Nykaa

Last updated

Nykaa
Company type Public
Industry Consumer goods
FoundedApril 2012;13 years ago (2012-04)
Founder Falguni Nayar
Headquarters
Mumbai, Maharashtra
,
India
Area served
India
Key people
Falguni Nayar
(CEO)
Anchit Nayar
(CEO — E-commerce & Beauty)
Adwaita Nayar
(CEO — Fashion) [1]
Products
RevenueIncrease2.svg₹7,950 crore (US$940 million) (2025)
Increase2.svg₹474 crore (US$56 million) (2025)
Increase2.svg₹72 crore (US$8.5 million) (2025)
Owner Nayar family (53.5%) [2]
Number of employees
2,000+ (2021)
Website www.nykaa.com
Footnotes /references
Financials as of 31 March 2025. [3]

FSN E-Commerce Ventures Ltd, doing business as Nykaa, is an Indian omnichannel retailer of BPC (Beauty and Personal Care) and fashion products, headquartered in Mumbai. Founded in 2012 by entrepreneur Falguni Nayar, the company derives its name from the Sanskrit word nayaka, meaning one in the spotlight. [4] [5]

Contents

The company operates an omnichannel model across e-commerce platforms, mobile applications, and physical stores, in India as well as global markets including the Gulf Cooperation Council (GCC) and United Kingdom (partnered with Ulta Beauty owned luxury retailer SpaceNK to launch Kay Beauty, Nykaa’s inhouse beauty brand in the UK). As of September 2025, the company has a cumulative customer base of almost 49 million and a physical retail network of over 265 stores across 90 cities in India. It is estimated to hold 30% share of India’s online BPC market. [6] [7]

Nykaa was listed on the National Stock Exchange and Bombay Stock Exchange in November 2021 following its initial public offering,. [8]

History

Foundation

Logo used in the initial years. NYKAA.COM LOGO.jpg
Logo used in the initial years.

Nykaa was founded in April 2012 by Falguni Nayar, a former investment banker and Managing Director at Kotak Mahindra Capital. [9] The company launched as an online beauty retailer in 2012 and began commercial operations in 2013. Its first offline store opened in the Delhi airport in 2014. [10] [11]

In 2015, Nykaa launched its own brands with Nykaa Cosmetics. Its owned brands would later develop into its House of Nykaa business. [12] [13]

In 2018, Nykaa expanded into fashion with the launch of Nykaa Fashion. [14] [15]

In March 2020, Nykaa became India’s first woman-led unicorn after raising capital from Steadview Capital at a valuation of approximately ₹102 crore (US$12 million) US$1.2 billion. [16] [17] In November 2020, global asset management firm Fidelity invested in the company through a secondary sale of shares from multiple equity sellers. [18]

In 2020, the company announced the launch of Nykaa Man the same year, targeting men’s grooming and fashion. [19] [20]

2022 also marked the beginning of Nykaa’s international expansion. It entered the Gulf region, through a strategic alliance with UAE-based fashion and lifestyle retail conglomerate Apparel Group, to build GCC focused beauty offerings in the UAE, Kingdom of Saudi Arabia, Qatar, Oman, Kuwait and Bahrain. [21] [22]

In 2024, Nykaa and the Apparel Group entered a joint venture to launch Nysaa (Nykaa’s GCC-based beauty multi-brand omnichannel venture). The Nysaa e-commerce platform was launched in January 2024, while the first store was opened in March of 2024 in City Centre Mirdif, Dubai. Nykaa holds 55% stake in this JV, with the rest owned by Apparel Group. [23]

As of September 2025, Nykaa has five stores in the GCC region - three in the UAE and two in Oman. In 2025, Nykaa said that it planned to build its GCC network to 70 stores in the next four to five years. [24]

In 2025, Nykaa expanded into the United Kingdom with the UK debut of Kay Beauty – a House of Nykaa brand developed in partnership with Bollywood actress Katrina Kaif. Kay Beauty was brought to the UK through a distribution partnership with Ulta Beauty owned luxury retailer Space NK. [25]

IPO

Nykaa opened its initial public offering (IPO) in late October 2021 and was listed on the NSE and BSE on 10 November 2021. [26] The IPO raised ₹5,352 crore (US$724.05 million) at a valuation of US$7.4 billion. [27] Following the listing, founder Falguni Nayar became India’s wealthiest self-made female billionaire. [28]

