Beauty E-commerce Major ‘Nykaa’ plans IPO
According to reports in the media, Nykaa E-Retail Pvt ltd is planning an initial public offering (IPO) that could value the Indian online cosmetic retailer at a minimum of $3 billion.
The IPO, the first by an online beauty marketplace in India is expected by the end of the year after the company looks at achieving overall profitability. It must be noted that Nykaa got a boost in business after the lockdown and consumer shift towards digital.
The Mumbai-based company began by selling cosmetics online before expanding into fashion, pet care and household supplies. Founded in 2012, Nykaa’s platform lists more than 1,200 brands ranging from makeup, skincare to health supplements and massagers, The company has six warehouses across India and receives over 13 million orders each month.
Nykaa counts TPG and Indian industry house Munjal’s family office among its investors. In November, Fidelity Management and Research Co. invested an undisclosed amount in Nykaa’s latest funding round.
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