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<ul><li><keyword id="19903330" type="General" weightage="100" keywordseo="Nykaa" source="keywords" meta.keywordsubtype="org" meta.entityname="Nykaa" meta.hostid="261" meta.entityid="Nykaa">Nykaa</keyword> has sued its former Chief Business Officer</li><li>Nykaa accuses him of breach of contract</li><li><keyword id="20209792" type="General" weightage="20" keywordseo="Gopal-Asthana" source="keywords">Gopal Asthana</keyword> currently heads <keyword id="20050933" type="General" weightage="20" keywordseo="Tata-Cliq" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Cliq" meta.hostid="261" meta.entityid="Tata Cliq">Tata Cliq</keyword></li></ul> In a legal battle between two major players in the fashion and beauty industry, Nykaa has taken action against its former Chief Business Officer, Gopal Asthana, who is now leading Tata Cliq. The company has accused Asthana of "breaching confidentiality, misappropriation of proprietary data and seeking to harm its business," an Economic Times report says. Additionally, Nykaa says that Asthana approached the company's employees (who were earlier reporting to him) to join Tata Cliq, a direct competitor. Nykaa, led by <keyword id="20875531" type="General" weightage="20" keywordseo="falguni-nayar" source="keywords">Falguni Nayar</keyword>, filed a petition in the Bombay High Court, claiming that Asthana used his previous position at Nykaa to persuade staff members he once supervised to move over to Tata Cliq. Some of these employees, the company stated, had already made the switch in the past year. Nykaa believes this has harmed its business and seeks to protect its proprietary data. Asthana had been a key executive at Nykaa for four years before moving to Tata Cliq in June 2023. Despite a non-compete agreement, Nykaa allowed him to join Tata Cliq after a three-month break, known as garden leave. However, the company now claims he misused confidential business information to benefit his new employer. <div type="Article" hostid="261" msid="113021204" title="70-hour work week to sleeping in offices: Golden words on hustle culture from NR Narayana Murthy, Elon Musk, and other billionaires" mstype="2" mssubtype="0"></div> In response, Nykaa is demanding a refund of Rs 19 crore in employee stock options that Asthana received during his time at the company. Additionally, the company is seeking Rs 5 crore in damages, citing loss of goodwill and business impact. The court has temporarily barred Asthana from recruiting Nykaa employees for Tata Cliq, though <keyword id="20037043" type="General" weightage="20" keywordseo="Tata-Digital" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Digital" meta.hostid="261" meta.entityid="Tata Digital">Tata Digital</keyword> itself has not been named in the case. Asthana, now the CEO of Tata Cliq, has denied the allegations, saying they are “incorrect” and will be addressed during arbitration. While he acknowledged the dispute, he stressed that it is strictly between him and his former employer, with Tata Cliq not being directly involved in the legal proceedings. He was quoted by ET, “However, since the matter is sub-judice, I can’t comment on the same. The matter is between my former employer and me, and my current employer is not a party in the matter and therefore best left out in the discussion." Both Nykaa and Tata Cliq are fierce competitors in the beauty and fashion space, going head-to-head with other major players like Reliance’s Ajio, Flipkart’s Myntra, and Amazon Fashion. Nykaa is counting on significant growth in its fashion business, expecting a 20% year-on-year revenue increase, making this legal conflict a high-stakes issue for the company. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/iit-bombay-2024-placements-lowest-salary-drops-to-rs-4-lpa-22-students-get-rs-1-crore-package/articleshow/113015190.cms" data-type="tilCustomLink" target="_blank">IIT Bombay 2024 placements: Lowest salary drops to Rs 4 LPA, 22 students get Rs 1 crore package</a> <a href="https://www.businessinsider.in/tech/news/ai-generated-content-on-the-internet-today-is-more-than-human-generated-study/articleshow/113079845.cms" data-type="tilCustomLink" target="_blank">The internet has more AI-generated content today than human-created and this could mean trouble</a>

Nykaa sues Tata Cliq CEO Gopal Asthana for contract breach, says he approached employees to join rival company

