NYKAA witnessed its market capitalisation reach historic high
30th November 2021, Mumbai:
FSN E-Commerce Ventures Pvt Limited, the business behind Indian multi-brand beauty giant Nykaa, saw its market capitalisation reach Rs 1.19 lakh crore ($17.9 billion) on the Bombay Stock Exchange ahead of businesses including Paytm.
On November 26, Nykaa’s parent entity FSN E-Commerce market cap of Rs 1.19 lakh crore surpassed digital payments giant Paytm’s market cap of Rs 1.18 lakh crore and delivery business Zomato’s market cap of Rs 1.12 lakh crore, ET Tech reported. The business’ shares were also up by 5.22% at 1 pm on Friday on the BSE while Paytm and Zomato shares were both down.
The business’ performance is a testament to the recent growth of the cosmetics and beauty market in India, especially in the online space. From a valuation of $11 billion in 2017, the Indian beauty industry is predicted to reach $30 by 2025, Media India Group reported in September 2021.
Nykaa recently reported 63% year-on-year and 10% sequential growth in terms of its gross merchandise value for the fiscal quarter ended September 30, according to a regulatory filing by FSN E-Commerce Ventures Ltd, accessed by the Economic Times. The business’ consolidated revenue from operations also grew by 47% year-on-year to Rs 885.3 crore during the same time period.
The beauty giant also recently went public with its Rs 5,352 crore public issue which was subscribed 81.78 times from October 28 to November 1 with bids for 216.59 crore equity shares out of the offered size of 2.64 crore shares, Firstpost reported.
The business is currently continuing its brick-and-mortar retail expansion across India and expanding its live shopping services through partnerships with influencers and celebrities.
Fashion Network (The news article has not been edited by DFU Publications staff)
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