Nykaa

File:NYKAA.COM LOGO.jpg

In April 2012, Falguni Nayar, a former managing director at Kotak Mahindra Capital Company, founded Nykaa{{cite web |title=Get A Glimpse Into The Mind Of Falguni Nayar, The Woman Behind The Force That Is Nykaa |url=https://www.idiva.com/career/advice/get-a-glimpse-into-the-mind-of-falguni-nayar-the-woman-behind-the-force-that-is-nykaa/17030893 |website=iDiva |access-date=14 November 2021 |language=en-IN |date=8 March 2017}} as an ecommerce portal curating a range of beauty and wellness products.{{Cite news|last=Kapur|first=Mallika|url=https://www.livemint.com/Leisure/EMOmjllb5hPv8Se8T62ZaK/Falguni-Nayar-The-beauty-entrepreneur.html|title=Falguni Nayar: The beauty entrepreneur|date=24 March 2017|work=Live Mint|access-date=2 April 2020}}{{cite news|title=Shades in Beauty Space: Falguni Nayar|url=http://economictimes.indiatimes.com/slideshows/biz-entrepreneurship/meet-five-ex-bankers-who-broke-free-with-radically-different-ventures/slideshow/18842074.cms|website=Economictimes.indiatimes.com|access-date=7 March 2013}} The brand name Nykaa is derived from the Sanskrit word nayaka, meaning actress or "one in the spotlight".{{Cite web|url=https://www.nykaa.com/who_are_we|title=Who are we | Nykaa|website=www.nykaa.com}} The website was first launched around Diwali 2012, and was available commercially in 2013.

In 2015, the company expanded from online-only to an omnichannel model and began selling fashion products.{{Cite web|url=https://brandequity.economictimes.indiatimes.com/news/marketing/nykaa-reveales-its-omni-channel-content-and-guided-selling-strategy/70841130|title=Nykaa reveales its omni-channel content and guided selling strategy|website=ETBrandEquity.com}}{{Cite news|url=https://www.business-standard.com/article/companies/nykaa-bets-big-on-fashion-offline-stores-with-eye-on-unicorn-tag-119041900920_1.html|title=Nykaa bets big on fashion, offline stores with eye on Unicorn tag|first=Pavan|last=Lall|newspaper=Business Standard India|date=19 April 2019|via=Business Standard}}

In 2018, Nykaa launched Nykaa PRO. It is a membership program that provides users special access to professional beauty products and offers on the Nykaa app.{{Cite web|last=Kapani|first=Puneet|date=2020-10-28|title=After Katrina Kaif, Alia Bhatt Bets on Nykaa|url=https://www.entrepreneur.com/article/358648|access-date=2021-05-24|website=Entrepreneur|language=en}} In 2018, the company also launched an online beauty forum called Nykaa Network.{{cite news |title=Nykaa launches Nykaa Network to boost interactivity |url=https://in.fashionnetwork.com/news/nykaa-launches-nykaa-network-to-boost-interactivity,999565.html |access-date=17 November 2022 |work=FashionNetwork.com |language=en-IN}}

In March 2020, Nykaa raised {{INRConvert|100|c}} from Steadview Capital at a valuation of {{USD}}1.2 billion, making it a unicorn startup.{{Cite news|last=Sai|first=Ishwar|url=https://www.business-standard.com/article/companies/nykaa-raises-rs-100-crore-from-existing-investor-steadview-capital-120040100062_1.html|title=Nykaa raises Rs 100 crore from existing investor Steadview Capital|date=1 April 2020|work=Business Standard|access-date=1 April 2020}}{{cite news|title=Max Ventures and Industries acquires 2% stake in Nykaa|url=https://timesofindia.indiatimes.com/deals/-ma/max-acquires-2pc-stake-in-Nykaa/articleshow/55897360.cms|newspaper=The Times of India|date=9 December 2016 }}{{Cite news|url=https://timesofindia.indiatimes.com/business/india-business/steadview-funding-values-nykaa-at-1-2bn/articleshow/74921497.cms|title=Steadview funding values Nykaa at $1.2bn |website=The Times of India|date=2 April 2020 }}{{Cite web|url=https://www.financialexpress.com/industry/nykaa-enters-unicorn-club-with-fresh-rs-100-crore-funding/1916533/|title=Nykaa enters unicorn club with fresh Rs 100-crore funding|date=2 April 2020}} This was followed by another tranche of {{INRConvert|67|c}} funding by Steadview in May 2020.{{Cite news|url=https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/steadview-capital-invests-rs-67-crore-more-in-nykaa/articleshow/75640420.cms|title=Steadview Capital invests Rs 67 crore more in Nykaa|first=Biswarup|last=Gooptu|newspaper=The Economic Times}}

