for April to August 2026 is ₹76.24 L on provisional management accounts, already about 64% of full-year FY26.Light balance sheet
No bank loans were outstanding at 31 March 2026 or 31 August 2026. The fixed asset base is minimal.Enterprise and hospitality customer base (management statement)
Management states that customers include large multinational and global-capability-centre offices, real-estate services firms and international hotel chains, with agreements of one to two years. Contracts and customer-level revenue will be provided in the process.03Business Overview
The company designs and supplies scenting systems, the oils that run them, and related aroma products, and serves business sites rather than individual consumers.
Scent diffusion systems
App-controlled and HVAC-compatible units, from small meeting rooms to lobbies of about 11,500 sq ft (management statement).Aroma and fragrance oils
More than 65 oils described as IFRA-compliant, with exclusive blends developed with perfumers in India and France (management statement).Other lines
Essential oils, charcoal-free incense, corporate gifting and private-label or bespoke fragrance development. Several are currently paused as sales channels.Infrastructure
| Premises | Office and storage in a family-owned commercial building; no rent is currently charged. Management indicates nominal rent of ₹0.6–0.75 L per month could apply after handover, or the business can relocate. |
| Fixed assets | Laptops only on the books (₹0.92 L gross at 31 March 2026). |
| Quality system | ISO 9001:2015 certification (management statement; certificate to be provided). |
Management describes the operating model as a lean, remote-run team following documented procedures. Online, export and gifting channels were paused by choice, not by failure of those channels.
04Market & Opportunity
The company sells into the premium end of India's commercial real estate, where multinational occupiers are expanding and building-services budgets include the workplace environment.
Global capability centres
Colliers projects India's global capability centre market at about $105 billion by 2030. Industry reports cite record Grade-A office leasing of 45.5 million sq ft in H1 2026, with 43–46% driven by these occupiers.Premium retail
Cushman & Wakefield reports India retail leasing volume up 17.6% year on year in Q2 2026.Hospitality
The company already serves hotel customers. This segment has not been sized in management's market work.Adjacent consumer channels
Management sees staff in served offices as a potential audience for home-fragrance products if the online channel is restarted. This is an opinion, not evidence.Market figures are as reported by the named research firms and have not been independently verified. No market share data is available.
05Business Model & Economics
The company earns revenue by selling scenting machines and fragrance oils to business sites. The accounts record all revenue as sale of goods.
Machines
A main product line by management's account. Whether units are sold or placed at sites is being confirmed.Oils and refills
A main product line. Share of recurring refill revenue has not yet been provided.Other lines
Gifting, incense, essential oils and private label are described by management as minor or paused, at roughly 1–2% of sales.Commercial terms (management statements)
| Item | Management position |
|---|---|
| Contract length | Agreements of one to two years, subject to service performance |
| Major clients | Payment in about 45 days |
| Other clients | Advance payment, with some consignment sales for 0–90 days |
| Sales cycle | Typically six to eight months to convert a large client |
Revenue (₹ lakh)
| Period | Revenue | Status |
|---|---|---|
| FY24 | 60.29 | Audited |
| FY25 | 56.31 | Audited |
| FY26 | 118.95 | Unsigned |
| Apr–Aug FY27 | 76.24 | Provisional |
Revenue by product and customer is not yet available, so unit economics are not presented here.
06Competitive Positioning
Customers can buy scenting from specialist providers, from facility-services firms or from building owners' preferred suppliers. The company positions itself as a locally run specialist that supplies both machines and its own oils.
What management claims
- Few dominant organised B2B players in India's ambient scenting
- Own formulas, supplier network and documented procedures
- Relationships with large multinational occupiers
Limitations at this stage
- No independent market-share or competitor data
- Formula and trademark ownership documents are still to be provided
- Contract terms and switching costs are not yet evidenced
07Financial Snapshot
Profit has moved from a loss in FY24 to a strongly positive position, helped by the end of high-cost online channels and by growth in business customers.
