Nykaa Sees Fastest Quarterly Revenue Growth in 3 Years

Nykaa, India’s leading fashion-to-beauty retailer, has signaled a strong rebound in its growth trajectory. The company announced that it expects net revenue to grow in the “late-20% range” in the fourth quarter of fiscal 2026, marking its fastest pace in three years. This guidance reflects renewed momentum across its core beauty and fashion segments, supported by its omni-channel strategy that blends online strength with an expanding offline presence.

FSN E‑Commerce Ventures Ltd. (Nykaa’s parent) filed a provisional update with the exchanges, stating that consolidated net revenue growth is expected in the late‑20% range year‑on‑year. Gross Merchandise Value (GMV) growth is projected in the late‑20s, while Net Sales Value (NSV) growth is tracking higher, in the early‑30s.

Nykaa’s journey on the public markets has been closely watched since its blockbuster IPO in November 2021. The company, formally known as FSN E‑Commerce Ventures Ltd., went public at a price band of ₹1,085–₹1,125 per share, raising about ₹5,350 crore. Investor enthusiasm was extraordinary: Nykaa debuted at nearly ₹2,018 per share, an 80% premium over its issue price, making it one of the most successful listings of that year.

The initial hype reflected Nykaa’s unique positioning as India’s first major beauty and fashion e‑commerce IPO. However, the stock’s trajectory since then has been far from smooth. By late 2022, Nykaa’s share price had fallen below ₹1,000, as investors reassessed its stretched valuations and profitability challenges. Rising competition from quick-commerce platforms like Blinkit and Zepto also weighed on sentiment, alongside margin pressures from heavy marketing spends.

From 2024 onward, Nykaa began to stabilize. The company leaned into its omni-channel strategy, expanding aggressively into offline stores while strengthening its digital platform. This helped restore investor confidence, with the stock trading in the ₹1,200–₹1,400 range through much of 2024. By 2025–2026, Nykaa’s shares were hovering between ₹1,400–₹1,600, supported by renewed growth momentum. The latest guidance of late‑20% revenue growth in Q4 FY2026 underscores this recovery, suggesting that both its beauty and fashion segments are firing again.

Performance Since Listing

Period	Price Trend	Key Drivers
Nov 2021 (Listing)	Listed at ~₹2,018 (nearly 80% premium over issue price).	Strong investor demand, excitement around India’s first major beauty/fashion e‑commerce IPO.
2022–2023	Sharp correction; stock fell below ₹1,000 by late 2022.	Profit-taking, high valuations, margin pressures, competition from quick-commerce players.
2024	Stabilization around ₹1,200–₹1,400.	Expansion of offline stores, improved revenue growth, focus on profitability.
2025–2026 (latest)	Trading in the ₹1,400–₹1,600 range, with renewed investor confidence.	Guidance of late‑20% revenue growth in Q4 FY2026, strongest in three years.

Competitive Comparison

Nykaa’s performance since IPO can be understood as a three-phase story: the euphoric debut, the sobering correction, and the gradual recovery. The initial surge was driven by excitement around consumer-tech and e‑commerce, but the correction highlighted the risks of high valuations and competitive pressures. The recovery phase now reflects Nykaa’s ability to adapt—balancing expansion with profitability, and leveraging its brand strength in premium beauty and fashion.

When compared to peers, Nykaa’s trajectory stands out. Zomato, which went public in July 2021 at ₹76 per share, listed at ₹115 but later fell below its issue price in 2022. It has since recovered, trading in the ₹120–₹140 range, driven by food delivery scale and its Blinkit acquisition, though profitability remains thin. Mamaearth (Honasa Consumer Ltd.), which listed in November 2023 at ₹324 per share, saw a modest premium on debut and has since delivered steady gains, trading in the ₹350–₹400 range. Unlike Nykaa’s volatility or Zomato’s scale-first approach, Mamaearth has positioned itself as a niche consumer brand with more modest upside.

Takeaway

For investors, Nykaa remains a case study in how India’s new-age consumer-tech companies navigate the public markets. The risks are clear: competition is intense, and profitability must be carefully managed. Yet the company’s latest guidance shows that it is capable of reigniting growth, making it one of the more resilient players in India’s digital retail landscape.

