Mars Cosmetics is a Delhi-based Indian affordable makeup brand that began as an online D2C brand in 2016 and now sells through its own stores, general trade, modern trade and online platforms.

This Startup Deep Dive explains what Mars Cosmetics does, how it makes money, who backs it, how it compares with rivals and what could go wrong, using publicly available information. It is educational and not investment advice. Last updated: October 2026.

Mars Cosmetics in Brief

• What it is: Mars Cosmetics is an Indian Colour cosmetics / makeup company based in Delhi (Pitampura).
• Who it serves: online shoppers, retail customers, marketplaces and distribution partners.
• Sells makeup for face, lips, eyes and nails plus tools and accessories, with over 1,000 SKUs.
• Lipsticks retail at Rs 250-400 under a 'Makeup for Everyone' positioning.
• Runs over 50 exclusive brand outlets, about 15,000 general trade outlets, about 150 modern trade doors and about 120 advisor-led counters.
• Funding: Not disclosed in public sources reviewed.

Mars Cosmetics Quick Facts

Figures marked “reported” come from published reports and may differ between sources; “Not disclosed” means no reliable public figure was found.

What Is Mars Cosmetics?

Mars Cosmetics operates in the Colour cosmetics / makeup space in India. Understanding a company like this starts with three questions: who is the customer, what painful problem is being solved, and why the solution is better than the alternatives. The sections below apply that lens to Mars Cosmetics.

• Sells makeup for face, lips, eyes and nails plus tools and accessories, with over 1,000 SKUs.
• Lipsticks retail at Rs 250-400 under a 'Makeup for Everyone' positioning.
• Runs over 50 exclusive brand outlets, about 15,000 general trade outlets, about 150 modern trade doors and about 120 advisor-led counters.
• Plans a skincare range followed by haircare.

The Origin Story of Mars Cosmetics

Every company starts from a noticed gap and a team willing to commit to closing it. Strong origin stories are specific: a clear problem, a founding team with relevant skills, and an early product that real customers could test. Founder-market fit, meaning the team’s lived experience or technical depth in the domain, tends to predict how fast a young company learns.

• Founders: Manoj Sethia, Rishabh Sethia.
• Launched in 2016 as an online D2C brand; most sources date the family business to wholesale cosmetics retail from about 2013-2015.
• Sources disagree on founders: Manoj Sethia, Rishabh Sethia and Abhishek Sethia are each named in different reports.
• Online-only selling did not scale, so it moved to an omnichannel approach.

Key Milestones and Challenges

No startup grows in a straight line. Early years usually involve slow adoption, product rewrites, hiring mistakes and funding gaps. In the Colour cosmetics / makeup sector the common turning points are a first paying customer, a regulatory approval, a successful product demonstration or a funding round that lets the team invest ahead of demand. How a team responds to setbacks says more about resilience than any single headline.

• 2016: online D2C launch.
• FY24: revenue Rs 200 crore.
• FY25 targets stated in 2024-25 ranged from Rs 300 crore to Rs 400 crore.
• Last fiscal before July 2026: estimated revenue Rs 550 crore.
• Current fiscal target Rs 750 crore; goal of Rs 1,000 crore brand by the end of the next financial year.

Mars Cosmetics Funding and Investors

Funding history shows how much outside confidence a company has attracted and how long it can operate before needing more capital. Figures below are reported and may differ between sources; valuation figures are estimates unless the company has confirmed them.

• Detailed round-by-round funding for Mars Cosmetics is not disclosed in the public sources reviewed.
• Readers should check regulatory filings and company announcements for the latest position.

How Does Mars Cosmetics Make Money? (Business Model)

A business model describes who pays, how often and how much it costs to serve them. Strong models show repeat usage, improving margins with scale and acquisition channels that do not depend only on paid spend. Weak models show one-off sales, rising costs and growth that stops when spending stops. For companies selling to online shoppers, retail customers, marketplaces and distribution partners, sales cycles and contract size matter as much as headline growth.

• Low-priced makeup built on outsourced manufacturing in India and imports from China, Taiwan and Germany.
• Online and offline contribute almost equally; quick commerce is 25-30% of online sales, with Blinkit a key partner.
• Exclusive stores carry 400-500 products each.
• Company says it focuses on fundamentals rather than raising external capital.

