[Update] Nykaa’s Early Investor Harindarpal Banga To Sell Shares Worth Nearly INR 1,300 Cr

Update | July 04, 12:42 PM

Harindarpal Singh Banga, founder of The Caravel Group and an early investor in Nykaa, sold 60 Mn shares of Nykaa via a bulk deal yesterday. The shares were sold at an average price of INR 202.57, taking the total deal value to over INR 1,215 Cr.

The sale accounts for around 2.10% of the company’s total equity.

Original | July 02, 9:49 PM 

Harindarpal Singh Banga, founder of The Caravel Group and an early investor in Nykaa, is reportedly looking to pare stake worth 2% to 2.5% in the beauty ecommerce major in a $150 Mn (about INR 1,284 Cr) block deal.

According to a NDTV Profit report, Banga would sell the shares at a 4% discount to today’s closing price of INR 211.8 on the BSE.

Banga held a 4.97% stake in Nykaa at the end of the March quarter of 2025, as per the company’s shareholding pattern available with BSE. 

Before Nykaa’s IPO in November 2021, he, along with his wife Indra Banga, held a 8.7% stake in the company. The duo sold about 1 Cr shares, or about a fourth of their stake, of the company.   

Later in August 2023, Banga sold a 1.43% stake for INR 851 Cr.

The development comes at a time when shares of Nykaa have jumped over 20% year to date. This has come on the back of its improving financial performance.

Nykaa’s consolidated net profit surged 110% to INR 19.1 Cr in Q4 FY25 from INR 9.1 Cr in the year-ago period, while operating revenue zoomed 24% to INR 2,061.8 Cr during the quarter under review from INR 1,667.9 Cr in Q4 FY24.

For the full fiscal year, the company’s net profit rose 82% to INR 72.1 Cr and revenue grew 25% to INR 7989.8 Cr.

Last week, Nykaa said that it is targeting EBITDA break-even for its fashion vertical in the ongoing financial year.

The company has also launched its quick commerce service ‘Nykaa Now’, which is now live in seven cities. Under it, the company delivers beauty products in a time range of 30 minutes- 2 hours.