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Nykaa

Beauty & Personal Care (BPC)Founded 2012
Reviewed by Swet Parvadiya
Company data updated: October 2026
Independent Editorial Analysis
11 historical events · Editorial analysis

Nykaa Company Profile: Revenue, Business Model & Strategy

Research depth: 11 milestones · 9 FAQs

Nykaa (FSN E-Commerce Ventures Limited) is a Mumbai-based beauty and fashion retailer founded in 2012 by CEO Falguni Nayar. It reported revenue of ₹10,022 crore (about $1.15 billion) for FY2026 and ran 324 stores as of June 2026.

How Nykaa 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.

Revenue & employeesCEO historyFoundersBusiness model
Annual Revenue (FY2026)~$1.2B
Employees4,500
CEOFalguni Nayar
Founded2012
IndustryBeauty & Personal Care
By Swet ParvadiyaLast reviewed:
Data sources: annual reports, SEC filings, methodology
Industry:Beauty & Personal Care

Nykaa key figures

Nykaa had revenue of ~$1.2B for fiscal year 2026, up 26.1% from FY2025. Net income was ~$23.1M, a net margin of 2.0%.

Source: FSN E-Commerce Ventures (NSE:NYKAA) annual reports, as compiled by S&P Global (via StockAnalysis) · Last reviewed October 2026

Revenue growth, FY2022 to FY2026
+27.7% a year
Compound annual rate, ~$437.8M to ~$1.2B
Peak revenue year
FY2026
The latest annual year is the highest in this series
Revenue per employee
~$258,354
FY2026 revenue divided by 4,500 employees; headcount may use another date
Current chief executive
Falguni Nayar
In the role since 2012 (14 years)
Documented transactions
5
Between 2019 and 2026
Founded
2012
14 years ago
Where was Nykaa founded?
Nykaa was founded in Mumbai, Maharashtra, India in 2012.
When did Nykaa start?
Nykaa was founded in 2012.
Who founded Nykaa?
Nykaa was founded by Falguni Nayar.
How old is Nykaa?
Nykaa is 14 years old as of 2026.
In-Depth Analysis
297 words · 2 min read

What Nykaa is

Nykaa is the retail brand of FSN E-Commerce Ventures Limited (NSE: NYKAA, BSE: 543384), founded in Mumbai in 2012 by former investment banker Falguni Nayar. It sells beauty, personal care and fashion through its apps, website and 324 stores in 105 cities (June 2026).

How Nykaa makes money

Most revenue comes from buying beauty products from brands or authorised distributors and reselling them. That inventory-led model is the basis of Nykaa's authenticity promise. Nykaa also earns commissions on Nykaa Fashion, higher margins on owned brands such as Kay Beauty, Dot & Key and Earth Rhythm, advertising fees from brands and wholesale margins from Superstore by Nykaa.

Financial performance

In FY2026 (year to March 31, 2026) revenue from operations rose 26% to ~$1.16 billion (₹10,022 crore), passing $1 billion for the first time. GMV grew 28% to ~$2.32 billion (₹19,963 crore) and net profit roughly doubled to about $23.2 million (₹200 crore). Owned-brand GMV rose 49% to ~$368 million (₹3,176 crore). In Q1 FY2027, revenue rose 29% to ~$323 million (₹2,782 crore) and profit rose 226% to about $9.28 million (₹80 crore).

Ownership and leadership

Falguni Nayar is Executive Chairperson, MD and CEO, and her promoter group held about 52% after the 2021 IPO. Anchit Nayar runs the beauty business and Adwaita Nayar runs Nykaa Fashion.

Recent moves

  • June 2026: FY2030 target of $5 billion+ GMV.
  • August-September 2026: 51% of skincare brand Aminu for up to $3.71 million (₹32 crore), and a further 24.2% of Earth Rhythm.
  • September 2026: co-investment partnership with L'Oréal's BOLD fund.
  • Nykaa Now quick delivery in 13 cities, targeted at 25 by March 2027.

Competition

Nykaa competes with Reliance's Tira, Myntra, Amazon, Purplle, Tata CLiQ Palette and quick-commerce apps in beauty, and with Myntra and Ajio in fashion.

Table of Contents

Nykaa Key Facts

CompanyNykaa
Annual revenue change+26.1% (FY2025–FY2026)
Financials~$1.2B (FY2026, last reviewed October 2026)
Market Cap$10.3B
FY2026 net income~$23.1M
Last reviewedBy Swet Parvadiya, Founder & Editor - October 2026
Founded2012
Founder(s)Falguni Nayar
CEOFalguni Nayar
HeadquartersMumbai, Maharashtra, India
IndustryBeauty & Personal Care
Employees4,500+

Nykaa Company Profile: Revenue, Business Model & Strategy

"What most people miss about Nykaa is the sheer scale of conflict it survived to become a market leader."

Nykaa (FSN E-Commerce Ventures Limited) is a Mumbai-based beauty and fashion retailer founded in 2012 by CEO Falguni Nayar. It reported revenue of ₹10,022 crore (about $1.15 billion) for FY2026 and ran 324 stores as of June 2026.