In October 2020, the company launched Nykaa Man, India's first multi-brand ecommerce store for men's grooming.{{Cite news|last=Srinivasan|first=Supraja|title=Nykaa joins party in men's grooming|work=The Economic Times|url=https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/nykaa-joins-party-in-mens-grooming/articleshow/64877812.cms?from=mdr|access-date=2021-05-24}}{{Cite web|date=2020-10-05|title=Ahead Of Festive Season, Nykaa Offers Men's Fashion, Grooming Products|url=https://inc42.com/buzz/ahead-of-festive-season-nykaa-offers-mens-fashion-grooming-products/|access-date=2021-05-24|website=Inc42 Media|language=en-US}} The company expanded into fashion by launching Nykaa Design Studio, which was renamed to Nykaa Fashion.

In November 2020, global asset management firm Fidelity invested in the company through a secondary sale of shares from an existing equity investor.{{Cite news|url=https://economictimes.indiatimes.com/tech/funding/fidelity-invests-undisclosed-sum-in-nykaa/articleshow/79427130.cms|title=Fidelity invests in beauty etailer Nykaa|newspaper=The Economic Times}}

In December 2020, Nykaa Fashion launched its first store in Delhi, making the fashion business omnichannel.{{Cite web|title=Nykaa Fashion starts offline expansion, first store to open in Delhi's Ambience Mall|url=https://www.businesstoday.in/current/corporate/nykaa-fashion-starts-offline-expansion-first-store-to-open-in-delhi-ambience-mall/story/423921.html|access-date=2021-05-24|website=www.businesstoday.in|date=4 December 2020 }}{{Cite web|last=IN|first=FashionNetwork com|title=Nykaa Fashion goes offline with its first store in Delhi|url=https://in.fashionnetwork.com/news/Nykaa-fashion-goes-offline-with-its-first-store-in-delhi,1265731.html|access-date=2021-05-24|website=FashionNetwork.com|date=9 December 2020 |language=en-IN}}

Nykaa opened its initial public offering (IPO) on 28 October 2021.{{cite news |title=Nykaa IPO to open on October 28; priced at Rs 1,085-1,125 apiece|newspaper=Business Standard India |date=22 October 2021 |url=https://www.business-standard.com/article/markets/nykaa-ipo-opens-oct-28-price-band-at-rs-1-085-1-125-per-share-121102200917_1.html |access-date=13 November 2021|last1=Modak |first1=Samie }} The IPO raised {{INRconvert|5352|c}} at a valuation of {{USD}}7.4 billion. Nykaa was publicly listed on the NSE and BSE on 10 November 2021, and its price rose by 89.2% on opening day, valuing the company at nearly {{USD}}13 billion.{{cite news |title=Nykaa surges to near $13 billion valuation in debut |url=https://economictimes.indiatimes.com/tech/startups/indian-beauty-startup-nykaa-surges-to-near-13-billion-valuation-in-debut/articleshow/87620578.cms |access-date=14 December 2021 |work=The Economic Times}} Founder Falguni Nayar, who owned a 53.5% stake in the company, became India's wealthiest self-made female billionaire on the listing day.{{cite web |title=Nykaa founder Falguni Nayar is now India's wealthiest self-made female billionaire |url=https://www.hindustantimes.com/business/nykaa-founder-falguni-nayar-becomes-india-s-wealthiest-self-made-female-billionaire-101636525035358.html |website=Hindustan Times |access-date=13 November 2021 |language=en |date=10 November 2021}}

File:Janhvi Kapoor snapped at Nykaa launch event (03).jpg has been Nykaa's brand ambassador since 2018.{{cite news |last1=Malvania |first1=Urvi |title=Nykaa signs Janhvi Kapoor as brand endorser, move to step up the buzz |url=https://www.business-standard.com/article/companies/nykaa-signs-janhvi-kapoor-as-brand-endorser-move-to-step-up-the-buzz-118091201377_1.html |access-date=9 November 2021 |work=Business Standard India |date=12 September 2018}}]]

