Nykaa Taps OpenAI for AI Shopping Revolution

Nykaa has announced a landmark partnership with OpenAI (June 16, 2026), integrating its beauty and fashion platforms directly into ChatGPT as connected apps. This collaboration will deliver AI‑driven shopping experiences, personalized recommendations, and enhanced enterprise productivity across Nykaa’s operations. 

Partnership Highlights

• Connected Apps: Nykaa Beauty and Nykaa Fashion are now accessible inside ChatGPT, enabling conversational product discovery and shopping guidance.
• AI Shopping Experiences: Users can ask for skincare, fashion, or fragrance recommendations and receive tailored suggestions powered by OpenAI’s models.
• Enterprise Integration: Nykaa will deploy ChatGPT Enterprise and Codex across marketing, customer support, legal, finance, supply chain, and operations.
• Engineering Boost: Nykaa’s teams will adopt Codex to accelerate AI‑powered software development and product deployment.
• Agentic Commerce: The collaboration will shape lifestyle shopping within OpenAI’s emerging agentic commerce framework, moving beyond “search‑and‑scroll” to conversational, personalized journeys.

Why It Matters

• For Consumers: Personalized shopping journeys, direct access to Nykaa’s catalogue inside ChatGPT, and enhanced tools like Skin Scan, Virtual Try‑On, AskNykaa, and AI Fashion Stylist.
• For Nykaa: New AI‑native distribution channel, improved enterprise productivity, and strengthened position in India’s competitive beauty and fashion e‑commerce market.
• For OpenAI: Expands its footprint in consumer commerce and demonstrates practical deployment of agentic shopping in beauty and fashion.

Strategic Context

• Nykaa Reach: Over 55 million customers and 331 offline stores across India as of March 2026.
• Leadership View: Rajesh Uppalapati (Chief Product & Tech Officer, Nykaa) stated: “Search‑and‑scroll shopping is transitional. The future is conversational, agentic, and deeply personal.”
• OpenAI’s Perspective: Nitin Bwankule (Head of Enterprise Sales – India, OpenAI) emphasized AI’s growing role in product discovery and decision‑making in beauty and fashion.

Risks & Challenges

• Consumer Trust: AI recommendations must balance personalization with transparency to avoid bias.
• Data Privacy: Integration with ChatGPT raises questions about handling sensitive consumer data.
• Execution Timeline: Multi‑year phased rollout may delay full benefits.
• Competitive Pressure: Rivals like Reliance Retail and Tata Cliq may accelerate their own AI commerce strategies.

Next Steps

• Explore Nykaa’s AI Tools: Skin Scan & Virtual Try‑On.
• Compare Global AI Commerce Initiatives: Amazon and Alibaba strategies.

Notably, Nykaa’s existing AI toolkit, which include — Skin Scan, Virtual Try‑On, AskNykaa, and AI Fashion Stylist — is designed to make shopping deeply personalized, while other e-commerce players Amazon and Alibaba are focusing their AI efforts on empowering sellers and streamlining global commerce. Together, these initiatives show how AI is reshaping both consumer experiences and backend operations worldwide.

Nykaa is consumer-facing, using AI to personalize beauty and fashion shopping. Amazon and Alibaba are seller-facing, using AI to empower merchants and optimize logistics. Together, they represent two sides of the AI commerce revolution — personalized discovery vs. operational efficiency.

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. 

Nykaa Official Q4 FY2026 Announcement

Nykaa’s official announcement of its Q4 FY2026 performance came through a filing with the stock exchanges on April 6, 2026. FSN E‑Commerce Ventures Ltd. stated consolidated net revenue growth is expected in the late‑20% range year‑on‑year, marking its fastest quarterly growth in three years.

Highlights from the Filing

• Revenue Growth: Late‑20% range, strongest in 12 quarters.
• GMV Growth: Late‑20% range.
• NSV Growth: Early‑30% range.
• Segment Drivers:
  • Fashion vertical — NSV growth in early‑40% range.
  • Beauty vertical — Revenue growth in late‑20% range.
• Retail Expansion: Record store additions in Q4 FY2026, including Kiehl’s integration.

Market Reaction

Following the announcement, Nykaa’s shares rose nearly 4% on April 6, 2026, closing around ₹255.50. Analysts noted Nykaa balanced offline expansion with digital growth while regaining momentum in fashion.

Takeaway

The filing confirms Nykaa’s fastest revenue growth in three years, driven by fashion recovery, beauty strength, and offline expansion. Nykaa remains one of the more resilient players in India’s consumer-tech sector.

