Nykaa, the app-based Indian cosmetics retailing startup is planning to go public, reported Mint

. As per the report, a person close to the development said that the stock exchange listing could take place by the end of 2022 at a valuation of more than $3 billion.

TPG-backed Nykaa’s plans to go public comes days after various firms such as Burger King India, Mrs Bectors Food and Mindspace Business Parks REIT saw good subscriptions and successful listings.

Launched in 2012, Mumbai-based Nykaa grew popular by selling cosmetics and grooming products on its website and apps, before expanding into fashion, pet care and household supplies.

Nykaa also counts India’s Hero Enterprise and Fidelity Management and Research Co among its backers, according to media reports. Nykaa and TPG did not immediately respond to emails seeking comment.

-with agency inputs

(Edited by : Nazim)

First Published:Jan 6, 2021 4:58 PM IST