NEW DELHI — Seeking a valuation of about $4 billion, online beauty player Nykaa, the largest in its space in India, has filed with the regulatory SEBI for an initial public offering with the Securities and Exchange Board of India.
“Nykaa is clearly India’s number-one pure-play e-commerce niche player — it’s a great brand both for consumers and consumer goods companies,” said Abneesh Roy, executive director at Edelweiss Financial Services. “When you speak about Hindustan Unilever, Dabur, Marico, Emami, L’Oréal — they are all present on Nykaa as a platform and are happy with the customer profile and the kind of sales they are getting on it. So are premium and global brands.
Nykaa, which launched in 2012, has diversified over the last few years and now has verticals for men’s, luxury, and private label beauty, while adding categories such as fashion, jewelry and home decor. It has made two major acquisitions in the fashion and jewelry space in the last two years. Revenue from operations in the year ended March 31 was 24.40 billion rupees, or $275 million, an increase of 38.1 percent year-over-year.
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