Nykaa PRO Boosts Entrepreneurial Dreams of Young Women Through a Special Make-Up Training Program

Nykaa PRO, Nykaa’s content & commerce platform for beauty professionals, in its continued efforts to grow the ecosystem of beauty professionals in India, has collaborated with celebrated make-up artist, Kajol R Paswwan to provide a 3-day training to 12 young women from low-income groups. The partnership is an extension of Nykaa PRO’s #GroWithPRO philosophy, which aims to empower individuals into creating livelihoods through a career in beauty and grooming.

Nykaa PRO partnered with Mumbai based youth-led organisations, Project Baala and Junoon to identify and reach out to these exceptionally bright and young women for the course. These non-profits work towards empowering the youth from low-income groups and aims to make them employment ready.

Nykaa PRO partners with Kajol R Paswwan as a part of its Ongoing Initiative #GroWithPRO

True to this year’s International Women’s Day theme, #EmbraceEquity- by leveling the playing field with equal education and opportunities for everyone, this program by Nykaa PRO was designed in partnership with Kajol R Paswwan to share her knowledge and experience of the professional beauty industry with beginners. The three-day training, focused on scope, career opportunities and challenges of the industry while also equipping the young women with hands-on and personalised training in basics of make-up and hairstyling techniques and prepared them for future opportunities.

To fuel their journey as a professional make-up artist/hairstylist, Nykaa PRO provided each student with a starter-kit of make-up and hair essentials worth INR 10,000, a PRO guide, and an exceptional opportunity to intern with Kajol R Paswwan.

Nykaa PRO was launched in 2018 as a membership-led content and commerce platform designed to cater to beauty professionals. The platform features a range of professional beauty products with a selection of exclusive offers and masterclasses for people working in the beauty industry. Through its omnichannel offering, Nykaa PRO offers its services across over 27,800 Indian pin codes.

About Nykaa:

Nykaa (FSN E-Commerce) was founded in 2012 by Indian entrepreneur Falguni Nayar with a vision of bringing inspiration and joy to people, everywhere, every single day. Derived from the Sanskrit word ‘Nayaka’, meaning one in the spotlight, Nykaa has emerged as one of India’s leading lifestyle-focused consumer technologies platforms. Since its launch, Nykaa expanded its product categories by introducing online platforms Nykaa Fashion, Nykaa Man, and Superstore. Delivering a comprehensive Omnichannel e-commerce experience, Nykaa offers over 4,500 brands and over 4.6 million product SKUs through its website and mobile applications.

The Nykaa Guarantee ensures that products available at Nykaa are 100% authentic and sourced directly from the brand or authorized retailers. Through engaging and educational content, digital marketing, social media influence, robust CRM strategies, and the Nykaa Network community platform, Nykaa has built a loyal community of millions of beauty and fashion enthusiasts. Over the years, Nykaa has received many accolades for disrupting the beauty market. At the 17th India Business Leader Award in 2022, Nykaa was awarded as the Disruptor of the Year and Kantar’s Brandz List features Nykaa as one of most valuable brands in India. www.nykaa.com

Nykaa Appoints Sujeet Jain as Chief Legal and Regulatory Officer

FSN E-Commerce Ventures Ltd (NYKAA) today announces the appointment of Sujeet Jain as their new Chief Legal and Regulatory Officer to further strengthen Nykaa’s legal and governance frameworks. Sujeet brings to Nykaa over 25 years of experience in Telecom, Media and Technology (TMT) and diversified sectors, having held leadership and senior management roles.

Sujeet Jain

A seasoned General Counsel, Sujeet has led Legal, Compliance, Digital and Competition Laws, Corporate Governance and Company Secretarial functions in various organizations. Prior to Nykaa, Sujeet was the Chief Legal Officer with UltraTech Cement, an Aditya Birla company. At UltraTech he led crucial legal and regulatory decisions, managed acquisitions and critical corporate transactions in India and overseas.

Before UltraTech, Sujeet was associated with Viacom18 Media as a Group General Counsel and Company Secretary where he witnessed the company's multi-fold growth journey as one of the leading media organizations in India. He also has extensive regulatory experience and has been part of various industry and self-regulatory bodies such as IAMAI, CII, IBF, CMA, BCCC and BARC and has influenced significant policy shifts in the TMT sectors.

“Sujeet brings more than two decades of rich expertise in developing legal, regulatory and IPR strategies as well as supporting cross-border acquisitions. At this important juncture of Nykaa’s growth story, Sujeet’s vast experience of working with technology-led organizations will be immensely valuable to us. In the spirit of keeping legal and compliance at the forefront of evolving governance frameworks, we are excited to bring Sujeet onboard to strongly support Nykaa’s efforts” said Falguni Nayar, Founder and CEO Nykaa.

Commenting on his appointment, Sujeet Jain said, “India is on the cusp of digital revolution and Nykaa is playing an important role in the digital ecosystem through its innovative platform and offerings. I am excited to be part of this next growth phase of Nykaa. My holistic experience in TMT and diversified sectors will enable me to lead and impact legal, IPR, and regulatory initiatives at Nykaa". 

