FY25 Has Been a Strong Year For Nykaa: Falguni Nayar Nykaa has grown ahead of the Indian e-commerce market, with a GMV of INR 15,600 crore — delivering 25 per cent YoY growth, says, CEO, Falguni Nayar

India is currently the third-largest global retail market and is expected to grow faster than other large economies like China and the US over the next five years. In FY25, the Indian e-commerce market reached $60 billion, with Beauty and Fashion categories making up a significant 35 percent of the entire mix. Looking ahead, this market is set to reach $190 billion by FY30. Beauty and Fashion will make up 40 percent of the market by FY30, which means these two categories will be bigger than the entire e-commerce market of FY25. Driving on the back of these categories, Nykaa has grown ahead of the Indian e-commerce market, with a GMV of INR 15,600 crore — delivering 25 per cent YoY growth and a 42 per cent GMV CAGR over the last five years, compared to the industry's 20 per cent, the company claimed in its 13th annual general meeting (AGM).

The digital-native Gen Z shopper base is poised to drive nearly half of India's consumption. "Nykaa is well positioned for success as we are operating in this high growth environment where BPC and Fashion are the fastest-growing categories in discretionary consumption. The online BPC market alone is projected to grow threefold from FY25 to FY30, reaching $15 billion. Similarly, the online fashion market is projected to more than triple in the same period, reaching $60 billion," said Falguni Nayar, founder and CEO, Nykaa.

Nykaa has over 9,000 brands across beauty and fashion, and with 'Nykaa Now', it is delivering beauty products in 30 to 120 minutes across seven cities.

The world's biggest beauty brands are betting big on India as it rapidly becomes a key market — evident from the number of global brands that were launched in the last few months. In 2025, Nykaa launched some renowned global brands such as NARS, Kérastase, YSL, Eucerin, Obagi, and Dr. Jart.

Nykaa has three different types of store format – Nykaa Luxe, Nykaa On Trend and Nykaa Kiosk. "We've spent the last decade building a truly omnichannel beauty ecosystem, one that spans across all channels to serve the modern Indian consumer. We believe that focus on both online and offline retail — is critical for both beauty brands and beauty consumers. Today, we are proud to announce that we have crossed the 250 stores milestone. This makes us the largest network of beauty specialty stores in India, with a presence in 82 cities. Our physical retail business is not only expanding its footprint, but it is also doing so profitably," she said.

Nykaa Fashion continued to deliver healthy growth with a GMV of 3800 crore this year, despite a muted consumption environment. The cumulative customer base has grown to 8 million, and in FY25 alone it fulfilled about 8 million orders. "We launched Nykaa Fashion to meet two key market needs: the vast potential of the fashion industry and a growing consumer desire for a trend-focused, premium shopping experience. We've stayed true to this vision, focusing on curating a high-quality assortment and enabling discovery."

The last couple of years witnessed the launch of some of the strongest D2C brands on Nykaa Fashion. The platform now offers over 1,000 international brands, bringing the world's most sought-after fashion directly to customers. Fashion has witnessed steady and strong margin improvements. Nykaa's gross margin has risen, reaching 49 per cent in FY25, and EBITDA margin has shown remarkable progress, moving from a negative 28.3 per cent in FY20 to negative 8.3 per cent in FY25.

Overall, the revenue has seen a 35 per cent five-year CAGR. In FY25 alone, it delivered a 24 per cent YoY growth, reaching nearly INR 8,000 crores. The EBITDA has grown with a 41 per cent five-year CAGR, demonstrating our focus on building a sustainable and efficient business.