Bewakoof vs Nykaa: Revenue, Profit and Business Model
Bewakoof reported ~$28.2M of revenue in FY2026 and a net loss of ~$10.1M. Nykaa reported ~$1.2B of revenue in FY2026 and ~$23.1M of net income.
Latest financial snapshot
Financial summary
Bewakoof
Bewakoof reported operating revenue of Rs 243 crore for the year to March 2026, up 40.5 percent, alongside a loss of Rs 87.4 crore. Growth has been uneven: the company earned Rs 209 crore in FY2020, saw its topline drop to Rs 128 crore in FY2021 when trade was shut for most of the first quarter, and only passed the pre-pandemic level in FY2026. It has not reported a profit since the year to March 2019, when it made Rs 29 lakh. Losses were Rs 103 crore in FY2024 and Rs 73.2 crore in FY2025, when staff costs were cut 39.5 percent, then widened again in FY2026 as marketing and depreciation rose. EBITDA margin improved to minus 24.6 percent in FY2026 from minus 35.1 percent, and the company spent Rs 1.38 to earn each rupee of operating revenue against Rs 1.43 a year earlier. Aditya Birla Digital Fashion Ventures held 86 percent of Bewakoof Brands as of the FY2025 filings, with founder Prabhkiran Singh on 12.5 percent.
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
Bewakoof
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$28.2M | ~-$10.1M | -36.0% | +40.5% | Source |
| FY2025 | ~$20.1M | ~-$8.5M | -42.3% | +7.5% | Source |
| FY2024 | ~$18.7M | ~-$11.9M | -64.0% | — | Source |
| FY2022 | ~$18.6M | ~-$9.3M | -49.9% | +25.7% | Source |
| FY2021 | ~$14.8M | ~-$2.3M | -15.7% | -38.9% | Source |
| FY2020 | ~$24.2M | ~-$3.2M | -13.4% | +27.4% | Source |
| FY2019 | ~$19M | ~$33,640 | 0.2% | — | Source |
| FY2017 | ~$4.4M | ~$34,800 | 0.8% | — | Source |
| FY2015 | ~$1.7M | ~-$290,000 | -17.2% | — | Source |
Where the revenue comes from
Bewakoof
- Sale of apparel and accessories94
Graphic and oversized t-shirts, bottomwear, footwear, phone covers and bags. Products were 94.3 percent of operating revenue in the year to March 2022, and the FY2025 filings describe the sale of goods as the company's sole source of income.
- TriBe subscriptions and brand advertising commissions6
Fees from the TriBe paid loyalty programme plus commissions charged to other brands for advertising and marketing on the platform. The two together came to Rs 9.21 crore in the year to March 2022, up from Rs 4.27 crore in FY2021.
Nykaa
No segment breakdown is published.
Business model and strategy
Bewakoof
How it makes money
Bewakoof designs its own apparel and accessories and sells them under its own brand, mainly through bewakoof.com and its mobile app, with online marketplaces and exclusive brand stores as secondary channels.
Growth strategy
Under TMRW, Bewakoof is adding channels rather than changing what it sells. It moved from an owned-platform-only model onto online marketplaces and into physical retail, running more than 30 exclusive brand stores by February 2026 with 40 targeted by the end of that fiscal year.
Competitive advantage
Bewakoof's edge is price and speed in a crowded category. It designs in house and sells mainly on its own site and app, so it keeps the margin a marketplace would take and owns its customer data. Catalogue turnover is fast enough to put slogans and graphics tied to current films, cricket and internet humour on sale while the reference still lands.
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 Bewakoof vs Nykaa
Which company has higher revenue — Bewakoof or Nykaa?
Bewakoof reported ~$28.2M (FY2026), while Nykaa reported ~$1.2B (FY2026). By last reported revenue, Nykaa is the larger business, with Bewakoof reporting a smaller revenue base.
What is the market cap of Bewakoof vs Nykaa?
Nykaa has a market capitalisation of $10.3B. A public market cap figure for Bewakoof was not available (it may be privately held).
Which is more financially efficient — Bewakoof or Nykaa?
Bewakoof generates $63k / employee in revenue per employee, while Nykaa generates $258k / employee. Nykaa shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Bewakoof and Nykaa make money?
Bewakoof and Nykaa generate revenue in fundamentally different ways. Bewakoof: Bewakoof designs its own apparel and accessories and sells them under its own brand, mainly through bewakoof. 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.
Is Bewakoof bigger than Nykaa?
By last reported revenue, Nykaa (~$1.2B (FY2026)) is the larger company compared to Bewakoof (~$28.2M (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
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 Bewakoof vs Nykaa overview