About Nykaa:

Nykaa (FSN E-Commerce) was founded in 2012 by Indian entrepreneur Falguni Nayar with a vision of bringing inspiration and joy to people, everywhere, every single day. Derived from the Sanskrit word ‘Nayaka’, meaning one in the spotlight, Nykaa has emerged as one of India’s leading lifestyle-focused consumer technologies platforms. Since its launch, Nykaa expanded its product categories by introducing online platforms Nykaa Fashion, Nykaa Man, and Superstore. Delivering a comprehensive Omnichannel e-commerce experience, Nykaa offers over 4,500 brands and over 4.6 million product SKUs through its website and mobile applications. The Nykaa Guarantee ensures that products available at Nykaa are 100% authentic and sourced directly from the brand or authorized retailers. Through engaging and educational content, digital marketing, social media influence, robust CRM strategies, and the Nykaa Network community platform, Nykaa has built a loyal community of millions of beauty and fashion enthusiasts. Over the years, Nykaa has received many accolades for disrupting the beauty market. At the 17th India Business Leader Award in 2022, Nykaa was awarded as the Disruptor of the Year and Kantar’s Brandz List features Nykaa as one of most valuable brands in India. www.nykaa.com


For media enquiries, please contact pr@nykaa.com

Nykaa To Acquire LBB To Sharpen Its Position As A Discovery-led Retailer

This investment underscores Nykaa’s belief in the power of rich and unique content to catalyse consumer engagement

Nykaa, India’s leading beauty, fashion, and lifestyle destination, today confirmed Board approval for the acquisition of LBB (Iluminar Media Pvt Ltd), a millennial-focussed lifestyle discovery platform. This aligns with Nykaa’s fundamental content-first approach to engaging with its loyal consumer base. LBB’s large, discerning user base, content creation capability, curation mindset, and relationship with emerging brands makes it an attractive content powerhouse. Their focus on fashion, home and beauty categories fits well with Nykaa’s areas of strength.

As a multi-brand, omni-channel retailer offering endless aisles of authentic domestic and international brands, Nykaa’s market leadership in beauty and lifestyle has been the result of its core strengths: content-first approach, curation-led offering and discovery-led shopping experience. LBB’s strengths in these very areas will complement Nykaa and Nykaa Fashion’s vision to continually enrich their consumers’ shopping journey. 

Nykaa's commitment to offering relevant and compelling curations to shoppers comes to life through its sustained efforts in spotlighting unique and trendy brands and categories across its platforms. Nykaa Fashion's Hidden Gems offers a destination to distinct, homegrown fashion finds and the Conscious at Nykaa curation of cruelty-free, vegan and clean beauty products from across categories are two examples of Nykaa’s expertise in this realm that have added immense value to the consumer's journey of discovering the right products for them.

Co-Founded by Suchita Salwan and Dhruv Mathur in 2015, LBB (Little Black Book) has evolved from a Tumblr-blog to a buzzing online, curated marketplace. LBB has built a brand and audience amongst India’s urban millennials, reaching over 70 million users through their various channels. Their focus on audience engagement through content and discovery has made them a brand loved by their users and brand partners alike.

Nykaa spokesperson, Nihir Parikh said, “At Nykaa, we are committed to offering the best to our consumers and make their shopping experience delightful. We are excited about the strong synergies we share with LBB, because much like Nykaa, they have sharply focused on driving discovery and spotlighting promising homegrown brands across their channels since day one. We welcome their like-minded leadership into the Nykaa family and look forward to helping them scale, as together we better serve our audience base.”

Suchita Salwan, Co-Founder and CEO, LBB said, “Through this partnership with Nykaa, we’re excited to scale to even greater heights. Together, we want to drive value to Nykaa and LBB’s shared goals to build discovery for India’s emerging brands through content, community and a discovery-first approach. LBB’s robust content creation capabilities and creator network will be leveraged within Nykaa’s platforms to drive consumer engagement and retention, further scaling reach and engagement for our brand partners.”

Nykaa (FSN E-Commerce) was founded in 2012 by Indian entrepreneur Falguni Nayar with a vision of bringing inspiration and joy to people, everywhere, every single day. Derived from the Sanskrit word ‘Nayaka’, meaning one in the spotlight, Nykaa has emerged as one of India’s leading lifestyle focused consumer technologies platforms. Since its launch, Nykaa expanded its product categories by introducing online platforms Nykaa Fashion and Nykaa Man and Superstore by Nykaa. Delivering a comprehensive Omnichannel ecommerce experience, Nykaa offers more than 4000 brands through its website and mobile applications. The Nykaa Guarantee ensures that products available at Nykaa are 100% authentic and sourced directly from the brand or authorized retailers. Through engaging and educational content, digital marketing, social media influence, robust CRM strategies, and the Nykaa Network community platform, Nykaa has built a loyal community of millions of beauty and fashion enthusiasts.

