Nykaa
Acquisitions
5
Major Deals Covered
$4.5B
Disclosed Deal Value
Nykaa's largest disclosed acquisition here is Earth Rhythm (staged stake increases) for $4.2B in 2022. This page covers 5 major deals from 2019 to 2026, each with its price where disclosed and the reason behind it.
| Company | Year | Price | Purpose |
|---|---|---|---|
| Dot & Key Wellness (majority stake) | 2021 | Undisclosed | Added a fast-growing skincare brand to Nykaa's owned-brand portfolio. |
| Pipa Bella | 2021 | Undisclosed | Added a fashion jewellery brand to Nykaa Fashion. |
| 20Dresses | 2019 | Undisclosed | Brought in a fashion design and private-label team ahead of scaling Nykaa Fashion. |
| Earth Rhythm (staged stake increases) | 2022 | $4.2B | Clean beauty and personal care brand. Nykaa bought 18.51% for ~$4.83 million (₹41.65 crore) in April 2022, later took a majority, and in September 2026 completed a further 24.2% for up to $1.09 million (₹9.4 crore). |
| Aminu Wellness (51% stake) | 2026 | $320.0M | Premium skincare brand selling serums and sleep oils; FY2026 revenue ~$2.25 million (₹19.4 crore), up about 50%. |
2026
$320M
Premium skincare brand selling serums and sleep oils; FY2026 revenue ~$2.25 million (₹19.4 crore), up about 50%.
Extends Nykaa's owned brands into premium skincare in the ₹1,000-1,900 price range.
Completed in September 2026.
2022
$4.2B
Clean beauty and personal care brand. Nykaa bought 18.51% for ~$4.83 million (₹41.65 crore) in April 2022, later took a majority, and in September 2026 completed a further 24.2% for up to $1.09 million (₹9.4 crore).
Gives Nykaa control of another digital-first owned brand.
Majority-owned subsidiary brand.
2021
Added a fast-growing skincare brand to Nykaa's owned-brand portfolio.
Became one of Nykaa's largest owned brands and a major contributor to owned-brand GMV of ~$368 million (₹3,176 crore) in FY2026.
Core owned skincare brand.
2021
Added a fashion jewellery brand to Nykaa Fashion.
Expanded accessories within Nykaa Fashion's owned labels.
Integrated into Nykaa Fashion.
2019
Brought in a fashion design and private-label team ahead of scaling Nykaa Fashion.
Helped build Nykaa Fashion's own labels.
Absorbed into Nykaa Fashion.
Nykaa's FY2030 plan targets $5 billion+ GMV through more stores, Nykaa Now quick delivery, owned-brand acquisitions such as Aminu, fashion growth and brand incubation with L'Oréal's BOLD fund.
Nykaa earns most of its money by buying beauty and personal care products from brands and reselling them at a margin through its app, website and stores. On top of that it earns commissions in Nykaa Fashion (largely a marketplace), higher margins on its own brands, advertising fees from brands that promote products on its platform, and wholesale margins from Superstore by Nykaa, its B2B app for small retailers and salons.
20Dresses (2019), Dot & Key and Pipa Bella (2021), Kica and LBB (2022), a stake in Earth Rhythm (from 2022) and 51% of Aminu (2026).
Up to $3.71 million (₹32 crore) in cash for a 51% stake, approved in August 2026, with the remaining 49% to be bought over the following years.
Nykaa bought 18.51% for ~$4.83 million (₹41.65 crore) in 2022, later took a majority, and in September 2026 completed the purchase of a further 24.2% for up to $1.09 million (₹9.4 crore).
In October 2021, Nykaa acquired a 51% controlling stake in Kolkata-based direct-to-consumer skincare brand Dot & Key. Leveraging Nykaa's distribution and marketing scale, Dot & Key expanded revenues nearly tenfold to over ₹250 crore, proving Nykaa's ability to scale acquired brands into mega-sellers.
In 2019, Nykaa acquired private fashion e-tailer 20Dresses for ₹20 crore, acquiring its design team, pattern makers, and apparel supply chain infrastructure to launch the Nykaa Fashion vertical and accelerate its proprietary apparel label portfolio.
In April 2022, Nykaa acquired homegrown women's activewear brand Kica, integrating premium athleisure, yoga apparel, and sportswear into the Nykaa Fashion house of brands.
Nykaa targets direct-to-consumer digital brands that possess clean formulation science, high consumer repurchase rates, and authentic social media affinity (such as Dot & Key, Earth Rhythm, and Aminu), using its marketing engine to accelerate them to national scale.
Nykaa avoids high-risk, debt-heavy mega acquisitions, preferring strategic minority stakes (18%–25%) with clear contractual options to increase to majority ownership as the brand hits agreed revenue milestones.
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