In a country where few startups have gone to list themselves on the bourses, Nykaa wants to be the exception.
The e-commerce website that sells beauty and wellness products of a range of companies, including L’Oréal and Lakmé, is mulling an initial public offer in two years, its Founder and Chief Executive Officer Falguni Nayar told BloombergQuint in an interaction. But before that it plans to raise around $10-15 million.
Nykaa is also betting big on its offline play. We plan to double our offline revenue in the current fiscal, Nayar said.
The opportunity may be huge. Nykaa’s revenue in the year ended March 2018, Nayar said, was Rs 570 crore and the offline segment comprised five percent of its turnover. “We have announced that we will grow at 100 percent this year, too, so the same momentum will continue.”
Doubling the store count to 45 from the present 22—mostly in the metropolitan cities—is also high on Nykaa’s priorities. “Our main focus centres will be Mumbai, Delhi and Bengaluru,” Nayar said, adding that they’ll open multiple stores in Hyderabad, Chennai and Kolkata. The beauty retailer will stick to one store in smaller cities.