Nykaa , officially known as FSN E-Commerce Ventures Limited, has reported strong growth in the second quarter, with its Gross Merchandise Value (GMV) expected to reach close to 30%. This marks a significant improvement from the mid-20s percentage range recorded in recent quarters, signaling accelerated momentum for the e-commerce giant.

Key Performance Highlights

Segment-wise Performance

Beauty Vertical

Nykaa's Beauty vertical continues to demonstrate sustained growth momentum, marking its 10th consecutive quarter of robust performance. The segment is expected to deliver Net Sales Value (NSV) and Net Revenue growth in the mid-twenties range.

The House of Nykaa brands, including acquired brands like Dot & Key and homegrown labels such as Kay Beauty and Nykaa Cosmetics, have shown rapid growth, contributing significantly to the vertical's success.

Fashion Vertical

The Fashion vertical has shown renewed vigor, with NSV growth expected in the higher mid-twenties. This strong performance is attributed to:

• Expanding brand assortment
• Robust customer acquisition in the core platform business

While the Net Revenue growth for the Fashion vertical is projected to be in the low twenties, it marks an improvement from the low to mid-teens growth seen in previous quarters. The company noted that the lower Net Revenue growth compared to NSV growth is due to a lag in advertising and marketing income.

Early Festive Season Impact

The company attributes part of its strong performance to an early start to the festive season, which has positively impacted consumer demand and spending.

GST Reforms and Future Outlook

Nykaa welcomed the recent GST reforms announced by the government, viewing them as a positive step towards stimulating demand. The company expects these reforms to increase disposable income and drive long-term growth across various consumer and discretionary categories.

About Nykaa

Founded in 2012, Nykaa has evolved from a digital-first beauty company to a multi-vertical e-commerce platform, expanding into fashion and B2B segments. The company serves 45 million customers through its online platforms and 250 offline beauty destinations.

Nykaa continues to strengthen its position in the market through its house of brands strategy, international brand partnerships, and customer-centric approach. The company's success has been recognized globally, with accolades including a place in the TIME100 Most Influential Companies List.

Note: The financial figures mentioned are provisional and subject to audit by the company's statutory auditors.

Nykaa , officially known as FSN E-Commerce Ventures Limited, has announced a significant addition to its board of directors. Dipak Gupta, the former Managing Director & CEO of Kotak Mahindra Bank Limited, is set to join Nykaa as an Additional Independent Director, effective October 1, 2025, subject to shareholder approval.

Key Highlights of the Appointment

• Term: Gupta's appointment is for a five-year term, extending from October 1, 2025, to September 30, 2030.
• Experience: Brings over three decades of experience in the financial services sector, with more than 25 years at Kotak Mahindra Group.
• Previous Role: Served as Managing Director & CEO of Kotak Mahindra Bank Limited until December 31, 2023.
• Board Composition: With Gupta's addition, Nykaa's board will comprise 11 members.

Gupta's Background and Expertise

Dipak Gupta's extensive career in the financial services sector makes him a valuable addition to Nykaa's board. His experience includes:

• Overseeing various functions and businesses within the Kotak Mahindra Group.
• Playing a key role in establishing the retail business following Kotak Mahindra Finance Limited's transformation into a bank.
• Forging a partnership between Kotak Mahindra Finance Limited and Ford Credit International.
• Serving as the first CEO of their joint venture, Kotak Mahindra Primus Limited.

Currently, Gupta holds directorial positions at several Kotak Group companies and contributes to academia as a Professor of Practice at IIT Bombay.

Impact on Nykaa's Board Composition

Gupta's appointment further strengthens Nykaa's board diversity and expertise:

• Women now form close to 30% of the board composition.
• Independent directors represent nearly 55% of the board.

Leadership Comments

Falguni Nayar, Executive Chairperson, Founder, and CEO of Nykaa, welcomed Gupta's appointment, stating, "Dipak's profound knowledge of financial services, coupled with his strategic acumen and leadership in digital innovation, will be invaluable to Nykaa as we continue to scale and diversify."

Dipak Gupta expressed his enthusiasm about joining Nykaa's board, saying, "I am honored to join Nykaa's Board at such an exciting juncture in its journey. Nykaa's commitment to innovation and customer obsession resonates deeply with me."

Nykaa's Growth and Recognition

Nykaa continues to expand its presence in the beauty and fashion retail space:

• Serves 45 million customers through its online platforms (as of June 30, 2025).
• Operates 250 offline beauty destinations (as of July 31, 2025).
• Has expanded into the Middle East with its omnichannel beauty offering 'Nysaa'.
• Recognized in the TIME100 Most Influential Companies List.

The appointment of Dipak Gupta is expected to bring additional financial and strategic expertise to Nykaa as it continues its growth trajectory in the competitive e-commerce and retail sectors.