»» In comparison, Nykaa offers growth potential with volatility, Zomato offers scale with risk, and Mamaearth offers stability with modest upside. Together, these three companies highlight the diverse paths India’s consumer-tech IPOs have taken—and why Nykaa’s renewed momentum is particularly noteworthy.

LVL Zero Unveils First Cohort of 10 Gaming Startups

• Cohort spans PC, console, and mobile titles across genres, highlighting rising indie ambition, narrative storytelling, and global-first product thinking

LVL Zero, India’s first-of-its-kind gaming incubator backed by MIXI Global Investments, Nazara Technologies, and ChimeraVC, announced the selection of 10 startups for its inaugural cohort. Chosen from over 240 applications, the cohort represents a new generation of Indian game developers building for global audiences across PC, console, and mobile platforms.

Selected Startups

• Arckon Arts
• Impulse Mechanics
• Kalp Studio
• Kyrel Games
• Prescription Studios
• Rudrac Games
• Trojan Productions
• Wrought Studio
• Xigma Games
• YK Game Studio

Collectively, these startups reflect the evolving shape of India’s gaming ecosystem, with teams ranging from solo developers to studios of up to 5 team members, and projects across strategy, narrative, puzzle, simulation, and horror genres.

A New Generation of Indian Game Developers

LVL Zero's First Cohort Winners

The cohort highlights a clear shift in Indian game development from mobile-first, services-led work to original IP creation with global ambition. Eight out of the ten selected startups are building for PC and console platforms, signalling a growing push toward premium, high-production-value experiences.

Examples include Metal Haven by Xigma Games, a mid-core 4X strategy title, and Raahi by Kalp Studio, a culturally rooted slice-of-life experience set in a 1990s Goa-inspired town.

Narrative-driven titles such as PHi: The Broken Strings by Kyrel Games and Last Day Lockdown by Wrought Studio reflect a rising focus on emotionally resonant storytelling, while experimental concepts like Chiklet’s Human Products by YK Game Studio highlight unconventional survival mechanics.

(L-R) - Tomoharu Urabe, Managing Director of Investments at MIXI Global Investments, Inc., Deepak MV, Head of Strategy, Nazara 

Diverse Stages, Unified Ambition

• One live product already in the market
• Two titles in beta or soft-launch
• Five in alpha with playable builds or demos
• Early-stage and prototype products under active development

This diversity underscores LVL Zero’s focus on supporting startups across stages while addressing a critical industry gap, helping teams transition from early prototypes to market-ready products.

India’s Cultural Identity Meets Global Design

Several startups in the cohort are incorporating Indian themes, cultural elements, and storytelling into their games, not as a niche, but as a global differentiator. Titles like Raahi and Twin Flames draw from Indian settings, mythology, and philosophy to create experiences designed for international audiences.

Inside the 100-Day Incubation Program

Each selected startup will receive an equity-free grant of USD 10,000, along with access to LVL Zero’s structured 100-day incubation program.

• Ignition (Days 1–15): Define milestones, align with mentors, set execution goals
• Core Build (Days 16–70): Sprint-based development cycles focused on iteration, testing, validation
• Market Readiness (Days 71–100): Go-to-market planning, publisher outreach, investor readiness

Beyond Capital: Building for Scale

In addition to funding, LVL Zero provides:

• Dedicated mentorship from 28+ global industry experts
• Publisher access across PC, console, and mobile ecosystems
• QA and Global Playtesting support
• Investor readiness and fundraising guidance
• Ecosystem access across Nazara Technologies, MIXI Global Investments, and ChimeraVC networks

Industry Voices

Krish Anurag, Managing Partner at Chimera VC: “LVL Zero was built to address a structural gap in the ecosystem where access to capital, distribution, knowledge, and talent existed, but lacked integration. What we’re seeing with this inaugural cohort is a strong validation of that thesis.”

Deepak MV, Head of Strategy, Nazara Technologies: “What’s exciting about this cohort is the clear shift toward original IP and global product thinking. Indian developers are increasingly moving beyond building for just the domestic market.”

Tomoharu Urabe, Managing Director of Investments at MIXI Global Investments: “This cohort represents a new generation of Indian founders who are ready to think and build beyond geographical boundaries. The diversity of ideas and emphasis on design and storytelling is encouraging.”

