TPG-backed cosmetics startup Nykaa plans IPO, eyes $3 billion in valuation

App-based Indian cosmetics retailing startup Nykaa plans to go public by early 2022 at a valuation of more than $3 billion, Mint reported on Wednesday, citing a person aware of the matter.

 
Private equity firm TPG-backed Nykaa’s plans for an initial public offering comes after 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.

The startup is working with advisers to prepare for a share sale in Mumbai, Bloomberg reported on Tuesday evening.

Nykaa also counts India’s Hero Enterprise and Fidelity Management and Research Co among its backers, according to media reports.
Nykaa and TPG declined to comment.