The Numbers: Mars Cosmetics Financials

Financial figures show whether growth is turning into a self-sustaining business. Small and private companies often disclose little, so any number below is included only if it was found in public reporting.

• FY24: revenue about Rs 200 crore.
• FY25: management targets of Rs 300-400 crore; later interview estimates Rs 550 crore for last fiscal (reports differ; unaudited).
• Double-digit profitability claimed by management; no audited profit figure found.

Market Opportunity for Mars Cosmetics

Market size is easy to exaggerate, so a useful approach separates the total market from the portion a company can realistically reach with its current product and distribution. The main forces behind demand in this sector are rising internet and smartphone use, growing online retail, digital payments, quick commerce and a younger consumer base that is open to new brands. Each of these widens the opportunity, but capital efficiency and execution decide who captures it.

• Indian beauty and personal care market estimated at $26 billion in 2023 and projected to reach $35 billion by 2028.
• Demand is rising in Tier II and III markets.

Technology and Product at Mars Cosmetics

Technology is rarely the whole moat, but it drives speed, cost and customer experience. A practical way to assess it is to separate the capability the company controls from the commodity infrastructure it rents. In this sector the important factors are supply-chain reliability, brand trust, product quality, data on customer behaviour and the efficiency of fulfilment.

• In-house R&D team developed the skincare formulations over 10-12 months; a second, larger R&D lab is being set up in Delhi.

Team and Culture at Mars Cosmetics

Teams are the most important and least measurable asset of a young company. Look at how complementary the founders’ skills are, how deep the second layer of leadership is, and how the company hires and retains specialists. Culture shows up in small repeated behaviours: how quickly bad news travels upward and whether commitments to customers are kept.

• Rishabh Sethia is a director.
• Anmol Sahai Mathur is CMO (2024).
• Anshu Arora Sindhwani joined to lead innovation per trade news.

Mars Cosmetics Competitors: Competitive Landscape

A fair competitive analysis names direct rivals, adjacent players who could move into the space, and the customer’s default alternative. Durable advantages include proprietary data or technology, licences and approvals, brand trust, switching costs and cost leadership.

Risks and Challenges for Mars Cosmetics

• Reliance on third-party manufacturing and imports.
• Competition from global and large Indian makeup brands.
• Revenue figures are management statements, not audited.
• Competition: low barriers to entry and large marketplaces make it hard for a brand to stay differentiated.
• Customer acquisition cost: paid marketing can become expensive and erode margins as a brand scales.

Risk is not a reason to avoid a company; it is a reason to price it correctly and to monitor the right indicators over time. Regulation in this sector is shaped by consumer protection rules, FSSAI and BIS standards where relevant, the Legal Metrology rules and e-commerce regulations.

Mars Cosmetics Growth Outlook: What to Watch

• Plans 70-75 exclusive outlets, 20,000 general trade outlets and a skincare launch.
• Target of Rs 750 crore this fiscal and Rs 1,000 crore next.
• Key indicators: repeat purchase rate, average order value, gross margin, contribution margin and customer acquisition cost.
• Funding position: Whether Mars Cosmetics can reach its next milestone before needing new capital.
• Regulation: Changes from consumer protection rules, FSSAI and BIS standards where relevant, the Legal Metrology rules and e-commerce regulations.

Industry Context: Where Mars Cosmetics Fits

India's consumer market is large, young and increasingly online. Rising smartphone and internet use, digital payments and faster delivery have helped direct-to-consumer brands, marketplaces and quick-commerce platforms reach customers who once relied on local shops. Established companies, marketplaces and new brands now compete for the same shoppers.

Success in consumer businesses usually depends on a clear brand promise, repeat customers and healthy unit economics, not on sales volume alone. Companies that control quality, understand customer needs and manage marketing costs tend to build more durable brands than those that grow mainly by discounting.

For readers new to this field, a useful habit is to separate announcements from evidence. A plan, a partnership or a funding headline describes intent, while a delivered product, a paying customer or an audited financial statement describes results. Comparing the two over time shows how reliably a company turns promises into outcomes.

Bull Case and Bear Case for Mars Cosmetics

An investment thesis is a short, testable statement of why a company could become far more valuable, together with what evidence would prove it wrong. The points below are general to this sector and are not forecasts for Mars Cosmetics.