<ul><li>FSN E-Commerce Ventures that runs <keyword id="6376684" type="General" weightage="20" keywordseo="nykaa" source="Orion">Nykaa</keyword> clocks net profit of ₹5 crore in June quarter, while revenues jump 41% to ₹1,148 crore as demand improves</li><li>Founder and CEO <keyword id="6379793" type="General" weightage="20" keywordseo="falguni-nayar" source="Orion">Falguni Nayar</keyword> says the company has booked good sales in June quarter despite the challenging environment.</li><li>It has accelerated offline expansion with 8 physical stores across cities like Pune, Coimbatore, Delhi, Ranchi with stores count rising to 113 stores across 52 cities.</li></ul>FSN E-Commerce Ventures, the parent company of online retailer Nykaa, on Friday reported a net profit of ₹5 crore in April-June quarter, while revenues grew 41% at ₹1,148 crore backed by signs of demand recovery in all verticals. Sequentially, Nykaa’s net profit fell 34% as it had reported a profit of ₹7.6 crore in the March quarter. Founder and CEO Falguni Nayar said that the company booked good sales in June quarter despite the challenging environment. “Our business continues to grow across the verticals, despite an adverse and challenging macroeconomic environment, demonstrating the strength of our business fundamentals and unique customer-first experiences. The beauty vertical, online and offline, is witnessing growth momentum, while building efficiencies across the value chain,” said Nayar. Its gross merchandise value increased 47% year-on-year to ₹2,155.8 crore in the first quarter of FY23. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q1 FY23 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q1 FY22 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue from operations </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,148 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹817 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">41% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Profit </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3.5 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">42% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">EBITDA </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.3% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">71 basis points </td></tr></tbody></table> Nykaa, which has been opening stores to let consumers recognize their brand, has accelerated offline expansion with 8 physical stores across cities like Pune, Coimbatore, Delhi, Ranchi, Ahmedabad and Kolkata. With this, total physical stores count stands at 113 stores across 52 cities. The company has plans to triple the store count to 300 across 100 cities. Further, the company is gearing up for the upcoming festive season and resuming offline shopping behaviour. “As a result of the significant discipline that we ensured in our retail store business during the COVID affected periods, we are now witnessing the positive effect of scale on our unit economics, especially with the return of offline shopping behaviour. The consumer demand for beauty, personal care and wellness is also showing early signs of recovery and we are gearing up for a promising festive season this year,” she said. SEE ALSO <a href="https://www.businessinsider.in/retail/news/aditya-birla-fashion-records-its-highest-ever-q1-sales-hopes-q2-to-be-bigger/articleshow/93374170.cms">Aditya Birla Fashion records its highest ever Q1 sales, hopes Q2 to be bigger</a> <a href="https://www.businessinsider.in/personal-finance/now-nris-can-pay-parents-utility-bills-and-childrens-school-fees-in-india/articleshow/93368504.cms">Now, NRIs can pay parents' utility bills and children's school fees in India</a> <a class="tout-title-link" href="https://www.businessinsider.in/finance/news/shaktis-gati-on-interest-rate-hike-to-continue/articleshow/93366502.cms">Shakti’s Gati on interest rate hikes to continue</a>

Nykaa’s Q1 net profit at ₹5 crore, Falguni Nayar says demand recovering in beauty, personal care

