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In April 2012, Falguni Nayar, a former managing director at Kotak Mahindra Capital Company, founded Nykaa as an ecommerce portal curating a range of beauty and wellness products. The brand name Nykaa is derived from the Sanskrit word nayaka, meaning actress or "one in the spotlight". The website was first launched around Diwali 2012, and was available commercially in 2013.In 2015, the company expanded from online-only to an omnichannel model and began selling fashion products.In 2018, Nykaa launched Nykaa PRO. It is a premium membership program that provides users special access to professional beauty products and offers on the Nykaa app. In 2018, the company also launched an online beauty forum called Nykaa Network.In March 2020, Nykaa raised ?100 crore from Steadview Capital at a valuation of US$1.2 billion, making it a unicorn startup. This was followed by another tranche of ?67 crore funding by Steadview in May 2020.In October 2020, the company launched Nykaa Man, India's first multi-brand ecommerce store for men's grooming. The company expanded into fashion by launching Nykaa Design Studio, which was renamed to Nykaa Fashion.
In November 2020, global asset management firm Fidelity invested in the company through a secondary sale of shares from an existing equity investor.In December 2020, Nykaa Fashion launched its first store in Delhi, making the fashion business omnichannel.Nykaa opened its initial public offering on 28 October 2021. The IPO raised ?5,352 crore at a valuation of US$7.4 billion. Nykaa was publicly listed on the NSE and BSE on 10 November 2021, and its price rose by 89.2% on opening day, valuing the company at nearly US$13 billion. Founder Falguni Nayar, who owned a 53.5% stake in the company, became India's wealthiest self-made female billionaire on the listing day.