Bull case

• A growing base of online shoppers expands the potential market.
• Strong brands can earn repeat purchases and pricing power.
• Distribution through marketplaces, quick commerce and stores widens reach.

Bear case

• Heavy competition and discounting can hurt margins.
• Rising marketing costs can slow profitable growth.
• Supply-chain or quality problems can quickly damage trust.

Lessons Founders and Investors Can Take from Mars Cosmetics

Studying a company in the Colour cosmetics / makeup space offers lessons that go beyond any single firm. The points below are general lessons for the sector and are not claims about Mars Cosmetics.

• A clear brand identity and consistent product quality matter more than short-term sales spikes.
• Repeat customers lower acquisition costs and make growth more profitable.
• Controlling the supply chain helps protect quality and margins as volumes grow.
• Selling across several channels, such as own website, marketplaces, quick commerce and stores, reduces dependence on one platform.
• Healthy contribution margins are a better sign of progress than revenue growth alone.

How to Evaluate Mars Cosmetics as a Startup

• Customer clarity: Can Mars Cosmetics name its customer and the problem it solves in one sentence?
• Evidence of demand: Look for repeat customers, signed contracts or measurable usage rather than announcements alone.
• Economics: Check whether margins improve as volume grows.
• Execution: Compare announced timelines with what has actually been delivered.
• Funding runway: Estimate how long current capital lasts at the present spending rate.
• Regulatory standing: Confirm required approvals are in place.
• Customer concentration: Check whether a few customers account for most of the revenue.
• Management depth: Look for experienced leaders beyond the founders and a stable core team.

The Takeaway

Mars Cosmetics is part of India’s growing Colour cosmetics / makeup ecosystem. The useful lesson from studying it is the discipline of asking structured questions about customers, economics, advantage and resilience. Companies that answer them well, repeatedly and under pressure are the ones that endure. Readers should treat any single report, ranking or funding headline as one input among many, and should re-check key facts against recent company announcements. Because public information on young companies is often limited, patience in verifying claims is part of good analysis. Public sources can also describe the same company in different ways, so it is worth checking dates, definitions and whether a figure refers to revenue, total income or transaction value, and whether it covers one entity or a wider group, before drawing conclusions. Small differences in rounding, currency conversion or reporting periods can also change how a figure reads. Comparing the same figure across several recent reports helps show whether it is stable or has changed over time. This article is educational and is not investment advice.

• Clear customers and repeat demand matter more than announcements.
• Regulation and capital needs shape how fast a startup in this sector can grow.
• Track a few leading indicators over time rather than one headline metric.

Mars Cosmetics FAQs: Frequently Asked Questions

What is Mars Cosmetics?

MARS Cosmetics is a Delhi-based Indian affordable makeup brand that began as an online D2C brand in 2016 and now sells through its own stores, general trade, modern trade and online platforms. It is profiled in the Startup Deep Dive series, which explains business model, funding, competitors and risks.

Who founded Mars Cosmetics?

Mars Cosmetics was founded by Manoj Sethia, Rishabh Sethia, and the company reports a founding year of 2016.

How much funding has Mars Cosmetics raised?

No reliable total funding figure is disclosed in the public sources reviewed. Funding figures are reported and may differ between sources, so readers should check the latest company announcements.

How does Mars Cosmetics make money?

Mars Cosmetics earns revenue from its Colour cosmetics / makeup products and services sold to online shoppers, retail customers, marketplaces and distribution partners. The exact revenue mix is described in the business model section and is not fully disclosed publicly.

Who are the competitors of Mars Cosmetics?

Reported rivals include Maybelline, Lakme, Mamaearth. See the competitor comparison above for how they differ.

What are the main risks for Mars Cosmetics?

Main risks include competition: low barriers to entry and large marketplaces make it hard for a brand to stay differentiated, funding and capital needs, competition and regulation by consumer protection rules, FSSAI and BIS standards where relevant, the Legal Metrology rules and e-commerce regulations. This is educational content, not investment advice.

Related Startup Deep Dives: Andamen — Bootstrapped men’s fashion brand reported at Rs 324.2 crore FY25 revenue and Rs 3.6 crore profit after tax (figures from one aggregator; a revenue estimate elsewhere is far lower) | KosmosOne — short profile of what is publicly known. Browse the full Startup Deep Dive series.

Source

Source: Publicly available data, published reports, industry research, and other credible sources.