<ul><li>Fintech companies like Paytm and PB Fintech have not only reported better than expected earnings but also narrowed their losses significantly.</li><li>While Zomato and Nykaa did not deliver overall improvement in financials, analysts still have high hopes for them.</li><li>Shares of Paytm rose nearly 22% from February 3 when it reported its quarterly earnings.</li><li>Analysts say the long-term growth potential of these companies is huge in spite of the short-term challenges.</li></ul>There’s no end to the woes of new age technology companies. They are in the spotlight yet again, after their mixed performance during the December quarter. Fintech companies like Paytm and PB Fintech have not only reported better than expected earnings but also narrowed their losses significantly. Zomato and Nykaa did not deliver overall improvement in financials, but analysts remain optimistic. Another new age company among talks is hyperlocal delivery startup Dunzo with elevated losses and massive valuation. Billionaire and chairperson of RPG Group highlighted the financials of the company <a href="https://twitter.com/hvgoenka/status/1625843597626183680">in a tweet </a>on February 15. “New age digital stocks are not doing great primarily because the market is not doing great. India is underperforming this year with a negative 2.34 % return YTD while markets like China, HongKong and South Korea are doing very well. When India’s underperformance changes, new age digital companies also will start performing. Some results from this segment are very good like Paytm. Zomato also has done reasonably well, but Nykaa’s results came below expectations,” said Dr V K Vijayakumar, chief investment strategist at Geojit Financial Services. New age technology companies have been under the scanner because of the massive underperformance in their share prices due to elevated valuation. However, analysts believe that the long term bet on these companies is worth it despite several roadblocks. “The long-term growth potential of these companies is huge and, therefore, in spite of the short-term challenges, these stocks have buyers particularly after the sharp correction from their listing peak prices,” added Vijayakumar. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">New age companies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q3 FY23 Profit/Loss </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q3 FY22 Profit/Loss </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Paytm </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-₹392 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-₹779 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Zomato </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-₹347 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-₹63 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">PB Fintech (Policybazaar) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-₹87 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-₹298 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nykaa </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹8.2 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹27.9 crore </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Paytm’s first ever quarterly operating profit impresses, builds hope The fintech company’s December quarter performance was a big surprise for many as it posted its first ever quarterly operating profit as it narrowed down losses. The growth was driven by pick up in merchant subscription revenues and loan distribution. “Biggest surprise is distribution business, control of cashbacks, opex,” said Macquarie in a report. Shares of the company rose nearly 22% from February 3 when it reported its quarterly earnings. Macquarie has upgraded rating on the company’s stock to ‘Outperform’ from ‘Underperform’ with a target price of ₹800. “PayTM has positively surprised on the distribution of financial services revenue by a wide margin and has also managed to control overall expenses and charges. At the time of listing, profit and free cash flow were not even a part of management’s discussion. However, we see a very visible change in approach of management to deliver profit, evidenced, we believe, by the core EBIDTA profitability that was reported recently,” said Macquarie in a report. Zomato: A promising road to profitability Zomato reported better than expected Q3 FY23 revenues, and analysts believe it may reach profitability by the end of the current financial year. “Depending on execution-related wins, the company (ex of quick commerce) may clock profitability in Q4FY23 itself, two quarters ahead of their guidance,” said analysts at Nuvama Institutional Equities. “Zomato’s road to profitability has grown even more promising. Zomato (ex-quick commerce) clocked adj. EBITDA level profitability in the month of Jan-23. Depending on execution-related wins, the company (ex of quick commerce) may clock profitability in Q4FY23 itself, two quarters ahead of their guidance,” added the report. Analysts say Zomato’s relaunch of its Gold membership plan should bring growth back. Most brokerage houses have <a href="https://www.businessinsider.in/business/news/no-long-tail-effect-zomato-banks-on-demand-recovery-in-future-even-as-it-shuts-operations-in-225-cities-on-poor-performance/articleshow/97907071.cms">maintained a ‘Buy’ rating </a>on the company’s stock. “The fact that most of these companies have put forth their strategy to cut down losses and become profitable in the near future builds hope for investors. For example, Zomato’s decision to cut operations in 225 smaller cities. Moreover, since most of these <keyword id="10951575" type="General" weightage="20" keywordseo="new-age-tech-companies" source="Orion">new age tech companies</keyword> are direct consumer based there are expectations of inflation cooling down and boosting consumer spend.” Shrikant Chouhan, head of equity research (retail) at Kotak Securities told Business Insider India. Nykaa: Premium valuation reflects solid outlook, say analysts Nykaa, reported a 70% on year decline in net profit in Q3 <a href="https://www.businessinsider.in/business/corporates/news/nykaas-stock-plunges-4-2-after-its-q3-net-profit-slips-70/articleshow/97901748.cms">missing analysts expectations</a>. Despite this, brokerages believe the best is yet to come for the company. During a post-earnings conference call Falguni Nayar, executive chairperson, MD and CEO of Nykaa said that although inflationary pressures were present, it wasn’t that big of an issue for many of Nykaa’s customers. Q3 is considered to be a seasonal quarter for the company because of the festive season and despite macro challenges Nykaa’s growth was applauded by analysts. “In a quarter rampaged by a tougher macroeconomic environment, Nykaa reported substantial growth in Q3FY23 numbers,” said a report by JM Financial. The brokerage firm has assigned a ‘Buy’ rating on the stock. “We continue to see increased strength of the dominant positioning in beauty and personal care (BPC) vertical while the newcomer, fashion vertical, has gained market share at the cost of a sharp dip in contribution margin,” added the report. Nykaa’s EBITDA margins came under pressure and fell to 5.3% in Q3, as against 6.3% in the same period last year. “While we expect Nykaa’s GMV growth, at 35% in FY23E-25E, to be the highest within our global ecommerce coverage, we believe Nykaa’s valuation premium (FY24 EV/GMV of 3.1x vs 0.5x median for peers) already reflects this solid growth outlook and Nykaa’s stronger margin profile,” said a report by Goldman Sachs. The investment banker has assigned a ‘Neutral’ rating on the stock. PB Fintech on course to profitability soon The December quarter performance of PB Fintech, the parent company of Policybazaar and Paisabazaar, was another surprise for investors as the company narrowed its losses significantly. Its insurance premiums jumped 70.3% on year to ₹30.3 billion driven by a strong showing across segments. “Given its market share of 90%-plus in online insurance sales and a growing offline presence, PB is poised to post strong sales,” said analysts at Nuvama Institutional Equities. Further, the management expects revenue and margins to improve further as agent productivity rises and benefits of appointments channel are realised. They hinted at a sharp profitability uptick in Q4, say analysts. “This growth becomes even more impressive considering the seasonally weak Q3 for insurance, where new business premiums for life and general insurance declined QoQ by 19% and 12%, respectively,” said a report by JM Financial. New-age internet based businesses, like their unlisted peers, have been chalking out strategies that lead them towards profitability and are already on a growth path aided by their unique business propositions — allaying investor and analyst concerns. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/google-india-layoffs-nearly-500-people-fired/articleshow/98001522.cms">Google layoffs reach Indian shores, nearly 500 employees sacked late Thursday</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/neal-mohan-indian-american-guy-journey-to-becoming-youtube-ceo/slidelist/98001073.cms">From Lucknow to USA: Indian-American Neal Mohan’s journey to becoming YouTube CEO</a>

