According to two people with knowledge of the transaction, Reliance Retail Ventures Ltd. (RRVL), owned by billionaire Mukesh Ambani, has acquired a controlling stake in makeup and personal care company Insight Cosmetics.

One of the people, who asked to remain anonymous, estimated the deal’s value at $10–15 million. The conversation’s specifics were not further discussed.

Entrepreneur Dinesh Jain of Mumbai founded Insight Cosmetics in 2001. The firm claims to have a distribution footprint spanning 20 states and its products are offered at more than 12,000 retail and novelty stores across the country.

The business, which sells a variety of products including cosmetic brushes, foundation, concealer, lip gloss, eyeliners, eyeshadow, nail polish, lipstick, and mascara, has more than 350 stock-keeping units. Additionally, it sells its goods through more than ten e-commerce websites.

Emails sent to RRVL and Insight Cosmetics on Saturday morning were unanswered up until publication.

The transaction is in keeping with RRVL’s objective to expand its beauty and personal care business, mostly through acquisitions, and challenge industry leaders like Nykaa, Myntra, and Purplle in the quickly expanding Indian omnichannel beauty market.

According to market analysts, RRVL has a strong focus on brands in the clothing, footwear, cosmetics, and personal care sectors in the fashion and lifestyle sectors. The majority of these brands will fall within the mainstream premium category.

Additionally, RRVL is getting ready to launch 400–450 large-format stores to sell the brands it has bought. Another person monitoring RRVL’s inorganic strategy said that some in-house labels might also be offered at these outlets.

According to reports, RRVL was in the advanced stages of negotiations to purchase a controlling interest in a women’s footwear company situated in Mumbai in May. Purple Panda Fashions Pvt. Ltd., which owns and runs the women’s innerwear and loungewear brand Clovia, sold an 89% share to RRVL in March. Reliance invested in several domestic fashion brands, including Abraham & Thakore and Anamika Khanna, as part of its effort to gain a greater footing in the organised fashion business.