Strengthening India’s Position in Global Game Development

With its inaugural cohort, LVL Zero aims to play a catalytic role in shaping India’s next generation of game studios, building original IP and competing in global markets from day one.

About LVL Zero

LVL Zero is a first-of-its-kind gaming incubator created by ChimeraVC in partnership with MIXI Global Investments and Nazara Technologies. Headquartered in Bangalore, LVL Zero supports early-stage gaming startups through equity-free grants, mentorship, and access to publishing, distribution, and investor networks.

About MIXI Global Investments, Inc.

MIXI Global Investments (MGI) is the corporate venture capital arm of MIXI, Inc., based in Tokyo and known for its popular mobile game IPs and community-focused live operations.

About Nazara Technologies

Nazara Technologies is India’s only publicly listed gaming company, with businesses across Blue Tile, Curve Games, Kiddopia, Animal Jam, Fusebox Games, World Cricket Championship, Sportskeeda, and more. Website: www.nazara.com

About Chimera VC

ChimeraVC is an early-stage venture capital firm focused on India’s gaming and interactive entertainment ecosystem, backing founders in gaming, tools, and infrastructure.

SatLeo Labs Secures $2.2M to Advance AI-Powered Thermal Satellite Constellation

• The funding will accelerate SatLeo’s flagship thermal satellite mission and fast-track its AI-powered platform for next-gen thermal intelligence.

SatLeo Labs, a leading space-tech startup focused on capturing high-resolution thermal & visible data from Low Earth Orbit (LEO) has raised $2.2Mn in a seed round led by Unicorn India Ventures. With this, SatLeo has raised $5.5M in total funding to date. The round also saw participation from existing investors Merak Ventures, Java Capital, IIMA-CIIE and Deep tech Investor Manish Gandhi. The funding will be deployed to advance SatLeo’s flagship thermal satellite mission and the development of its AI-powered platform for thermal intelligence applications.

Over the last 12 months, SatLeo has experienced significant growth across technology development, team expansion, funding, and commercial traction. The company has grown its team from 8 to 30 members, bringing together engineers and researchers with deep expertise in satellite missions, thermal sensing, and AI-driven geospatial analytics.

The company has achieved a major milestone by designing and delivering its first experimental thermal payload, TAPAS-1, for satellite integration within six months, reaching TRL-8 readiness and positioning the system for launch. In parallel, the company began translating its technology into real-world deployments through commercial pilot projects, including urban heat island and air-pollution monitoring initiatives with cities such as Ahmedabad and Tumakuru, impacting more than 400,000 citizens. Additionally, the company has built a strong commercial pipeline, with Letters of Intent (LOIs) growing from approximately $15Mn to over $42Mn within the year, reflecting strong market demand for SatLeo’s space-based thermal intelligence solutions.

“Sustainability has become imperative amid accelerating climate change, rapid urbanization, and increasing global uncertainties driven by heat anomalies," said Shravan Bhati, Co-founder & CEO, SatLeo Labs. At SatLeo Labs, we are developing a state-of-the-art thermal imaging satellite constellation designed to deliver actionable thermal intelligence at scale. This fundraise represents a critical milestone as we transition into the execution phase of our next mission—advancing payload performance, accelerating constellation deployment, and scaling our global thermal data capabilities.”

Bhaskar Majumdar, Managing Partner, Unicorn India Ventures, said, “We strongly believe that space is an arena where the next technological innovations and solutions will emerge from. This is our third space tech investment. The value of SatLeo presents a compelling opportunity, as it has a strong technological edge with very clear commercial applications aligning with the market needs. The company’s differentiated product is combining thermal and visible satellites to generate high value real-time insights and is well positioned to drive long-term value to become a key player in the space-tech ecosystem.”

In the next 12 months, SatLeo plans to focus on advancing its space-based thermal intelligence capabilities through satellite launch readiness, commercial expansion, and technology scaling

About SatLeo Labs

SatLeo Labs is a spacetech company building an advanced multi-spectral satellite constellation combining thermal (IR) and visible imaging to deliver continuous, high-resolution Earth observation insights. Its platform enables applications across defence, agriculture, disaster response, and urban climate intelligence, helping governments and enterprises make data-driven, sovereign decisions and build climate-resilient systems at scale.

