Nykaa has acquired a 60% stake in Nudge Wellness for Rs 3.6 crore, making a foray into dietary supplements and nutricosmetic products.
WHO: Founded in 2018 by Rohit Chawla, Sifat Khurana, and Vimal Bhola, Onesto Labs is a direct-to-consumer accelerator. They have created brands like Bare Anatomy and Chemist at Play, which are sold on branded websites and e-tail platforms like Amazon India and Nykaa.
Nykaa founder and CEO Falguni Nayar, a former Managing Director at Kotak Investment Banking, founded Nykaa as an e-commerce platform for beauty and wellness products in 2012. The Mumbai-headquartered company launched offline operations in 2015 and currently has more than 2,500 brands including 13 owned brands and over 70 offline stores across three formats called Nykaa Luxe, Nykaa On Trend, and Nykaa Beauty Kiosks. Nykaa has grown to be India's biggest online marketplace for beauty, personal care, and fashion.
WHY: Nykaa said the investment will further strengthen its product portfolio and will move it into the sustainable beauty segment while improving its positioning in a growing market for products that are committed to efficacy as well as the planet.
IN THEIR OWN WORDS: "Nykaa, which has long believed in staying steps ahead of consumer trends, aims to become the first mover in the nutraceuticals category in India," said Anchit Nayar, Chief Executive Officer, Beauty E-Commerce, Nykaa, in a press statement. The company is emulating the house-of-brands model pioneered by US-based Thrasio, which acquires private labels on Amazon and scales them.
2 Article(s) Remaining