Falguni Nayar, chairperson, MD, and CEO of FSN E-Commerce Ventures Ltd forecasted India’s growth as the world’s third-largest consumer market by 2030.

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During Nykaa’s eleventh Annual General Meeting (AGM), Nayar said the company has faith in the tremendous growth potential of the Indian consumption story that is set to play out over the coming years.

Nykaa, the omnichannel retailer registered a consolidated gross merchandise value (GMV) of more than Rs 9,743 crore. Out of this, for the beauty and personal care business and fashion business the company booked a GMV of Rs 6,649 crore and Rs 2,569 crore, respectively for the FY23.

Nykaa also registered a net revenue of Rs. 5,143 crore for FY23 with a revenue growth of 36 percent in comparison to net revenue in FY22. The company has reportedly booked a gross profit of more than Rs 2,278 crore and EBITDA of Rs 256 crore.

Nayar said, "Almost one-third of our GMV contribution in FY23 has come from our newer businesses, with all of them being built from scratch over the last 4 to 5 years. Our success here comes from diligently finding product-market fit, executing well with speed, and driving only sustainable growth.”

Nykaa has claimed that its business spans across multiple digital platforms retailing over 6,200 brands to a customer base of 24 million with over 150 multi-brand retail stores along with many exclusive brand outlets (EBOs) and store-in-store across third-party outlets.

“We have an unwavering commitment to our customers – we strive to be authentic, inclusive, and transparent with them. Our customers have appreciated this and allowed us into their homes and hearts, for which we are grateful. We have received much brand love, with Nykaa becoming synonymous with Beauty for many around the country,” Nayar added.

Nykaa’s per capita Beauty and Personal Care (BPC) consumption stands at $80 per capita, nearly 5 times more than the national average of $15. While per capita expenditure on fashion by a Nykaa customer is $130 in comparison to the national per capita consumption of $54.

“Through unwavering focus on best practices combined with the art of retailing, we have established ourselves as the Indian partner of choice for brands across the world. By taking an unconventional technology-first approach, we were able to disrupt and democratize both demand and supply for the industry while reaching over 98 percent of the market,” Nayar further said.

The omnichannel brand has claimed to be the largest beauty specialty retailer in India, both online and offline through its unconventional technology-first approach and retails over 3,400 brands like L’Oreal, MAC, Lakme, Mamaearth and Minimalist.