Nykaa Raises Rs 100 Crore from Steadview Capital

Nykaa, an omnichannel retailer, on Tuesday said it has raised Rs 100 crore from Steadview Capital at an undisclosed valuation.

Steadview is already an investor in the company started by Falguni Nayyar, an investment banker turned entrepreneur.

This is a primary investment by Steadview in the nearly eight year-old venture and comes amid concerns over economic growth following the full lockdown in India due to the COVID-19 pandemic.

"In the midst of this unprecedented global crisis, we are working to ensure all our stakeholders are well served and that Nykaa emerges as a leading retail player in the industry," Nayyar said.

"We believe the company is poised for a strong growth trajectory in the years to come. The company's focus on customer service and capital efficiency stands out in the Indian ecommerce space," Steadview's founder and chief investment officer Ravi Mehta said. PTI AA

Online Luxury Beauty Retailer Nykaa Raises $12.3M at a Valuation of $116M

Nykaa.com, an online luxury beauty retailer, has raised Rs 82 crore ($12.3M) in a fresh round of funding led by Hero Group's Sunil Munjal and the Mariwala family, at a valuation of about Rs 775 crore, reported ET. This fourth round of fundraising also saw participation of existing investors and Marico founder Harsh Mariwala. The company plans to use the newly raised funding to significantly expand its operations and add more brands under its label, sources said. Nykaa is also planning to open more retail stores besides its core online market strategy. Currently, the company has four physical stores across the country and has added more brands to its portfolio.

In October 2015, Nykaa has secured Series C round of funding from investors including TVS Capital, Marico founder Harsh Mariwala, Hexaware founder Atul Nishar, and Dalip Pathak, former India and Europe head of Warburg Pincus, and Michael Carlos, former president of Swiss fragrance maker Givaudan.

Founded in 2013 by FSN E-Commerce Ventures, Nykaa is headed by Falguni Nayar, a former managing director of Kotak Mahindra Capital Investment Banking, and her husband Sanjay Nayar, CEO and India head of US buyout giant KKR & Co. The company reported a net revenue of Rs 250 crore in FY16. Nykaa sells 400 brands and 35,000 products across various categories, its website showed. In March 2016, Nykaa introduced private labeled products and is also expanding its product offerings.

According to industry body Internet and Mobile Association of India (IAMAI) and IMRB, the ecommerce market in India is expected to double to Rs 2 lakh crore by December, grew 30% between December 2011 and December 2015 and was valued at Rs 1,25,732 crore by the end of December last year.

Nykaa - A largest and most diverse selection of beauty products online in India

Nykaa is derived from the sanskrit work Nayika which signifies a woman in all her moods. Nykaa was started in April 2012 by Falguni Nayar to represents the spirit and soul of the modern Indian woman who is intelligent, confident and beautiful. "I believe in beauty in a very comprehensive sense, not only external but also long-term, sustainable beauty," says Falguni. Falguni Nayar was the CEO of Investment Banking at Kotak Mahindra Bank. She quit that to embark upon an entrepreneurial journey that will allow her to build India's Sephora.

Within a short span of 2 years, Nykaa has achieved the position of India's premier online retailer for beauty and wellness. Headquartered in Mumbai, the hub of the beauty industry, Nykaa brings the best of Mumbai to customers throughout India. Nykaa is a curated offering of premier beauty products. Straddling from Dove to luxury brands like L'Occitane, Davidoff and Calvin Klein. Nykaa carries 300 brands and 10,000 SKUs. So each customer is able to find beauty products they love. "I have always believed in beauty and in e-commerce space as two important trends that will rule the future. Additionally, digital marketing is also a new way to build a brand. What Nykaa has achieved as a brand in such a short period of time has been mainly possible due to the scope of digital marketing," says Falguni.

Nykaa understands that ‘wide assortment and advice’ are a key to beauty retailing. They are inventory led retailer that both inspects and controls products that are being supplied to our customers. Nykaa also supports the right choice for the customer through various educational platforms like BeautyBook, video tutorials, online makeovers, educational emailers and online advice through Nykaa's online chat functionality. "We believe none of the other retailers provide such a comprehensive offering on an everyday basis," says Falguni.

They are working with a number of technology and marketing partners apart from all their key brands like L'Oreal, HUL, P&G, Johnson&Johnson and Philips. They have a 70 member team based out of Mumbai. Nykaa just raised 20cr. in funding from private investors including HNIs and NRIs. They are launching their first luxury store at T3 in Delhi. We asked Falguni for a message for future entrepreneurs, and she said "Passion and patience will get you to your dream."