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Nykaa planning a $3 billion IPO in 2021: Report

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Online-beauty-turned-omnichannel-lifestyle-retailer Nykaa, which entered the unicorn club with a $13 million funding from exisiting investors, is all set to launch its IPO in 2021.

The startup founded by Falguni Nayar, a former investment banker, is working with advisers to prepare for the share sale in Mumbai, according to a Bloomberg report.

Founded in 2012, Nykaa’s platform lists more than 1,200 brands ranging from makeup, skincare to health supplements and hair dryers, according to its website, which logs 55 million monthly visits. It has six warehouses across India and receives over 13 million orders each month.

The company had posted a turnover of Rs 1,860 crore in FY20 and is aiming for a 40 percent jump in the same at a consolidated level in FY21, as per an official statement.

In November 2020, global asset manager Fidelity had invested in the company through a secondary sale of shares by existing investors and employees. In the transaction, Fidelity acquired shares from an early investor, which is partially exiting its holding, and also ones given as employee stock options, the statement said. The company had achieved ‘unicorn’ status through an earlier fund-raising round which valued it at US$ 1.2 billion.

Recently, Nykaa’s retail arm for fashion and accessories, whose CEO is Adwaita Nayar, Nykaa Fashion, launched its first store at Ambience Mall in Vasant Kunj, New Delhi. The brand plans to launch approximately 15 Nykaa Fashion stores over the next few months.

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