Confidential Information Summary
A profitable, marketplace-led personal care brand raising growth capital.
Executive summary
Project Cosmera is a branded hair, skin and body care company selling mainly through online marketplaces and quick-commerce. It reached profit in its third full year of trading and is seeking growth capital for inventory, product development and marketing.
Revenue rose from ₹0.72 Cr in FY23 to ₹11.64 Cr in FY25, a sixteen-fold increase, with FY25 growth of 105%. Three platforms generate 59.3% of revenue; the company's own website adds 8.8%.
Management reports EBITDA of ₹0.93 Cr (7.9%) and PAT of ₹0.83 Cr (7.1%) for FY25. The buyer's central question is whether marketplace advertising returns hold as spend scales.
At a glance
Basis of preparation. All figures are management-supplied for a single entity, years ending 31 March, net of tax. FY25 is the latest year; only revenue, EBITDA and PAT are available, with no depreciation, finance cost or tax line.
FY26 and the first half of FY27 have since closed. Their results are not in this document and will be provided on NDA.
Investment highlights
Fast growth from a small base
Revenue grew every year since launch, and absolute additions rose from ₹4.97 Cr in FY24 to ₹5.95 Cr in FY25.
16x revenue, FY23–FY25Profitable at the third year
Management reports positive EBITDA and PAT in FY25 while still expanding the range.
PAT ₹0.83 CrRegistered proprietary formulation
A trademarked blend of five vitamins and five essential oils runs across the range.
80+ SKUsChannel breadth
Sales run through more than five marketplace and quick-commerce platforms, a website and modern trade counters.
Website 8.8% of revenueAdvertising returns above 2.5x on every channel reported
Management reports return on ad spend of 3.2x, 8.0x and 5.2x on three platforms and about 2.5x on the website.
ROAS 2.5x–8.0xBusiness overview
The company positions its products between mass-market oils and premium clinical brands, with ingredient disclosure and dermatological testing as its claims. It launches new products every quarter.
Hair care
Shampoos, serums, oils, including an anti-grey serum and a minoxidil-based growth oil.
Skin care
Serums and creams, led by a 30% vitamin C face serum.
Body & colour
Body care and colour cosmetics, the newest lines.
Production runs through an owned unit in northern India, with contract manufacturing used alongside it. The trademark covers the formulation name; patent filings are not claimed in the file.
Marketing efficiency & repeat
Acquisition is bought through platform advertising, so the return on that spend sets how far growth can scale profitably. Management reports it by channel.
About one in ten website customers has bought more than once.
Cohort retention, CAC and payback by channel will be in the data room.
Customer mix & concentration
End buyers are individual consumers, so the concentration that matters is the platforms that reach them. Repeat orders come from re-ordering on the same platform or the website.
The table reconciles each channel to FY25 revenue.
| Channel | Type | ₹ Cr | % of revenue |
|---|---|---|---|
| Platform A | Global general marketplace | 3.90 | 33.5% |
| Platform B | Value-focused marketplace | 2.10 | 18.0% |
| Platform C | Quick-commerce platform | 0.90 | 7.7% |
| Total, three platforms | 6.90 | 59.3% | |
| Own website | D2C | 1.03 | 8.8% |
| Other channels | Other marketplaces, modern trade, international | 3.71 | 31.9% |
| Revenue | 11.64 | 100.0% |
Concentration is by platform, not by buyer. Platform A alone carries one third of revenue and platforms A and B together 51.5%. A change in either platform's ranking, fees or advertising rules moves FY25-scale revenue directly.
What reduces it: the website, the 31.9% not split above, and modern trade counters now opening.
Financial snapshot
Revenue has multiplied each year; profit data exists for FY25 only.
The table sets out the reported earnings measures.
| Year ended 31 March | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | 0.72 | 5.69 | 11.64 |
| Growth | – | +690% | +105% |
| EBITDA (margin) | n/a | n/a | 0.93 (7.9%) |
| PAT (margin) | n/a | n/a | 0.83 (7.1%) |
Balance sheet items, FY25
Weakest metric: inventory. Stock equals roughly 142 days of revenue, so each step of growth needs working capital before it earns cash.
Management's own plan shows FY30 revenue of ₹86.9 Cr. It is not a forecast, has not been validated by the adviser and carries no weight until tested against FY26 actuals and an order book.
Quality of earnings
EBITDA and PAT below are as reported by management, with no adjustments or add-backs applied.
Margin basis
Management states product cost at about 17% of MRP. Gross margin on realised revenue, after platform discounts and fees, is not in the file.
EBITDA to PAT
₹0.93 Cr to ₹0.83 Cr. The bridge of depreciation, finance cost, tax and other income will be in the data room.
Cash & leverage
Operating cash flow is not in the file. No external borrowings are stated.
Capex & related parties
Tangible assets stand at ₹2.38 Cr. No related-party earnings are stated.
Recency. The latest year ended 31 March 2025, more than eighteen months ago. A full year (FY26) and a half-year (H1 FY27) have since closed, and a buyer will start from those.
Management & organisation
| Role | Background |
|---|---|
| Promoter-Director (1) | Formulation and fragrance specialist; prior role at a large consumer group |
| Promoter-Director (2) | Supply chain and operations |
| Team | 30+ staff; contract manufacturing |
The company is privately held, GST-registered and MSME-compliant, with no pending litigation stated.
Key-man. Product development sits with Promoter-Director (1) and supply with Promoter-Director (2). A buyer will ask for retention terms for both.
M&A proposition
The promoters are raising growth capital and are open to the instrument; control terms are not specified.
Growth capital arrives with profit already reported.
Marketplace stock and advertising are the binding needs.
Overseas build-out is at an early stage.
Transaction parameters
Buyer profile
Growth funds in consumer brands, and strategic beauty or personal care groups seeking an online-native range.
Valuation. The held DCF is built on management's plan, and the adviser places no weight on it. Price will be set after FY26 and H1 FY27 results are reviewed.
Risks & mitigants
Platform dependence
Platforms A and B carry 51.5% of revenue. Mitigant: the website and modern trade are being built; neither is yet large.
Advertising cost inflation
Growth is bought through ads. Mitigant: reported ROAS is above 2.5x on every channel; the definition is to be confirmed.
Inventory and working capital
Stock is 38.9% of revenue. Mitigant: management plans to fund inventory from the raise; stock ageing will be shared.
Thin repeat base
9.8% of website customers return. Mitigant: range expansion, with cohort data to follow.
Competition
Established ingredient-led brands compete for the same shelf and keywords. Mitigant: a registered formulation name; no patent claimed.
Regulatory
Ingredient rules, including for the minoxidil-based oil, can change. Mitigant: compliance records to be supplied.
Key-man
Two promoter-directors hold product and supply. Mitigant: a 30+ person team; retention terms open.
Short and stale record
Three years of trading, with FY25 the last reported. Mitigant: FY26 and H1 FY27 results on NDA.
Process & next steps
Adviser contact
Private and confidential; not an offer for sale. Information is supplied by the company and has not been independently verified. Management projections are estimates only. Recipients must carry out their own due diligence. The adviser gives no assurance of future performance. Redistribution requires written consent.