Revenue

~$1.2B

Founded

2012

Author: CorpDigest Research DeskCompany Research

Recorded annual revenue change

Nykaa had ~$922.2M of annual revenue in FY2025 and ~$1.2B in FY2026. Revenue rose 26.1% between those fiscal years.

Source for FY2026

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Explore Nykaa In Depth

Detailed research across every dimension of Nykaa — history, financials, leadership, and strategy.

Company History

Nykaa is India's largest specialist beauty retailer. It built its reputation by holding its own inventory and buying from brands directly, which reassured shoppers worried about fakes and won over prestige labels.

Full Nykaa history →

Revenue & Financials

Nykaa had ~$1.2B in revenue for fiscal year 2026. Data covers 5 fiscal years. Market capitalization stands at approximately $10B.

Nykaa financials →

Founders

Nykaa was founded by Falguni Nayar in 2012. Explore each founder's background, motivations, and their role in building the company.

Nykaa founders →

CEO & Leadership

Nykaa is currently led by Falguni Nayar. Explore the full CEO history — leadership transitions, tenures, and the strategic decisions of each chief executive.

Nykaa CEO history →

Business Model

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.

How Nykaa makes money →

Acquisitions

Nykaa has completed 5 documented acquisitions. Explore the full acquisition history and strategic rationale behind each deal.

Nykaa acquisitions →

Competitive 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.

Nykaa strategy →

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CorpDigest Research Desk

 Research Profile

Our analysts compile business strategy profiles from public financial filings, press releases, and analyst reports. Each profile is reviewed for accuracy before publication by our editorial desk and updated on a rolling basis.

About the Author →Our Methodology →

Sources & References

All data point citations [1], [2], etc. in the tables above refer to these primary sources.

Financial data on this page is sourced from SEC EDGAR filings, official earnings releases, and verified press statements. Revenue figures are reviewed and updated periodically. Read our full data methodology ->

Editorial Methodology

Company Research

We use company filings, annual reports, company statements and press reports, with primary sources preferred where available. Each financial row shows its recorded source. Full-year figures are separated from annualized run-rates, partial periods and forecasts; unaudited figures carry a label. Source detail varies by company, so check the linked material when the reporting basis matters.

1. Primary Sources

Public companies may provide filings and annual reports. Private-company figures may come from statements or press coverage. A missing figure stays missing, and a source link should identify where its number came from.

2. Expert Curation

We organize company records and review claims for strategic context, source quality and clarity. Pages show a review date where one is recorded.

3. Multi-Pass Audit

Technical checks flag inconsistent figures and missing links. Editorial review of the underlying source remains necessary for claims those checks cannot verify.

Swet Parvadiya
SEC filings & public records methodology
Sourced from public financial records

Frequently Asked Questions About Nykaa

What is Nykaa?

Nykaa is the consumer brand of FSN E-Commerce Ventures Limited (NSE: NYKAA, BSE: 543384), a Mumbai-based beauty, personal care and fashion retailer founded in 2012. It sells through its apps, website and 324 physical stores (June 2026), and reported FY2026 revenue of ~$1.16 billion (₹10,022 crore).

How does Nykaa make money?

Mostly by buying beauty products from brands and reselling them at a margin online and in stores. It also earns commissions on Nykaa Fashion, higher margins on owned brands such as Kay Beauty and Dot & Key, advertising fees from brands, and wholesale margins from its B2B Superstore app.

Who owns Nykaa?

Nykaa is publicly listed. Founder Falguni Nayar and her promoter group, including family trusts and husband Sanjay Nayar, held about 52% after the 2021 IPO and remain the controlling shareholders. The rest is held by institutional and retail investors.

Who is the CEO of Nykaa?

Founder Falguni Nayar is Executive Chairperson, Managing Director and CEO. Her son Anchit Nayar is CEO of the beauty business and her daughter Adwaita Nayar is CEO of Nykaa Fashion.

Who are Nykaa's main competitors?

In beauty: Reliance Retail's Tira, Myntra, Amazon, Purplle, Tata CLiQ Palette and quick-commerce apps such as Blinkit and Zepto. In fashion: Myntra, Ajio and Amazon.

What was Nykaa's revenue in FY2026?

Revenue from operations was ₹10,022 crore (about $1.15 billion) for the year to March 31, 2026, up 26%. GMV was ₹19,963 crore and net profit about $23.2 million (₹200 crore). In Q1 FY2027 revenue rose 29% to ~$323 million (₹2,782 crore).

What is Nykaa's market cap?

Around ₹91,000 to ₹95,000 crore (roughly $10 to $11 billion) in late September 2026, with shares near ₹318 on October 1, 2026.

What does the name Nykaa mean?

It comes from the Sanskrit word nayika, meaning a woman in the spotlight.

When was Nykaa founded?

Nykaa was founded in 2012 by Falguni Nayar, who left her massive career as a managing director at Kotak Mahindra Capital to start the beauty startup at age 50.

Strategic Face-Off

Head-to-Head Comparisons

How does Nykaa stack up against its biggest rivals? Compare revenue, business models, SWOT, and competitive moats side by side.

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Nykaa vs Myntra

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RivalryVS

Nykaa vs Ajio

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Explore Nykaa

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Content is for informational purposes only. Not financial advice. Data sourced from SEC filings, annual reports, and public records. See our full disclaimer and methodology.