Nykaa

SUMMARY

Nykaa is an Indian beauty, wellness and fashion retailer. It was founded in 2012 and operates through an online platform, mobile app and over 100 physical stores across India. Nykaa sells cosmetics, skincare, haircare, fragrances, personal care and fashion products — both from global brands and its own in‑house labels.

HISTORY

Nykaa was founded in April 2012 by Falguni Nayar, the former managing Director of investment bank Kotak Mahindra Capital Company. She started Nykaa.com in response to the high demand for beauty products but limited availability and inconsistent quality. In 2014, Nykaa opened its first store at the Delhi airport — reflecting its omnichannel strategy. In 2015, Nykaa diversified into in‑house beauty brands with the launch of Nykaa Cosmetics. Over time, this in‑house portfolio expanded to include diversified beauty categories and brands, forming the House of Nykaa.

The team has grown exponentially since, with young men and women committed to bringing the magic and delight of beauty to the consumer’s doorstep. In 2018, the company extended beyond beauty into Nykaa Fashion. This broadened its appeal and product portfolio, turning Nykaa from a beauty‑only marketplace into a lifestyle retail platform. A major milestone came in March 2020: Nykaa became the first Indian unicorn startup led by a woman, following a funding round that valued it at approx. US$ 1.2 billion. The same year, global asset management firms took notice — marking a turning point in the Nykaa growth trajectory.

Nykaa expanded through acquisitions. In 2019 it acquired women‑styling platform 20Dresses.com. In 2021 it acquired jewellery brand Pipa Bella and skincare brand Dot & Key. Later, it bought a stake in skincare brand Earth Rhythm and acquired digital content platform Little Black Book. On the retail side, Nykaa operates a hybrid model: inventory‑led for beauty and a marketplace model for fashion. It ships across India using a network of warehouses and delivers via its website, mobile app and physical stores under formats like Nykaa Luxe, Nykaa On Trend and kiosks.

Nykaa opened its initial public offering in October 2021 with anchor allocations and was listed on the NSE and BSE on 10 November 2021. The IPO raised an estimated ₹5,352 crore at a valuation of US$7.4 billion, and the stock debuted at a premium of over 79%. 2022 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.

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. Per the official website: “Every effort is taken to reinforce Nykaa’s reputation for product quality and reliability; random sampling to check for—and return—products near expiry, surprise checks at the warehouse to ensure all quality control measures are implemented, and choosing the most reliable courier partners across the country. Nykaa.com is committed to the vertical integration of quality control and 100% authenticity of all product offerings to build and retain consumer trust and confidence.”

In 2025, Nykaa welcomed Global Icon Deepika Padukone as its Brand Ambassador. Commenting on the announcement, Anchit Nayar, Executive Director & CEO, Nykaa Beauty, said: “We are proud to welcome Deepika Padukone to the Nykaa family. As a global cultural icon, her authenticity and versatility perfectly complement our vision to lead the transformation of beauty in India and beyond. Deepika’s ability to inspire across generations strengthens our mission to build a beauty ecosystem where commerce, culture, and community converge, empowering millions to own their unique journeys. Together, we are committed to making beauty truly borderless, inclusive, accessible, and celebrated by all.”

VISION

Falguni Nayar envisioned Nykaa as a platform that made beauty, personal care and fashion products accessible to Indians, regardless of geography. The idea was to bridge the supply gaps and quality inconsistencies in the beauty market. She imagined Nykaa as a destination where women could discover products and express themselves. The name Nykaa itself draws from the Sanskrit word Nayaka — meaning star — reflecting the ambition to bring out the star in every customer. Over time, this vision expanded: Nykaa developed strong in‑house brands, fashion lines and a lifestyle ecosystem. The idea is to serve beauty and fashion needs under one roof.

MISSION STATEMENT

Nykaa aims to be a comprehensive beauty, fashion and lifestyle destination for its customers — offering quality, authenticity and choice. It wants to ensure that people across India have access to curated beauty and fashion products, through its online platform and stores. Nykaa’s mission is to provide an inclusive retail experience — combining a wide product portfolio, accessible pricing, and reliable supply — so that beauty and self‑expression are within reach for everyone. The company also strives to build trust with customers through authenticity and transparency, ensuring genuine products and reliable service.

