AJIO vs Nykaa: Revenue, Profit and Business Model
AJIO does not publish annual revenue. Nykaa reported ~$1.2B of revenue in FY2026 and ~$23.1M of net income.
Latest financial snapshot
Financial summary
AJIO
Reliance Industries reports financial results for Reliance Retail but does not publish AJIO as a separate financial segment. Economic Times reported in December 2023 that AJIO was posting about $2 billion in annual gross merchandise value. GMV is the value of merchandise sold through a platform and is not the platform's accounting revenue.
Nykaa
Nykaa (FSN E-Commerce Ventures, NSE: NYKAA) reported FY2026 revenue from operations of ~$1.16 billion (₹10,022 crore), up 26% from ~$922 million (₹7,950 crore), with GMV of ~$2.32 billion (₹19,963 crore) and net profit of about $23.2 million (₹200 crore). Q1 FY2027 revenue rose 29% to ~$323 million (₹2,782 crore).
Revenue and profit by year
AJIO
AJIO does not publish annual revenue. What is known about its finances is in the summary above.
Full AJIO financialsWhere the revenue comes from
AJIO
- Online retail sales
Sales of fashion and lifestyle merchandise through AJIO and AJIO Luxe. Reliance does not disclose this stream separately.
- Marketplace and brand commerce
Commerce involving third-party and partner brands on the platform. Commission rates and revenue contribution are not disclosed.
Nykaa
No segment breakdown is published.
Business model and strategy
AJIO
How it makes money
AJIO sells fashion and lifestyle products online, including merchandise from domestic and international brands and Reliance Retail's brand portfolio. AJIO Luxe is its luxury and premium storefront. AJIOGRAM is an in-app, content-led storefront for homegrown direct-to-consumer brands. AJIO Rush provides accelerated delivery in selected markets.
Growth strategy
Recent expansion has focused on catalogue additions, international brand launches, content-led discovery and faster delivery. AJIO launched AJIOGRAM in 2023, added ASOS and H&M in 2024, and introduced AJIO Rush in the first quarter of FY2025-26.
Competitive advantage
AJIO is part of Reliance Retail's digital ecosystem and can draw on the parent's fashion brand portfolio and retail capabilities. Its current offer spans a mass-market fashion storefront, AJIO Luxe, the AJIOGRAM discovery store and AJIO Rush delivery in selected markets.
Nykaa
How it makes money
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.
Growth strategy
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.
Competitive advantage
Trust and assortment in beauty, built on an inventory-led model, plus owned brands that rivals cannot stock and a store network that doubles as quick-delivery infrastructure.
Questions about AJIO vs Nykaa
Which company has higher revenue — AJIO or Nykaa?
Nykaa reported ~$1.2B (FY2026). A verified revenue figure for AJIO was not available at the time of this comparison.
What is the market cap of AJIO vs Nykaa?
Nykaa has a market capitalisation of $10.3B. A public market cap figure for AJIO was not available (it may be privately held).
Which is more financially efficient — AJIO or Nykaa?
Nykaa generates $258k / employee in revenue per employee. A comparable figure for AJIO requires matching employee and revenue data from the same reporting period.
How do AJIO and Nykaa make money?
AJIO and Nykaa generate revenue in fundamentally different ways. AJIO: AJIO sells fashion and lifestyle products online, including merchandise from domestic and international brands and Reliance Retail's brand portfolio. Nykaa: 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.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the AJIO vs Nykaa overview