Lifestyle ecommerce company Nykaa ahead of its public listing has converted into a public entity. According to the company filings, the equity shareholders of the company in a meeting on July 16 have passed a resolution to change the name of the company from FSN E-Commerce Ventures Private Limited to FSN E-Commerce Ventures Limited.
Falguni Nayar led Nykaa is in line with other Indian startups such as Cartrade, Paytm, Mobikwik, Policybazaar, among others who will be going public with a hope to repeat Zomato’s success.
The company in its filing said that it is proposing to undertake an initial public offer of its equity shares of face value of INR 1 each by way of fresh issuance of equity shares along with an offer of sale from existing and eligible shareholders.
“In order to undertake the Offer, the Company is required to be converted from a private limited company to a public limited company, in accordance with the applicable laws,” the filing read.
Nykaa which was founded in 2012 and headquartered in Mumbai, entered the coveted unicorn club late last year after raising around $13.6 Mn from its existing backer Steadview Capital. The funds were raised as part of Nykaa’s Series F funding round.
Back in 2015, the company started its offline operation and at present has over 70 stores, with luxury brands such as Tom Ford, Jo Malone London, Dior and Givenchy. The company boasts of fulfilling nearly 1.5 Mn orders a month, offering over 1500 brands and 1,30,000 products. The company has also received investment from Bollywood actresses such as Alia Bhatt and Katrina Kaif.
As per ET report, the company is aiming to raise $700 – $500 Mn through the IPO at a valuation of $4-$5 Bn.
The year 2021 has seen unprecedented growth in the Indian startup ecosystem. The country this year has witnessed a record number of unicorns emerge. In total India saw 16 unicorns emerge. Post unicorn spree, news of startups going for IPO surfaced. The first to go public was Deepinder Goyal-led Zomato. According to NSE, Zomato’s share price rose by five times today to record a high of INR 147.80 apiece intraday on NSE.