TPG-backed Indian beauty e-tailer Nykaa is said to be plotting an initial public offering (IPO) as the company prepares to go public in early 2022.
A source close to the company told news outlet Mint the start-up’s stock exchange registration could be valued at more than US$3bn.
The listing would make Nykaa the first online beauty marketplace to register an IPO in India.
“Nykaa will most likely look at achieving overall profitability this year before going public,” said the informant.
“Considering the boost in business after the lockdown and consumer shift towards digital, the company might look at a listing of much more than $3bn in valuation.”
Founded in 2012 by Falguni Nayar, who serves as the retailer’s CEO, the Mumbai-based company grew in popularity initially selling cosmetics and grooming products on its website and apps.
Its success in the category pushed the e-tailer to move into the fashion, pet care and household items sectors.
Following her company’s triumphs, Nayar, the former Managing Director of Kotak Mahindra Capital, was dubbed Vogue India’s Business Person of the Year in 2019 and landed a place on Fortune India’s 50 Most Powerful Women in the same year.
Meanwhile, in 2020, she was named EY’s Entrepreneur of The Year in the start-up category.
Cosmetics Business has contacted Nykaa for comment.