Nykaa is adding a shimmer to Indian tech listings, says ugalani. The online beauty store is eking out a profit, unlike compatriots Zomato, Paytm, and PolicyBazaar, which are all racing to debut in a red-hot market:
An artist gets her makeup done before taking part in a religious procession ahead of the Mahashivratri festival in Jammu February 26, 2014. Hindus across the country celebrate Mahashivratri, better known as Lord Shiva's wedding anniversary. REUTERS/Mukesh Gupta - GM1EA2Q1FC901
MUMBAI, Aug 9 - Nykaa is adding a shimmer to Indian tech listings. Former investment banker Falguni Nayar’s mostly online beauty store is growing fast by selling lipstick, epilators and sneakers to a loyal band of millennials in far-flung cities where it can often be tricky to find good products. The company ekes out a profit too. That stands it apart from money-losing compatriots Zomato
, Paytm, and PolicyBazaar, which are all racing to debut in a red-hot market. And it makes Nykaa’s mooted up to $4.5 billion valuation for its initial public offering look less dolled up. The nearly decade-old firm houses close to 4,000 brands from domestic luxury names Forest Essentials to high-end foreign ones like Bobbi Brown. It processed 19.5 million orders in the year to the end of March, with a respectable average order value of $37 in fashion. Users flock to the site to learn about the latest beauty trends, and a network of over 1,300 influencers helps it to drive sales.
As an Indian-controlled entity, Nykaa can hold its own inventory of beauty and personal-care products, rather than having to depend on sellers on its platform stocking them. That offers a cost and efficiency advantage over the marketplace structure of foreign-funded rivals like Walmart’s
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