New age technology companies back in the spotlight after Q3 performance

<ul><li><keyword id="6376684" type="General" weightage="20" keywordseo="nykaa" source="Orion">Nykaa</keyword> launches an incubator programme to help potential <keyword id="3152024" type="General" weightage="20" keywordseo="beauty-startups" source="Orion">beauty startups</keyword> with finance and guidance to grow bigger in the space.</li><li>Brands are to participate in the programme and showcase their brand value and the winning brand will earn a grant of ₹4 crore ($500,000).</li><li>A set of judges including actress Katrina Kaif, designer Sabyasachi Mukherjee, stylist Anita Shroff Adajania will be in the jury judging and mentoring the potential beauty brand.</li></ul>India’s largest beauty e-commerce player, Nykaa has come up with an initiative to support some of the many beauty startups and help build homegrown brands. Nykaa’s new incubator programme allows beauty startups in the country to showcase their brand and earn a grant of up to ₹4 crore ($500,000) and even an acquisition opportunity in the future. On July 20, Nykaa launched ‘Beauty&amp;You’ in partnership with American beauty giant <keyword id="162216" type="General" weightage="20" keywordseo="estee-lauder" source="Orion">Estee Lauder</keyword> with a prize pool of ₹4 crore that will be distributed among companies chosen by a panel of fashion entrepreneurs. “We are looking for brands that have innovative ideas and have a sustainable competitive edge and that would be unique products, unique technologies, engaging with new audiences in different ways, creating new business models, offerings, channels.” Shana Randhava, vice-president, ELC New Incubation Ventures told Business Insider India. Nykaa said that it’s not keen on taking equity in the winning startups in return for the grant amount, but they could. “There’s a chance that we may invest in these brands but that is not the aim of the programme. The aim is to give them a pure grant of capital without any equity in return. The awarded brands will get the ability to launch on Nykaa’s platform and stores if they are ready for that,” said CEO of the e-commerce giant Nykaa and son of founder Falguni Nayar Achint Nayar. The programme aims to help founders, innovators, and creators grow their businesses holistically by identifying brand goals, achieving scale ambitions, and curating product portfolios that speak to a new generation of consumers in the Indian market. A set of judges including actress Katrina Kaif, designer Sabyasachi Mukherjee, stylist Anita Shroff Adajania will be in the jury judging and mentoring the potential beauty brand. Shana said that they are looking for brands like Haeckel's, a UK based personal care brand whom Estee Lauder recently invested in. “Our vision is for Beauty &amp; You to harness the entrepreneurial energy in India to advance next-generation beauty brands by presenting opportunities that help put brands on a long-term, sustainable growth path,” said Randhava. It has not decided on how many winners will be declared, it could be one or even four. The chosen startup brands will be provided with masterclasses, financial support, mentorship, awareness and distribution support. The application process starts on August 1 on <a href="https://www.beautyandyouawards.com/">this website</a> and closes on September 30, and winners to be announced in November. “Brands participating should have passion and the rest we can help with. We have infrastructure to help them build and develop on that,” Achint Nayar, Nykaa, CEO. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/burger-singh-raises-30-crore-to-open-120-outlets-in-6-months/articleshow/93021975.cms">Burger Singh raises ₹30 crore, to open 120 outlets in 6 months</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/itc-is-relying-on-its-advisory-maars-app-for-farmers-valued-added-crops-to-grow-its-agri-business/articleshow/93007505.cms">ITC is relying on its advisory app for farmers, valued-added crops to grow its agri-business</a>

Nykaa open to funding beauty startups without equity, initially

The rupee appreciated 9 paise to 82.73 against the US dollar in early trade on Thursday, supported by easing crude oil prices and a firm trend in domestic equities. Forex traders said sustained foreign fund outflows weighed on investor sentiments and restricted the appreciation bias. At the interbank foreign exchange, the domestic unit opened at 82.75 against the dollar, then gained ground to touch 82.73, registering a rise of 9 paise over its previous close. On Wednesday, the rupee recovered from its all-time low level and settled at 82.82 against the dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.04 per cent to 104.21. Brent crude futures, the global oil benchmark, rose 0.99 per cent to <keyword id="54123" type="General" weightage="100" keywordseo="usd" source="Orion">USD</keyword> 78.61 per barrel. Despite the greenback's weakness elsewhere, the rupee did not strengthen on dollar persistent bids throughout the session. The local unit has been extremely range bound of late, IFA Global Research Academy said in a research note. "We expect the rupee to trade in a 82.60-82.90 range with sideways price action," it added. In the domestic equity market, the 30-share <keyword id="53232" type="General" weightage="50" keywordseo="bse-sensex" source="Orion">BSE Sensex</keyword> was trading 162.86 points or 0.27 per cent higher at 60,820.31. The broader NSE Nifty rose 60.20 points or 0.33 per cent to 18,103.15. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday as they offloaded shares worth Rs 2,620.89 crore, according to exchange data. SEE ALSO: <a href="https://www.businessinsider.in/business/news/zomato-bharatpe-nykaa-and-more-the-revolving-door-for-top-execs-at-new-age-companies/articleshow/96728402.cms">Zomato, BharatPe, Nykaa and more: the revolving door for top execs at new age companies</a> <a href="https://www.businessinsider.in/business/startups/news/bharatpe-ceo-suhail-sameer-to-step-down-five-months-after-taking-over/articleshow/96703750.cms">BharatPe CEO Suhail Sameer to step down, Nalin Negi to take over in the interim</a> <a href="https://www.businessinsider.in/business/auto/news/december-auto-sales-fall-below-expectations-even-as-tata-motors-mm-post-strong-growth/articleshow/96686550.cms">December auto sales fall below expectations even as Tata Motors, M&amp;M post strong growth</a>

