Nykaa is India’s leading omnichannel beauty destination that commenced operations in 2012. The company is headquartered in Mumbai. Nykaa is preferred since it is exclusively focused on beauty, fashion and wellness products. The company offers a wide range of products across various categories such as makeup, skincare, fragrance, haircare, personal care, bath and body, grooming appliances, health and wellness. Nykaa is essentially a one-stop shop for all beauty, grooming and wellness needs.
Another reason for Nykaa’s popularity is that it offers users a wide variety of brands to choose from. It includes local brands, premium brands, luxury and prestige brands, international brands, and niche and cult brands. The company currently has more than 2,400 brands on its platform. Users also gain in terms of advice from experts and a range of informative videos. Nykaa is growing as a community as well, allowing users to share their ideas, tips and experiences with each other.
Around a decade back, there was no dedicated online destination to buy beauty products. Moreover, the sector was largely disorganized. Although demand for beauty products was growing, there was limited access to premium and international brands. Looking to remove these inconsistencies, the founder came up with the idea of launching Nykaa.
Initially, the company was launched as an online platform. It now operates offline stores and kiosks as well to provide a better experience to users. Nykaa’s success as a company reflects evolving aspirations of the current generation that wants to always present itself in the best manner possible.
Nykaa has received investments worth $148.5 million via 13 rounds of funding. The company had also launched its IPO, which further added $710 million. Some of the key investors include Steadview Capital, Fidelity and BlackRock. Nykaa achieved the coveted ‘Unicorn’ tag in 2020, after its net worth rose to $1.1 billion. After the IPO in 2021, the company’s valuation has risen to $13 billion.
Nykaa has made three acquisitions till date. The first was in 2019, when it acquired a fashion and lifestyle e-commerce platform named 20Dresses. Second acquisition was that of Pipa.Bella in April 2021. In the same year in October, Nykaa acquired Dot & Key Wellness, a cruelty-free beauty and skincare brand.
Nykaa competes with other online stores such as Myntra, Amazon, Plum Goodness, Purplle, MyGlamm, Scentials, FabAlley, and LimeRoad.
About the Founder
Nykaa was founded by Falguni Nayar in 2012. She currently serves as the CEO of the company. She is an alumnus of IIM, Ahmedabad. Prior to launching Nykaa, she had worked with companies such as A.F. Ferguson, Kotak Securities, and Kotak Investment Banking. She is the first women in the country to create and lead a Unicorn. She is also the richest self-made woman in India. After the IPO, her wealth was valued at $7.7 billion. She owns 53.5% stocks of the company.