Beauty brands retailer Nykaa is looking at going public in two years and has begun preparations for its initial public offering (IPO), a top company official said. The company is also looking to double its revenue to around Rs 1,100 crore by 2018-19 end as it is bringing in new brands.
"We are already on a path to prepare for an IPO. Before IPO you need to be formally run and follow a bunch of processes. We also have appointed KPMG as our internal auditor. It (IPO) will happen by calendar 2020," Falguni Nayar, the founder and CEO of Nykaa said.
Nayar is a former investment banker and used to specialise in IPOs. The company, which at present has 22 outlets across the country, is looking at opening 180-200 Nykaa stores in the next 4-5 years.
"We have a want and dominant footprint to be relevant in the beauty and makeup space. We have set a target of growing by 100 percent our revenue to about Rs 1,100 crore in the current financial year," she said.
Nykaa reported a revenue of Rs 570 crore in 2017-18. At present, physical stores contribute under 10 percent to the online beauty retailer's revenue.
When asked if the company is looking raising funds to support its expansion plans, Nayar said, "We may look at raising funds. But it will not be a lot."
Nykaa said the company is looking at bringing in about 20 brands this year. The company at present sells over 850 brands across makeup, skincare, hair care and wellness categories.
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