Rupee gains 9 paise to 82.73/USD as crude prices ease

<ul><li>On Monday, Gunjan Patidar, Zomato’s co-founder and chief technology officer tendered his resignation.</li><li><keyword id="7349800" type="General" weightage="20" keywordseo="bharatpe" source="Orion">BharatPe</keyword>’s CEO Suhail Sameer has quit the top job to become its strategic advisor.</li><li>There has been a lot of churn in new-age companies like Nykaa, and also big techs like Meta India, WhatsApp Pay, Amazon India and more.</li></ul>New age companies in India have been hit by a flurry of exits by top executives, leaving them scurrying for replacements. This comes at a time when startups have been battling funding winter and elevated inflation, in a rising interest rate regime. BharatPe, a fintech is amongst those with multiple high profile exits, including its co-founder and former managing director Ashneer Grover, along with his wife Madhuri Jain Grover – who not only had to leave the company, but were also sued by BharatPe in December 2022 for ₹88.6 crore. The company alleged that both husband and wife engaged in misappropriation of funds including creating fake bills, enlisting fictitious vendors and so on. Adding to BharatPe’s woes is the <a href="https://www.businessinsider.in/business/startups/news/bharatpe-ceo-suhail-sameer-to-step-down-five-months-after-taking-over/articleshow/96703750.cms">departure</a> of its CEO Suhail Sameer on January 3. Sameer took over as the company’s CEO in August 2021, a year after being appointed as the company’s president. He will now serve as a strategic advisor starting January 7, 2023. Before Sameer, BharatPe witnessed the departure of four other high level executives last November. This includes Nehul Malhotra, head of PostPe which is BharatPe’s ‘Buy Now Pay Later’ arm. The others were the CTO Vijay Aggarwal; Rajat Jain, the chief product officer; and Geetanshu Singla, VP of technology. They moved on to pursue their own entrepreneurial passions, the company had then said in a statement. Zomato rocked by multiple top level exits, too Sameer’s resignation comes hours after Gunjan Patidar, Zomato’s co-founder and chief technology officer, tendered his resignation. Patidar was one of the first few employees of Zomato who built the core tech systems of the company. “Over the last ten plus years, he (Patidar) also nurtured a stellar tech leadership team that is capable of taking on the mantle of leading the tech function going forward. His contribution to building Zomato has been invaluable,” said the company. Patidar’s exit is the third high-level exit at the food delivery giant in two months. In November last year, another one of Zomato’s co-founders Mohit Gupta tendered his resignation. Its head of new initiatives Rahul Ganjoo; and Siddharth Jhawar, vice-president of global growth also quit in the same month. The list goes on as in September 2022, Zomato’s deputy CFO Nitin Savara also tendered his resignation. The company has been bleeding money and it reported a consolidated loss of ₹251 crore in Q2 FY23. New age companies’ top heads move in and out of big tech companies There is a lot of churn among top executives of new-age tech companies as well as big techs. Online beauty retailer Nykaa’s CFO Arvind Agarwal, who had been with the company through its IPO, quit and joined fintech major PayU as its India CFO, this November. On the other hand, new-age companies have also been able to attract executives from major companies into their fold as well. Case in point is Sugar Cosmetics who brought in Amit Aggarwal, Marico’s head of finance of its India business, as its CFO. Adding to it, Amazon India’s director of grocery, food and health Sameer Khetarpal resigned and moved to Jubilant FoodWorks as CEO, a franchisee that runs Domino’s Pizza, Dunkin Donuts outlets in India. Meta India country head Ajit Mohan tendered his resignation in November 2022, to join rival Snap as the President of Asia Pacific. Following this, WhatsApp India’s head Abhijit Bose and Meta India’s public policy head Rajiv Aggarwal also resigned. The latter joined Samsung India. WhatsApp Pay’s director and head Manesh Mahatme also left his position in September to join Amazon India as director, product and engineering. Last but not the least, another shocking exit was of Parag Agarwal, former CEO of Twitter who was fired by Elon Musk in October, a year after he was appointed for the position. Soon after his ouster, Agrawal changed his LinkedIn bio to “Not the CEO you are looking for”. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/radiant-cash-management-shares-debut-at-a-10-premium-after-company-reduces-ipo-size/articleshow/96727374.cms">Radiant Cash Management shares debut at a 10% premium after company reduces IPO size</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/shark-tank-indias-season-2s-sharks-meet-the-serial-investors-cas-and-iit-and-iim-alumni/articleshow/96714262.cms">Shark Tank India’s Season 2’s sharks: Meet the serial investors, CAs, and IIT and IIM alumni</a>