About Unicorn India Ventures

Started in 2016 by Bhaskar Majumdar and Anil Joshi, Unicorn India Ventures is a deep tech focused early-stage fund that invests in emerging and visionary startups. Unicorn India Ventures launched its first fund with a corpus of Rs 100 crore and invested in 17 companies like SmartCoin, Open Bank, Sequretek, Pharmarack, Genrobotics, Clootrack, FutureCure to mention some. The Fund has emerged as the best performing early-stage fund in India with the stellar exits provided by the fund to its LPs. Fund II is a Rs 300 Cr fund launched in 2020 that has invested in 20 companies so far like Gamerji, Probus, Daalchini, Windo, Finsall. Most of the portfolio is scaling up fast and has had several uprounds.

Unicorn India Ventures has closed its Rs 1200 Cr Fund III surpassing the target of Rs 1000 Crore. With this Fund, UIV aims to build a portfolio of 20 startups that are focused mostly in the deep tech sector that includes semiconductor, space tech, and medical diagnostics apart from AI infrastructure and India digital platforms. Companies like Netrasemi, Kluisz, OrbitAID, TakeMe2Space, Aurassure, EyeROV, QubeHealth to name a few.

Recently, IIT-Madras and Unicorn India Ventures launched Rs 1000 crore “IITM Unicorn Frontier Fund I”. UIV is a fund with engineering DNA and has been backing deeptech companies for over a decade. The Fund has investors across the globe represented by institutions, family offices and UHNIs. The Fund has a global viewpoint while sourcing companies throughout the country.

The Ist Martyr of Science: How an Italian Scientist Paid With His Life for the Stars

In the heart of Rome, Italy, in a busy square called Campo de’ Fiori, there stands a statue of a man with a hooded cloak, his eyes cast downward, as if still deep in thought. That man is Giordano Bruno, remembered today as the Martyr of Science.

Bronze statue of Giordano Bruno by Ettore Ferrari (1845-1929), Campo de' Fiori, Rome

Giordano Bruno (1548–1600) was an Italian Renaissance philosopher, astronomer, and poet known for his bold cosmological ideas — especially the belief in an infinite universe filled with countless worlds. His radical views led to his execution by the Roman Inquisition.

Bruno proposed that the universe is infinite and that stars are suns surrounded by their own planets — a revolutionary idea extending Copernicus’s heliocentric model. He viewed God and the universe as one, suggesting divinity is immanent in all matter. 

But why does history give him such a powerful title?

A Man Who Dreamed Beyond the Stars

Bruno was born in 1548 in Italy. He was a thinker, a philosopher, and a man who dared to ask questions that others were too afraid to ask. At a time when most people believed the Earth was the center of the universe, Bruno imagined something far greater:

• That the universe is infinite.
• That the stars are suns, each with their own planets.
• That there could be other worlds, maybe even other beings, living under different skies.

For us today, these ideas sound exciting, even inspiring. But in Bruno’s time (1600s AD), they were dangerous—because they challenged the authority of the Church and the way people understood their place in creation.

Why He Was Condemned

Bruno’s boldness was not limited to science. He also questioned religious teachings, refusing to accept doctrines that he felt did not make sense. For this, the Roman Inquisition put him on trial.

For seven long years, he was interrogated, pressured, and urged to take back his words. But Bruno refused. He would not betray his vision of an infinite universe.

In 1600, he was burned alive in the very square where his statue now stands. His last words are said to have been defiant, showing that even in the face of death, he would not surrender his truth. 

The bronze statue commemorates the philosopher Giordano Bruno, who was burned at the stake for heresy on this exact spot in 1600.

Why He Is Called the Martyr of Science

Bruno was not a scientist in the modern sense—he did not conduct experiments or write equations like Galileo or Newton. But he was something just as important: a dreamer who expanded the horizon of human thought.

He died because he dared to imagine a universe larger than anyone could see. He died because he refused to silence his questions. And that is why he is remembered as a martyr of science—a symbol of the price that free thought sometimes demands.

His Legacy Today

More than 400 years later, Bruno’s ideas echo in modern astronomy. We now know that the universe truly is vast, with billions of galaxies and countless stars. His vision of “other worlds” is no longer beliefs —it is science.

Every time we look up at the night sky and wonder if someone else might be looking back, we are walking in Bruno’s footsteps.

