AJIO vs Nykaa: Founders, CEOs and History
AJIO was founded in 2016 and is led by Sandeep Karwa. Nykaa was founded in 2012 by Falguni Nayar and is led by Falguni Nayar.
Company facts
Founders
Nykaa
Falguni Nayar
Falguni Nayar (born 1963, Mumbai) founded Nykaa in 2012 after a career in investment banking at Kotak Mahindra. She led the company through its 2021 IPO and remains Executive Chairperson, Managing Director and CEO.
CEOs and their tenures
AJIO
- Vineeth Nair2023–2026
Chief Executive Officer, AJIO
Public AJIO releases identified Nair as CEO by 2023. During his documented tenure, AJIO launched AJIOGRAM, added ASOS and H&M, and introduced AJIO Rush.
Source - Sandeep Karwa2026–present
Chief Executive Officer, AJIO and online fashion platforms
Reliance Retail appointed Karwa in May 2026 to lead AJIO and its other online fashion and lifestyle platforms.
Source
Nykaa
- Anchit Nayar
Executive Director & CEO, Nykaa Beauty
Leads Nykaa's largest and most profitable business.
Source - Adwaita Nayar
Co-Founder, Executive Director & CEO, Nykaa Fashion
Built Nykaa's second major business beyond beauty.
Source - Falguni Nayar2012–present
Founder, Executive Chairperson & Chief Executive Officer
Built Nykaa into India's largest specialist beauty retailer, with revenue above $1 billion in FY2026.
Source
Timeline: AJIO and Nykaa side by side
2012Nykaa
Nykaa Founded by Falguni Nayar in Mumbai: Falguni Nayar incorporates FSN E-Commerce Ventures in Mumbai and launches Nykaa.com with an inventory-led beauty model.
2014Nykaa
First Physical Retail Store Opens at T3 Airport Delhi: Opens its inaugural brick-and-mortar store at Terminal 3 of Indira Gandhi International Airport, New Delhi, initiating its omnichannel strategy.
2015Nykaa
Launch of Nykaa Cosmetics Private Label: Debuts in-house private label beauty collections (Nykaa Cosmetics and Nykaa Naturals), offering premium, affordable nail enamels and lipsticks tailored for Ind…
2016AJIO
AJIO Previewed at Lakme Fashion Week
Reliance launched AJIO with a collection preview and the 'Doubt is Out' campaign at Lakme Fashion Week in Mumbai.
2018Nykaa
Launch of Nykaa Fashion & Nykaa Man: Diversifies beyond cosmetics by launching dedicated standalone digital destinations for multi-brand fashion apparel and men's grooming.
2019Nykaa
Launch of Kay Beauty with Katrina Kaif: Launches Kay Beauty with actor Katrina Kaif as an owned makeup brand.
2021Nykaa
Bumper Initial Public Offering on NSE & BSE: Lists on the NSE and BSE after a ~$621 million (₹5,352 crore) IPO; shares open 79% above the issue price and the market value crosses ~$11.6 billion (₹1 la…
2022AJIO
AJIO Luxe Carried Tod's
A Reliance Brands release identified AJIO Luxe as one of the Indian retail channels already carrying Tod's products.
2022Nykaa
Launch of Superstore by Nykaa (B2B E-Commerce): Scales Superstore by Nykaa, a B2B app supplying small beauty retailers, chemists and salons.
2023AJIO
Big Bold Sale Order Volume Increased
AJIO said its summer Big Bold Sale offered 1.3 million styles and order volume rose 40% from the previous summer edition.
2023AJIO
AJIOGRAM Launched
AJIO launched AJIOGRAM as a content-led interactive commerce storefront for homegrown D2C brands within its app.
2024AJIO
ASOS Entered India on AJIO
ASOS launched in India on AJIO with more than 3,000 options across several ASOS brands.
2024AJIO
H&M Added to AJIO
AJIO announced H&M on its platform with a collection of more than 10,000 styles across apparel, childrenswear and home decor.
2024Nykaa
Nysaa launch in the Gulf: Partners with Dubai-based Apparel Group to launch Nysaa, an omnichannel beauty format for the GCC.
2025AJIO
AJIO Rush Launched
Reliance introduced the four-hour AJIO Rush service in six cities with more than 130,000 product options during the first quarter of FY2025-26.
2026AJIO
AJIO Rush Expanded
Reliance Retail's FY2025-26 annual report said AJIO Rush expanded to additional markets and AJIO maintained growth momentum.
2026AJIO
Sandeep Karwa Named CEO
ETRetail reported that Reliance Retail appointed Sandeep Karwa to lead AJIO and other online fashion platforms as CEO.
2026Nykaa
Revenue crosses $1 billion: FY2026 revenue rises 26% to ~$1.16 billion (₹10,022 crore) on GMV of ~$2.32 billion (₹19,963 crore); net profit roughly doubles.
2026Nykaa
FY2030 vision: $5 billion+ GMV: At its June 18, 2026 investor day Nykaa targets $5 billion+ GMV by FY2030 and 4 to 5 times EBITDA growth.
Acquisitions
AJIO
No verified acquisitions are listed.
Nykaa
- Aminu Wellness (51% stake)2026$320M
- Earth Rhythm (staged stake increases)2022$4.2B
- Dot & Key Wellness (majority stake)2021Undisclosed
- Pipa Bella2021Undisclosed
- 20Dresses2019Undisclosed
Questions about AJIO vs Nykaa
Who is the CEO of AJIO and Nykaa?
AJIO is led by Sandeep Karwa and Nykaa is led by Falguni Nayar. Both serve as the top executive responsible for the company's strategy, operations, and financial performance.
When was AJIO founded vs Nykaa?
Nykaa was founded in 2012 — 4 years before AJIO, which was founded in 2016. Nykaa's longer operating history gives it a deeper track record but also potentially more institutional inertia compared to the younger AJIO.
How many employees does AJIO have compared to Nykaa?
Nykaa employs approximately 4,500 people. A verified employee count for AJIO is not currently available.
Where are AJIO and Nykaa headquartered?
Both AJIO and Nykaa are headquartered in India, meaning they operate under the same primary regulatory and tax environment.
Who founded AJIO and Nykaa?
Nykaa was founded by Falguni Nayar. Founder information for AJIO is not available in our dataset.
Which company has a longer operating history — AJIO or Nykaa?
Nykaa has been operating for approximately 14 years, making it the more established of the two companies. AJIO has been in operation for around 10 years. A longer operating history often signals greater institutional resilience and brand recognition, though it can also mean slower adaptation to new market conditions.
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