Zomato, BharatPe, Nykaa and more: the revolving door for top execs at new age companies

<ul><li>The net worth of Falguni Nayar is nearly four times higher than that of <keyword id="198636" type="General" weightage="20" keywordseo="vijay-shekhar-sharma" source="Orion">Vijay Shekhar Sharma</keyword>.</li><li><keyword id="12213246" type="General" weightage="20" keywordseo="paytms-vijay-shekhar-sharma" source="Orion">Paytm’s Vijay Shekhar Sharma</keyword> has gone down 1,000 ranks in the Forbes Billionaires list in the last year.</li><li><keyword id="6376684" type="General" weightage="20" keywordseo="nykaa" source="Orion">Nykaa</keyword>’s Falguni Nayar is currently the 573rd richest person in the world with a net worth of $4.8 billion.</li></ul>The net worth of Falguni Nayar — the founder and chief executive officer (CEO) of Nykaa — is nearly four times higher than that of <keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword>’s founder and CEO, Vijay Shekhar <keyword id="445" type="General" weightage="100" keywordseo="sharma" source="Orion">Sharma</keyword>. The shuffle in net worth rankings came only a few months after these founders took their companies public. While Nykaa was able to double investors’ money on its first day of listing, Paytm has been struggling to even reach its issue price of ₹2150. Nykaa was listed at a price of <a href="https://www.businessinsider.in/stock-market/news/nykaa-starts-trading-at-2001-a-premium-of-77-87/articleshow/87618803.cms"> ₹2,001 </a>compared to the issue price of ₹1,125. The company currently sits at a market capitalisation of ₹70,690 crore ($9.2 billion), which is lower than Nykaa’s listing price but still higher than the issue price of $7.4 billion. Paytm, on the other hand, is listed at a discount of 9% on the listing day, and has been on a decline ever since. It’s worth noting that Paytm was the highest valued startup — valued at $16 billion — in India till 2021 before Byju’s took over. Nearly 75% of its valuation has been eroded ever since Paytm made its entry into the public market. It is important to note that Paytm had raised capital at the valuation of $19.9 billion in its initial public offering (IPO), but its current market capitalisation is ₹41,476 crore ($5.4 billion). <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Person </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">World’s richest rank 2021 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net worth in 2021 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">World’s richest rank 2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Current net worth 2022 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vijay Shekhar Sharma </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1362 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$2.3 B </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2387 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1.1 Billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Falguni Nayar </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">N/A </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">N/A </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">573 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$4.8 billion </td></tr></tbody></table>Source: Forbes Billionaires List With this, Vijay Shekhar Sharma has slipped 1,000 ranks in Forbes Billionaires list. Last year, Sharma was the <a href="https://www.forbes.com/billionaires/">1362 richest person</a> in the world with a net worth of $2.3 billion. But currently, he is at the 2387th spot with a net worth of $1.1 Billion. Nayar, on the other hand, was not named on the list last year. She is <a href="https://www.forbes.com/real-time-billionaires/#1c267a023d78">currently at the 573rd spot</a> with a net worth of $4.8 billion. With that being said, Falguni Nayar is currently the richest self-made woman in India as per the Forbes’ real-time Billionaires' Index. Zomato’s founder and CEO Deepinder Goyal is not part of this list. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/india-is-monitoring-crypto-transactions-of-700-investors-evaders-could-reportedly-face-a-hefty-penalty-tax/articleshow/90263407.cms">India is monitoring crypto transactions of 700 investors – evaders could reportedly face a hefty penalty tax</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/germanys-cyber-watchdog-advises-users-to-switch-from-kaspersky-antivirus-as-russia-ukraine-tensions-simmer/articleshow/90261748.cms">Germany’s cyber watchdog advises users to switch from Kaspersky antivirus as Russia-Ukraine tensions simmer</a>

Falguni Nayar's net worth is now four times higher than that of Vijay Shekhar Sharma