EXECUTIVE BOARD

• Falguni Nayar Executive Chairperson, Managing Director & Chief Executive Officer
• Anchit Nayar Executive Director & CEO – Beauty E‑Commerce (Beauty business)
• Adwaita Nayar Executive Director & CEO – Nykaa Fashion (Fashion business)
• Sanjay Nayar Non‑Executive Director
• Dipak Gupta Independent Director
• Anita Ramachandran Independent Director
• Milan Khakhar Non‑Executive Director
• Santosh Desai Independent Director
• Pradeep Parameswaran Independent Director

PRODUCTS AND SERVICES

Nykaa offers a broad beauty portfolio covering cosmetics, skincare, haircare, fragrances, personal care, bath & body products, wellness, and fashion. Its range includes both global international brands and in‑house labels, giving customers a wide selection. Among the in‑house or private‑label brands are Nykaa Cosmetics and Nykaa Naturals. The company also launched celebrity and collaboration labels — for example, Kay Beauty developed in partnership with actress Katrina Kaif. On the fashion side, Nykaa Fashion provides apparel, accessories, jewellery, footwear and lifestyle items — combining its own brands and partner labels.

AWARDS AND RECOGNITION

Nykaa features in the 2022 edition of the prestigious list TIME100 Most Influential Companies, reflecting its impact in beauty and retail. Its founder, Falguni Nayar, has received multiple accolades for her leadership including EY Entrepreneur Of the Year 2019 and Start-up and Businesswoman of the Year at the Economic Times Awards for Corporate Excellence in 2019. She was a Founding Member of the Asia Society in India and is on several boards, including the Aviva Insurance Board, Dabur India and also serves as an Independent Member on the Tata Motors Board.

REFERENCES

1. “Nykaa plans to open 300 stores to drive offline growth: Falguni Nayar”. The Economic Times.
2. “Falguni Nayar, Founder Of India’s First Woman-Led Unicorn Nykaa: Profile”. NDTV.com. 
3. “Nykaa IPO to open for public subscription on October 28, sets price band of ₹1,085-1,125 a share”. The Hindu. 
4. “Get A Glimpse Into The Mind Of Falguni Nayar, The Woman Behind The Force That Is Nykaa”. iDiva. 
5. “Falguni Nayar: The beauty entrepreneur”. Live Mint. 
6. “Shades in Beauty Space: Falguni Nayar”. Economictimes.indiatimes.com.
7. “Nykaa reveales its omni-channel content and guided selling strategy”. ETBrandEquity.com.
8.  “Nykaa bets big on fashion, offline stores with eye on Unicorn tag”. Business Standard India.
9. “Nykaa launches Nykaa Network to boost interactivity”. FashionNetwork.com. 
10. “From startup to beauty giant- How Falguni Nayar built a $5.39 billion empire – CNBC TV18”. CNBCTV18. 
11.  “Nykaa raises Rs 100 crore from existing investor Steadview Capital”. Business Standard. 
12. “Max Ventures and Industries acquires 2% stake in Nykaa”. The Times of India.
13. “Fidelity invests in Nykaa via secondary shares”. Moneycontrol.
14. “Ahead Of Festive Season, Nykaa Offers Men’s Fashion, Grooming Products”. Inc42 Media. 
15. S“Nykaa joins party in men’s grooming”. The Economic Times. 
16. “Nykaa Fashion starts offline expansion, first store to open in Delhi’s Ambience Mall”. www.businesstoday.in. 
17.  “Nykaa Fashion goes offline with its first store in Delhi”. FashionNetwork.com. 
18.  “Nykaa IPO to open on October 28; priced at Rs 1,085-1,125 apiece”. Business Standard India. 
19. “Nykaa surges to near $13 billion valuation in debut”. The Economic Times. 
20. “Nykaa founder Falguni Nayar is now India’s wealthiest self-made female billionaire”. Hindustan Times. 
21. “Nykaa, Apparel Group to open 70 Nysaa stores in 5 years: CEO Falguni Nayar”. The Financial Express.
22. “Nykaa Fashion starts offline expansion, first store to open in Delhi’s Ambience Mall”. www.businesstoday.in. 
23. “Nykaa decks up to woo Indian beauty market with more products and services”. The Economic Times.
24. “Beauty startup Nykaa plans $3 billion IPO this year – ET Retail”. ETRetail.com.
25.  “Everything you need to know about the new Nykaa Luxe store in Mumbai”. Vogue India.