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Scaling Up in Style: Nykaa's Evolution From Bootstrapping and Venture Capital-Backed Startup to Initial Public Offering

Scaling Up in Style: Nykaa's Evolution From Bootstrapping and Venture Capital-Backed Startup to Initial Public Offering
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Author(s): Quazi Tafsirul Islam (North South University, Nepal), Sadia Tasnim Aporna (North South University, Nepal)and Md. Shamim Talukder (North South University, Nepal)
Copyright: 2025
Pages: 16
Source title: Strategic Insights and Case Studies on Navigating an Entrepreneurial Landscape
Source Author(s)/Editor(s): Ponmalar N. Alagappar (Universiti Malaya, Malaysia)and Ramakrishna Yanamandra (Skyline University College, UAE)
DOI: 10.4018/979-8-3693-9261-4.ch018

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Abstract

The case tells the story of Nykaa, a startup based in Mumbai, India. Nykaa, established by Falguni Nayar in 2012, is a beauty and wellness brand that has gained much attention recently. Nykaa filled the gap in online e-commerce for the beauty market and provided a platform for a wide range of beauty products. Their unique value proposition lies in authenticity, variety, and reputed house brands. From being bootstrapped to IPO, Nykaa's journey is a tale of balancing profit and growth. Students will learn to make strategic decisions, diversify, and be competitive in e-commerce in the context of emerging markets. The case presents a dilemma: how does a startup balance both sustainable growth and profitability? Through this case study, students will be asked to learn the intricacies of fundraising for startups up to how a startup can grow and successfully go public.

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