A vision too vast for his time

Born in 1548, Bruno was not a scientist in the modern sense of experiments and equations. He was a thinker, a seeker of truth, and a man who believed that the universe was far greater than anyone imagined.

• Infinite universe: He argued the universe has no single center and no outer edge.
• Stars as suns: He said the stars are suns, each possibly surrounded by planets.
• Other worlds: He believed those planets might host other forms of life.

Today, these ideas sound visionary, even prophetic. But in the 16th century, they were considered dangerous—because they challenged both science and religion.

Why Bruno was executed

Bruno’s trial was not only about science. He also questioned key teachings of the Catholic Church, including the Trinity, the virginity of Mary, and the idea of eternal damnation.

• Heresy charges: His religious views and bold cosmology brought him before the Roman Inquisition.
• Seven-year trial: He was interrogated and urged to recant, but he stood firm.
• Execution in 1600: Bruno was condemned and burned alive in Rome for refusing to betray his convictions.

Bruno was executed on February 17, 1600, in Rome’s Campo de’ Fiori by being burned alive at the stake. He was stripped naked, gagged to prevent him from speaking to the crowd, tied to a wooden post, and surrounded by firewood and pitch before the flames consumed him.

His death was meant to silence him, but instead, it immortalized him.

His legacy in science

• Infinite cosmos: He helped seed the idea of an endless universe, echoed in modern cosmology.
• Exoplanet vision: He imagined planets around other stars centuries before their discovery.
• Cosmic pluralism: He proposed life could exist beyond Earth, a question that drives science today.

Though he did not prove these ideas with experiments, his courage to imagine them expanded the boundaries of human thought.

Bruno is remembered as the Martyr of Science not because of one theory, but because he died defending the freedom to think, to question, and to dream.

• Symbol of free inquiry: His life and death stand for intellectual courage.
• Cost of progress: His story shows how challenging accepted truths can change history.

A flame that still burns

More than 400 years later, Bruno’s vision lives on. Each new planet discovered around a distant star echoes his dream. Every time we look up and wonder if we are alone, we honor his legacy.

Giordano Bruno’s body was consumed by fire, but his ideas lit a flame that still burns in the human spirit—the flame of curiosity, courage, and the endless search for truth.

India Launches First Administrative Training Programme for Scientists and Academicians

In a landmark move, the Government of India has introduced a dedicated programme to train scientists and academicians in administrative skills. The initiative was launched by Union Minister Dr. Jitendra Singh during SADHANA Saptah at Vigyan Bhawan, New Delhi.

Why This Matters

For years, scientists and professors have excelled in research and teaching, but when promoted to leadership roles—like heading institutes or managing large projects—they often had to handle budgets, governance, and decision-making without formal training. This programme aims to fill that gap by equipping them with structured knowledge of administration, governance, and leadership.

What Exactly Was Launched

• A capacity-building programme under the government’s Mission Karmayogi framework
• Designed to help scientists and academicians understand how government systems work
• Includes modules on practical skills like handling Parliamentary questions, managing institutions, and adapting to new technologies such as artificial intelligence

Key Highlights

• Structured Learning: Moves away from “self-learning” and provides formal training
• Dynamic Curriculum: Will evolve with emerging technologies and governance needs
• Role-Based Approach: Prepares leaders to adapt across different domains, not just follow rules
• Citizen-Centric Governance: Balances technology with humane, people-focused decision-making
• Global Collaboration: Partnerships like the MoU with RIS will bring global best practices

Complementary Initiatives

• Revamped UNNATI portal to strengthen institutional training ecosystems
• Roadmap for the Karmayogi Kartavya Karyakram, expanding structured learning nationwide
• New collaborations to bring global expertise into India’s governance training

The Bigger Picture

This initiative is part of the government’s five-year trajectory for Mission Karmayogi, which aims to create a “future-ready” civil service. By extending training to scientists and academicians, India is ensuring that leaders in research and education are equally prepared to manage institutions, deliver results, and contribute to national development.

In simple terms: India has launched its first-ever programme to teach scientists and professors how to be effective administrators. It’s about making sure that those who lead our research labs and universities are not just brilliant thinkers, but also skilled managers who can navigate governance systems and deliver better outcomes for society.