Launch of Initial Public Offering (IPO) on 28 October.
Terms of the deal were not disclosed.
This is the first acquisition in the direct-to-consumer space by a Falguni Nair-led startup. The deal, however, is indicative
extensive brainstorming that’s going on in the sector. “Following this investment by Nykaa, Dot & Key will join the brands owned by Nykaa,” according to a statement released on Friday.
Founded by Suyash Saraf and Anisha Saraf, Dot & Key manufactures skincare products such as serums, face masks, toners and cleansers. The brand recently expanded into nutraceuticals under the brand ‘IKWI’, whose products are dermatologically tested and cruelty free.
“We are excited to bring Dot&Key to the Nykaa family in a timely manner to meet the demand for high quality skincare by Indian consumers,” Nair said. “Its product range presents an exciting opportunity for Nykaa as it allows us to expand the brand’s reach to a larger consumer landscape and also foray into the nutraceutical space.”
Ernst & Young was the exclusive advisor to Dot & Key on the LLP transaction.
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“We built a niche brand with Dot & Key, focused on creating products based on consumer needs. Nykaa’s position in the beauty landscape in India and its resources will allow Dot&Key to grow further as a brand and grow to the next level,” said Suyash Saraf.
parent firm of Nykaa, FSN E-Commerce Ventures Ltd. plans to launch its IPO on October 28, to raise Rs 5,200 crore at a valuation of up to $7.2 billion (~Rs 55,000 crore), ETTech.
informed of On Thursday, people were referred to know about the matter. According to the IPO papers, the issue will be a mix of fresh stock worth Rs 630 crore and offer for sale of 41.3 million shares by existing investors.
Accepted by the market regulator.
Nykaa offers 4,078 brands and over 3.1 million product Stock Keeping Units (SKUs) through its website and mobile application as of August 31, 2021. The company is one of the few profitable e-tailers in India. In the financial year ended March 31, its net profit stood at Rs 61.96 crore as against a fresh loss of Rs 16.34 crore a year ago, which grew 38% to Rs 2,453 crore in FY15.