<ul><li><keyword id="6557529" type="General" weightage="80" keywordseo="kreditbee" source="Orion">KreditBee</keyword> currently offers multiple types of personal loans and a digital gold investment product. </li><li><keyword id="12085639" type="General" weightage="100" keywordseo="cashfree-payments" source="Orion">Cashfree Payments</keyword>’ merchants can offer this cardless <keyword id="6357050" type="General" weightage="50" keywordseo="emi" source="Orion">EMI</keyword> option to all eligible customers with the KreditBee app. </li><li>Recently, India’s largest lender, SBI invested an undisclosed amount in Cashfree Payments. </li></ul>Indian fintech platform KreditBee today partnered with banking solutions company Cashfree Payments. Together, they will offer an option to convert online purchases into EMIs, at the time of checkout. KreditBee’s six million customers can avail the online checkout finance facility from Cashfree Payments’ 1.5 lakh merchant partners. That includes brands like <keyword id="6376684" type="General" weightage="50" keywordseo="nykaa" source="Orion">Nykaa</keyword>, EaseMyTrip, Livspace, Gonoise and Wakefit . "The increased push for digitalization in the past few months has indeed accelerated the shift to digital commerce and payments, in some cases replacing the retail and merchant experience altogether. The idea behind this collaboration is to let customers convert their online purchases, especially where ticket value is high, into hassle-free easy EMIs,” Madhusudan Ekambaram, co-founder &amp; CEO, KreditBee said. Cashfree Payments’ merchants can offer this cardless EMI option to all eligible customers with the KreditBee app. The checkout finance loans range from ₹2,400 to ₹2 lakhs with a tenure of 3-18 months. KreditBee currently offers personal loans and a digital gold investment product. “We aim to give the best of payments infrastructure to businesses and a seamless payment experience for their customers,” said Reeju Datta, co-founder, Cashfree Payments. Cashfree Payments works closely with banks to build the core payments and banking infrastructure. It is also integrated with platforms like Shopify, Wix, <keyword id="6357940" type="General" weightage="50" keywordseo="paypal" source="Orion">Paypal</keyword>, Amazon Pay, Paytm, and Google Pay. Recently, India’s largest lender, SBI invested an undisclosed amount in Cashfree Payments. Apart from India, Cashfree Payments products are used in eight other countries, including the USA, Canada, and UAE.

KreditBee, Cashfree Payments offer option to convert online purchases into EMIs

<ul><li><keyword id="6376684" type="General" weightage="20" keywordseo="nykaa" source="Orion">Nykaa</keyword> will launch its three-day-long IPO this Thursday, at a price band of ₹1,085 - ₹1,125 per share.</li><li>The company intends to spend ₹42 crore from the proceeds to set up retail stores, which contributes about 5% to Nykaa’s beauty business.</li><li>Nykaa ecommerce seems to be the driving force behind its growth, as its revenue operating revenue increased by ₹670 crore when footfall in retail stores declined.</li></ul>Nykaa’s initial public offering (IPO) is one of the most sought after events in the Indian startup ecosystem this year, after the blockbuster public listing of Zomato. The fashion and beauty ecommerce platform will launch its three-day-long IPO this Thursday (October 28), at a price band of ₹1,085-₹1,125 per share. The company <a href="https://www.businessinsider.in/business/news/nykaa-may-launch-its-ipo-next-week-to-raise-a-little-over-5000-crore/articleshow/87198148.cms">reportedly plans to raise </a>₹5,200 crore with this public issue. The nine-year-old startup — launched by Falguni Nayar in 2012 — has elaborate plans on how to use these proceeds. But the most intriguing of all is Nykaa’s aim to expand its offline retail stores, even though they are not a major part of its business. Anchit Nayar, chief executive officer (CEO) of Nykaa’s beauty ecommerce business, highlighted that retail stores currently contribute around 5% gross merchandise value (GMV) of Nykaa’s beauty business. Pre-COVID the number had spiked up to 7-10%. The company currently has 80 stores across 40 cities. “So even though the large majority of our business comes from our online app, we have a very large network of physical stores as well... Also it [retail stores] has allowed us to gain a reputation and also a large [set of] customers interact with the brand Nykaa in a physical way, Nayar said, adding that the omnichannel approach is an important one for them especially in the beauty space. According to Nykaa’s <a href="https://investmentbank.kotak.com/downloads/fsn-e%E2%80%93commerce-ventures-limited-RHP.pdf">red herring prospectus </a>(RHP), the company intends to spend ₹42 crore of the money raised from public issues in setting up retail stores. Overall, the company will spend ₹54 crore for this expense. Nykaa seems to be doing pretty well without retail store intervention Nykaa’s operating revenue grew by ₹670 crore in the financial year 2021, even though the footfall in its retail stores declined by 55-60% in the same time frame. This indicates that Nykaa’s ecommerce platform witnessed a tailwind in the last fiscal year. <div type="image" title="Nykaa plans to go ‘aggressive’ with its retail store network, a vertical that contributes less than 10% to its revenue" msid="87274120" hostid="261"></div> The more interesting aspect here is that the first quarter of FY2021 seems to have very little to do with Nykaa’s financial performance, as the Indian economy was undergoing a nationwide lockdown and only essential deliveries were allowed. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Quarter </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue from operations </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">April-June 2020* </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹288 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">April-June 2021 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹817 crore </td></tr></tbody><tbody></tbody></table>Source: DRHP *India was under a lockdown between April-June 2020, delivery of only essentials were allowed. After accessing Nykaa’s financial performance in the April to June quarter of 2021, the company decided to have a “more aggressive expansion on physical store as well as warehousing capacity,” Arvind Agarwal, group chief financial officer (CFO) of the beauty and ecommerce business said. The company will spend another ₹42 crore from its proceeds in setting up warehouses, which act as fulfilment centres for Nykaa’s ecommerce businesses. For the beauty business specifically, Nykaa keeps the inventory of brands in these warehouses and gets them delivered to the customer directly. In total, Nykaa has planned an investment of ₹92 crore for this expense. Besides this, Nykaa<a href="https://www.businessinsider.in/business/startups/news/nykaa-gets-sebis-approval-for-4000-crore-ipo/articleshow/87019734.cms"> will use the proceeds </a>to acquire more customers, launch new verticals, acquire more brands and also expand into international markets. The company intends to launch its operations in the <a href="https://www.businessinsider.in/business/news/soon-to-be-listed-nykaa-plans-to-expand-to-middle-east-and-the-uk/articleshow/87257541.cms">Middle East and United Kingdom</a>, then move to the European market. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/tech-mahindra-irctc-tata-power-are-bucking-the-trend-in-volatile-market/slidelist/87271983.cms" data-type="tilCustomLink">Tech Mahindra flies on strong revenue, Tata Power excites investors with EV push and IRCTC back on track after a lull week</a> <a href="https://www.businessinsider.in/cryptocurrency/news/elon-musks-tesla-may-be-ready-for-a-second-inning-in-cryptocurrency-payments/articleshow/87273227.cms" data-type="tilCustomLink">Elon Musk’s Tesla may be ready for a second innings in cryptocurrency payments</a> <a href="https://www.businessinsider.in/investment/news/jack-dorsey-isnt-the-only-billionaire-predicting-hyperinflation-and-betting-on-cryptocurrency-to-fight-off-higher-prices/articleshow/87273501.cms" data-type="tilCustomLink">Jack Dorsey isn’t the only billionaire predicting hyperinflation and betting on cryptocurrency to fight off higher prices</a>

