Minimalist vs Nykaa: Founders, CEOs and History
Minimalist was founded in 2020 by Mohit Yadav, Rahul Yadav and is led by Mohit Yadav. Nykaa was founded in 2012 by Falguni Nayar and is led by Falguni Nayar.
Company facts
Minimalist
- Founded
- 2020
- Headquarters
- Jaipur, Rajasthan, India
- Current CEO
- Mohit Yadav
Nykaa
- Founded
- 2012
- Headquarters
- Mumbai, Maharashtra, India
- Current CEO
- Falguni Nayar
- Employees
- 4,500
Founders
Minimalist
Mohit Yadav
Mohit Yadav is co-founder and CEO of Minimalist. Raised in Jaipur, he left a finance career to start businesses with his brother Rahul.
Rahul Yadav
Rahul Yadav is co-founder of Minimalist and brother of CEO Mohit Yadav. His chemical engineering training from IIT Roorkee underpins the brand's formulation-led positioning.
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
Minimalist
- Mohit Yadav2020–present
Co-founder & CEO
Chartered accountant and former Credit Suisse AVP who built Minimalist around front-of-pack ingredient disclosure.
Source - Rahul Yadav2020–present
Co-Founder
IIT Roorkee chemical engineer who co-founded the brand with his brother.
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: Minimalist 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…
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.
2020Minimalist
Mohit and Rahul Yadav launch Minimalist from Jaipur in October.
2021Minimalist
Raises ₹110 crore ($15 million) Series A led by Peak XV Partners (then Sequoia Capital India) with Unilever Ventures.
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…
2022Nykaa
Launch of Superstore by Nykaa (B2B E-Commerce): Scales Superstore by Nykaa, a B2B app supplying small beauty retailers, chemists and salons.
2023Minimalist
FY23 revenue from operations reaches ~$21.3 million (₹184 crore).
2024Minimalist
FY24 revenue reaches ~$40.3 million (₹347.4 crore) and profit doubles to ~$1.25 million (₹10.8 crore).
2024Nykaa
Nysaa launch in the Gulf: Partners with Dubai-based Apparel Group to launch Nysaa, an omnichannel beauty format for the GCC.
2025Minimalist
HUL agrees in January to buy 90.5% at a ~$343 million (₹2,955 crore) valuation; CCI clears the deal in March and it closes in April for ~$314 million (₹2,706.44 crore).
2026Minimalist
FY26 consolidated revenue rises 36% to ~$80.1 million (₹690.2 crore) with ~$3 million (₹25.9 crore) profit after tax; Mohit Yadav appears as a Shark Tank India Season 5 judge.
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
Minimalist
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 Minimalist vs Nykaa
Who is the CEO of Minimalist and Nykaa?
Minimalist is led by Mohit Yadav 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 Minimalist founded vs Nykaa?
Nykaa was founded in 2012 — 8 years before Minimalist, which was founded in 2020. Nykaa's longer operating history gives it a deeper track record but also potentially more institutional inertia compared to the younger Minimalist.
How many employees does Minimalist have compared to Nykaa?
Nykaa employs approximately 4,500 people. A verified employee count for Minimalist is not currently available.
Where are Minimalist and Nykaa headquartered?
Both Minimalist and Nykaa are headquartered in India, meaning they operate under the same primary regulatory and tax environment.
Who founded Minimalist and Nykaa?
Minimalist was founded by Mohit Yadav, Rahul Yadav. Nykaa was founded by Falguni Nayar.
Which company has a longer operating history — Minimalist or Nykaa?
Nykaa has been operating for approximately 14 years, making it the more established of the two companies. Minimalist has been in operation for around 6 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 Minimalist vs Nykaa overview