Business Verticals

Beauty

Nykaa’s Beauty vertical includes BPC online, BPC physical Stores, House of Nykaa - Beauty brands, Superstore by Nykaa and Nykaa Man Grooming. It retails nearly 4200 Indian and international brands across skincare, haircare, makeup, fragrances, personal care, and wellness. [29]

It has exclusive distribution tie-ups with several global brands. Examples include listings for Chanel Beauty and Fragrance (exclusive 2025 launch), La Prairie (exclusive launch), IT Cosmetic (exclusive launch from house of L'oreal), Prada Beauty, Fenty Beauty (2024 India launch),MAC, Estée Lauder, Huda Beauty, Charlotte Tilbury, Givenchy, YSL, NARS, and Dior, Tonymoly, Becca, Sigma, Lime Crime, Vistoria’s Secrets, Dermalogica and Kerastase. [30]

Superstore by Nykaa (eB2B)

Superstore by Nykaa is a digital distribution platform for small retailers, offering credit-led procurement, logistics, and access to a large assortment of beauty and personal care brands. It serves 3.3 Lacs+ retailers across 1,100 cities, democratizing access to the best of global and domestic beauty brands to underserved beauty market. The business reportedly clocked a GMV of Rs 940 Cr+ in FY 2025, within two and a half years of launch. [31]

Fashion

Nykaa’s fashion vertical includes Nykaa Fashion, House of Nykaa - Fashion brands, LBB, and Nykaa Man Lifestyle. [32]

Nykaa Fashion, launched in 2018, offers almost 5000 brands as of Q2 FY 2026 across categories including apparel, accessories, lingerie, and footwear. In October 2024, Foot Locker entered the Indian market through an omnichannel launch, with Metro Brands Ltd operating Foot Locker physical stores and Nykaa Fashion operating the e-commerce business. [33]

Nykaa also operates in-house fashion labels including Nykd by Nykaa (lingerie) and 20Dresses (Western wear) under its House of Nykaa business. [34]

House of Nykaa

Since 2015, Nykaa has been building owned beauty and fashion labels through acquisitions and in-house development under its House of Nykaa portfolio. House of Nykaa brands span across beauty categories such as skincare, make-up, fragrance, haircare, bath and body, and wellness, and fashion categories such as Indian wear, Western wear, lingerie, sportswear. [35]

House of Nykaa hit an annualized gross merchandise value (GMV) of ₹2,900 crore based on Q2FY26 run rate, more than doubling in size in two years. As of the same period, this business had served nearly 16 million customers. [36]

Nykaa Cosmetics

Nykaa launched its first private label with Nykaa Cosmetics in 2015, offering products across eyes, nails, face, and lips. The company has since expanded this in-house brand portfolio significantly. In Q2FY26, Nykaa Cosmetics crossed ₹400 crores of GMV annualized run rate. [37]

Dot & Key

Nykaa acquired a 51% stake in skincare brand Dot & Key in 2021, boosting its stake to 90% in 2024. The brand achieved an annualized GMV run rate of Rs. 1,500 Cr+ in Q2 FY2026, reflecting an exceptional 110+% YoY growth as India’s leading direct-to-consumer skincare brand. Dot & Key retails a range of products, including moisturizers, sunscreen, lip balms and targeted products for specific skin concerns, backed by in-house research and development. [38]

Kay Beauty

In 2019, Nykaa launched a premium make-up line with its first celebrity partnership brand, Kay Beauty, with actress Katrina Kaif.[45][46] Six years after its initial launch, the brand entered the UK market through luxury beauty retailer Space NK in September 2025, marking the first time an India-founded beauty label joined the retailer’s portfolio. Kay Beauty had surpassed ₹350 crores in annualized GMV based on Q2FY26 run rate. [39]

Other House of Nykaa beauty brands include EarthRythm - an Indian clean beauty and personal care brand where Nykaa acquired majority stake in November, 2024, bath and body brand Nykaa Wanderlust, and fragrance line Nykaa Perfumery. [40]