Nykaa plans to go ‘aggressive’ with its retail store network, a vertical that contributes less than 10% to its revenue

<ul><li><keyword id="12363785" type="General" weightage="20" keywordseo="dot-key" source="Orion">Dot &amp; Key</keyword> is the first direct-to-consumer (D2C) brand acquired by <keyword id="6376684" type="General" weightage="20" keywordseo="nykaa" source="Orion">Nykaa</keyword>.</li><li>It has previously acquired two private labels — Pipa.Bella and 20Dresses.</li><li>Nykaa is expected to flag off its initial public offering (IPO) to raise ₹5,200 crore next week.</li></ul>Fashion and beauty ecommerce platform Nykaa has added a direct-to-consumer (D2C) skincare brand Dot &amp; Key to its shopping cart for the first time ever. This development comes only a week before Nykaa is expected to flag off its initial public offering (IPO) to raise ₹5,200 crore. Nykaa has made two acquisitions in the fashion space to date. This includes fine jewellery brand Pipa.Bella and clothing brand 20Dresses. Both these brands operate independently and sell their products online on their own website as well as Nykaa. Three-year-old Dot &amp; Key will join Nykaa’s house of brands post this acquisition. The Kolkata-based company was founded by Suyash Saraf and Anisha Saraf. It offers premium skincare products like serums, face masks, toners and cleansers. The company has also expanded into nutraceuticals under the brand ‘IKWI’, which claims to be dermatologically tested and cruelty free. Nutraceuticals are products, which other than for nutrition are also used as medicines. Ernst &amp; Young LLP was the exclusive advisor to Dot &amp; Key on the deal. “Dot &amp; Key’s product range presents an exciting opportunity for Nykaa as it allows us to extend the brand’s reach to a larger landscape of consumers and enter the nutraceutical space as well. Dot &amp; Key is a consumer centric brand with a growing base of consumers and a range of skincare solutions,” Falguni Nayar, founder and chief executive officer (CEO) of Nykaa said in a statement. The acquisition by Nykaa will allow Dot &amp; Key to scale up further, Suyash Saraf added. SEE ALSO <a href="https://www.businessinsider.in/international/news/hm-is-partnering-with-a-building-materials-company-to-achieve-its-sustainability-goals-heres-a-look-at-how-they-work-together-/articleshow/87193030.cms">H&amp;M is partnering with a building materials company to achieve its sustainability goals. Here's a look at how they work together.</a> <a href="https://www.businessinsider.in/stock-market/news/sp-500-hits-record-high-in-7th-straight-winning-session-amid-strong-earnings/articleshow/87194812.cms">S&amp;P 500 hits record high in 7th straight winning session amid strong earnings</a> <a href="https://www.businessinsider.in/stock-market/news/wework-gains-9-in-long-awaited-trading-debut-2-years-after-failed-ipo-attempt/articleshow/87190772.cms">WeWork gains 13% in long-awaited trading debut 2 years after failed IPO attempt</a>

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