The Indian online cosmetic retailer Nykaa E-Retail Pvt is planning an initial public offering at a minimum value of $3 billion this year, Bloomberg reported.
Founded by former investment banker Falguni Nayar in 2012, the startup is currently working with its advisors to prepare for the sale of shares in Mumbai. The firm is looking forward towards a domestic listing, though an overseas share sale is also under consideration, the business website quoted.
Nykaa adopts 360-degree marketing strategy to promote products; but influencers play a vital role
However, there is no confirmation on the details of the offering including the size and timeline as deliberations are going on.
Nykaa's website which logs 55 million monthly visits, lists over 1,200 brands ranging from makeup, skincare to health supplements, and hair dryers. In India, Nykaa has six warehouses across India, which receives over 13 million orders each month.
Earlier in 2018, Falguni Nayar has disclosed her plans and stated that her firm is preparing for an IPO. Fidelity Management and Research Co. invested an undisclosed amount in Nykaa’s latest funding round in November 2020.
The cosmetic firm TPG and Indian tycoon Sunil Munjal’s family office Hero Enterprise among its backers. It is one of those firms which earned profits amid COVID-19 pandemic as Indian shoppers switched online.
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