House of Nykaa Fashion Brands

House of Nykaa’s core fashion brands include Nykd by Nykaa – a lingerie brand launched in 2020, and apparel brand 20Dresses. Both these brands have crossed Rs 100 Cr+ GMV milestone in FY2025. In 2022, Nykaa had acquired Kica – an activewear brand for women and launched its Indian wear label Gajra Gang in 2021. [41]

Operations

Nykaa operates a hybrid model, with an inventory-led approach for beauty and personal care products and a marketplace model for fashion. [42] Its supply chain is supported by a network of 44 warehouses present across 15 cities in India, enabling pan-India fulfillment. The company operates through its website, mobile apps, and a network of physical stores in multiple formats. [43] [44]

Nykaa has retail and distribution subsidiaries in the Gulf region, including Nysaa Cosmetics Trading in Qatar for the export and retail sale of beauty and personal care products, and Nysaa Trading LLC in Saudi Arabia. [45]

Omnichannel Network

As of September 2025, Nykaa operates more than 265 physical stores across over 90 cities in India, spanning more than 270,000 square feet of retail space. It has three offline store formats called Nykaa Luxe, Nykaa On Trend and Nykaa beauty kiosks. The Luxe format features international luxury beauty brands such as Huda Beauty, MAC, Dior, and Givenchy, along with Nykaa Beauty, the in-house collection of beauty products. [46] The Nykaa On Trend sells curated products. [47]

Partnership & acquisitions

In March 2019, Nykaa acquired 20Dresses.com, a private women's styling platform. [48]

In 2021, Nykaa Fashion acquired the India fashion jewellery brand, Pipa Bella, [49]

In September 2021, Nykaa acquired 51% stake in the Indian skincare brand, Dot & Key. [50] And in June 2024, purchased additional 39% stake in Dot & Key, increasing ownership to 90% stake. [51]

In August 2022, Nykaa completed the 100% acquisition of Iluminar Media, the parent company of digital content platform Little Black Book (LBB). [52]

In 2022, Nykaa partnered with Apparel Group to sell beauty products in the UAE, Saudi Arabia, Qatar, Oman, Kuwait and Bahrain. [53] [54] In 2024, Nykaa and the Apparel Group entered a 55:45 joint venture to launch Nysaa in Gulf countries. [55] [56] [57]

In 2022, Nykaa acquired an 18.51% stake in Indian skincare brand Earth Rhythm. [58] It acquired a majority stake in Earth Rhythm in November 2024. [59]

Nykaa marked entry into dietary supplements with 60% acquisition in April 2022. And acquired balance stake of 40% in 2025. [60] [61]

Financial Performance

In FY 2024–25, Nykaa reported revenue of ₹7,950 crore, a year-on-year increase of 24%. Private label brands contributed 14.4% of beauty GMV and 11.2% of fashion GMV. In 2025, CRISIL upgraded the company’s long-term bank facilities rating to ‘CRISIL A/Stable’. [62]

Brand Ambassadors

Other activities

Since 2015, Nykaa has hosted the ‘Nykaa Femina Beauty Awards’ in partnership with women's lifestyle magazine Femina (India) . [69]

In 2019, Nykaa Fashion launched ‘The Power List’ in partnership with Vogue India .[ citation needed ]

Leadership

Awards

Criticism

Security issues

On 18 November 2019, an API flaw was detected in Nykaa Fashion's internal systems that allowed a potential attacker to log in to any user account if the attacker had access to the user's email ID. [76] [77] Consequently, the company fixed the security vulnerability. [76]

Corporate governance

In November 2022, Nykaa issued 5:1 bonus shares to coincide with the expiry date of pre-IPO shareholders' lock-in period. The bonus issue resulted in the company's corporate governance practices receiving heavy criticism, with questions raised over the timing and motive of the issuance along with concerns of market manipulation and tax avoidance. [78] [79] Later that month, CFO Arvind Agarwal resigned from the company, [80] even as the Securities and Exchange Board of India began scrutinizing the allotment of bonus shares. [81]

In February 2023, defending the bonus share issuance, CEO Falguni Nayar, a former investment banker, claimed that the company had "assumed shareholders would be able to start trading the bonus shares within 4-5 days of the shareholder voting on the issue." [82]

See also

References

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  5. ↑ "Nykaa enters UK market with Kay Beauty launch at Space NK". ETRetail.com.
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