Nykaa's revenue FY 2018-2024

The Indian online marketplace Nykaa has experienced exponential growth since 2018. Starting with a revenue of only a little more than***** billion Indian rupees, the yearly revenue amounted to over ** billion rupees in the fiscal year 2024. 

The Indian beauty industry

The Indian beauty industry is a significantly expanding market. This expansion went hand in hand with an increase in the per capita spending on beauty and personal care products. Despite its potential in an ever-growing e-commerce industry, the beauty market accounted for only a marginal share of online sales.

Filling the online beauty product niche

With the foundation of Nykaa in 2012, entrepreneur Falguni Nayar attempted to conquer the beauty market by filling the niche of online sellers for beauty products. Considering the high influence of online sources such as online videos and social media on the beauty behavior of women, the online market appeared promising. Addressing the problem of availability and fake products in tier * and * cities, Nykaa faced less competition compared to marketplaces like Amazon or Flipkart, and focused more on other segments. Nykaa covered a wide price range from luxury products to mass products, but its main source of revenue was the sale of make-up.