Summary (₹ lakh)
|
FY24 Audited |
FY25 Audited |
FY26 Unsigned |
Apr–Aug FY27 Provisional |
|
|---|---|---|---|---|
| Revenue | 60.29 | 56.31 | 118.95 | 76.24 |
| Revenue growth | n/a | (6.6%) | 111.2% | n/a |
| Profit before tax | (4.84) | 6.84 | 28.78 | n/a |
| Depreciation | 0.00 | 0.00 | 0.04 | n/a |
| Interest | 0.23 | 0.45 | 0.16 | n/a |
| Reported EBITDA | (4.61) | 7.29 | 28.98 | n/a |
| EBITDA margin | (7.6%) | 12.9% | 24.4% | n/a |
Reported EBITDA is profit before tax plus depreciation plus interest. No management or normalisation adjustments are included. April–August FY27 accounts are unaudited and do not yet include year-end accruals, depreciation, interest or tax; a margin is therefore not presented.
Balance sheet markers (₹ lakh)
| Receivables, 31 Mar 2026 (unsigned) | 42.28 |
| Inventory, 31 Mar 2026 (unsigned) | 22.50 |
| Shareholder loans, 31 Mar 2026 | 68.46 |
| Shareholder loans, 31 Aug 2026 (provisional) | 47.86 |
| Cash, 31 Aug 2026 (provisional) | 14.61 |
What the numbers show
- Revenue held near ₹56–60 L in FY24–FY25, then doubled in FY26.
- Staff cost was flat at about ₹18–19 L while revenue doubled, which explains much of the margin gain.
- Shareholder loans have been reduced by about ₹20.6 L since March 2026.
- A ₹10 L bank overdraft is sanctioned and undrawn.
08Management & Organisation
The business is run by a very small team, with the founder not involved day to day, and a family-owned shareholder group.
Roles
| Role | Position |
|---|---|
| Founder | Located outside India. Management states the business has operated without founder involvement for about two years. |
| Directors / shareholders | Two directors; four individual shareholders in total |
| Operating team | Five people covering sales, delivery and administration; management states all have been with the business for two to three years or more |
Management states that the whole team would continue after the transaction provided the current facility continues to be available. The team's roles, pay and written commitments will be provided.
09M&A Proposition
The shareholders propose to sell the whole company to a buyer that wants an established route into India's corporate scenting market.
What is on offer
- 100% of the shares in the company
- Inventory, brand, domains, formulas, supplier network, client agreements, procedures and know-how, per management
- Exact perimeter, including cash, debt and receivables, to be confirmed in the process
Why now
Revenue doubled in FY26, and April to August FY27 is already about 64% of FY26. The founder's relocation is the stated reason for sale.Buyer profile
A fragrance, hospitality-services, facilities or wellness company that wants an India platform serving corporate and hospitality sites, or a group with customers abroad that wants India coverage.Proposed structure and value creation
Management indicates shareholder loans would be settled at handover. Price, structure and any transition terms will be discussed with interested parties. Management sees upside from restarting online, export and gifting channels, which it states were previously tested; no results are presented here.10Risks & Mitigants
The points below are what a buyer is likely to examine most closely, together with what exists today and what is still open.
11Process
Interested parties are invited to engage through the adviser. Further information is shared in stages, after a confidentiality agreement is signed.
Contact
CA Dhiraj Ostwal, Transaction Advisory. Please make all enquiries through the adviser; do not approach the company, its shareholders, employees or customers.Expression of interest
Confirm interest and buyer profile.
NDA
Sign confidentiality agreement.
Information memorandum
Receive detailed data and management access.
Offer and diligence
Submit offer; confirmatory diligence.
Disclaimer. This summary has been prepared from information provided by the company's management and has not been independently verified. It does not constitute an offer or invitation to buy or sell securities and does not contain all information a prospective buyer needs. Statements attributed to management are unverified. Financial information for FY26 is unsigned and for April to August FY27 is unaudited and provisional. Forward-looking statements are not guarantees. Recipients should conduct their own investigation and take their own legal, tax and financial advice. Neither the company, its shareholders nor the adviser accepts liability arising from the use of this summary. This document is confidential and may not be copied or shared without consent.