Nykaa follows an inventory-based model with warehouses in Mumbai, New Delhi, Pune, Haryana, Kolkata and Bangalore.{{cite web |url=https://www.nykaa.com/pollution-control-compliance-app |title=pollution control compliance |website=www.nykaa.com}} In 2020, in addition to its primary ecommerce business, it has an offline presence via 76 brick-and-mortar stores across the country.{{Cite web|url=https://www.businesstoday.in/current/corporate/nykaa-fashion-starts-offline-expansion-first-store-to-open-in-delhi-ambience-mall/story/423921.html|title=Nykaa Fashion starts offline expansion, first store to open in Delhi's Ambience Mall|website=www.businesstoday.in|date=4 December 2020 }} It claims to have over 200,000 products across 2,000 brands.{{cite news|url=http://economictimes.indiatimes.com/industry/cons-products/fashion-/-cosmetics-/-jewellery/nykaa-decks-up-to-woo-indian-beauty-market-with-more-products-and-services/articleshow/52825419.cms|title=Nykaa decks up to woo Indian beauty market with more products and services |newspaper=The Economic Times|last1=Ganguly |first1=Payal }}{{Cite web|url=https://retail.economictimes.indiatimes.com/news/health-and-beauty/beauty-startup-nykaa-plans-3-billion-ipo-this-year/80116523|title=Beauty startup Nykaa plans $3 billion IPO this year – ET Retail|website=ETRetail.com}}

It has three offline store formats called Nykaa Luxe, Nykaa On Trend and Nykaa beauty Kiosks. The Luxe format features international luxury beauty brands such as Huda Beauty, MAC, Dior, and Givenchy along with Nykaa Beauty, the in-house collection of beauty products.{{Cite web|url=https://www.vogue.in/beauty/content/everything-you-need-to-know-about-the-new-nykaa-luxe-store-in-mumbai|title=Everything you need to know about the new Nykaa Luxe store in Mumbai|first=Avanti|last=Dalal|website=Vogue India|date=29 January 2021}} The Nykaa On Trend format has products curated by category basis their popularity.{{cite web|title=Nykaa to expand offline presence|url=http://www.deccanherald.com/content/619105/nykaa-expand-offline-presence.html|website=Deccanherald.com|date=25 June 2017}} In India, Nykaa is the only retailer that sells international brands like e.l.f, Charlotte Tilbury, Tonymoly, Becca, Sigma, Limecrime, Dermalogica, and Murad{{Cite web|url=https://www.lifestyleasia.com/ind/beauty-grooming/makeup/charlotte-tilbury-lands-in-india-and-we-are-definitely-picking-up-these-5-products/|title=Charlotte Tilbury launches in India with these bestsellers|date=19 November 2020|website=Lifestyle Asia India}}{{Cite web|url=https://lifestyle.livemint.com//fashion/beauty/meet-today-s-beauty-customer-111611837804504.html|title=Meet today's beauty customer|date=13 February 2021|website=Mintlounge}} as well as national bestsellers like Soulflower,{{Cite web |last=NykaaFrontendTeam |title=Soulflower: Buy Soulflower Products Online at Best Price in India |url=https://www.nykaa.com/brands/soulflower/c/1129 |access-date=2023-05-08 |website=Nykaa |language=en}} Lakme, plum.

Nykaa has a series of in-house brands within beauty and fashion. Some of them include:

• Nykaa House of Brands – Nykaa Naturals, Nykaa Cosmetics, Kay Beauty
• Nykaa Fashion – Nykd by Nykaa, 20 Dresses, RSVP, Mondano, Likha,{{Cite web|url=https://www.apnnews.com/nykaa-launches-new-category-nykd-all-day-featuring-athleisure-leisure-activewear-exclusively-on-nykaa-fashion/|title=Nykaa launches new category Nykd All Day – Featuring Athleisure, Leisure & Activewear exclusively on Nykaa Fashion|date=15 April 2021 }} Pipa Bella{{Cite news|title=Nykaa Fashion acquires Pipa Bella to strengthen jewellery category|work=The Economic Times|url=https://economictimes.indiatimes.com/tech/startups/nykaa-fashion-acquires-pipa-bella-to-strengthen-jewellery-category/articleshow/82034659.cms|access-date=2021-05-24}}{{Cite web|author=Staff Writer|date=2021-04-12|title=Nykaa Fashion acquires online jewellery retailer Pipa Bella|url=https://www.livemint.com/companies/news/nykaa-fashion-acquires-online-jewellery-retailer-pipa-bella-11618209976044.html|access-date=2021-05-24|website=mint|language=en}}

In 2015, Nykaa launched its collection of in-house beauty products via Nykaa Cosmetics and later expanded it across categories of Eyes, Nails, Face, Lips.{{cite web|title=Nykaa expects private label revenue contribution to double in 2017–18|url=http://www.livemint.com/Companies/GmnyDEcjxafpbxQoiEJpGK/Nykaa-expects-private-label-revenue-contribution-to-double-i.html|website=Livemint.com|date=16 December 2016}}{{cite web|url=http://www.livemint.com/Companies/LM5XPiYTUKunXMlskVrjML/Nykaa-looks-to-raise-Rs-100-crore-expand-private-label-offe.html|title=Nykaa looks to raise Rs 100 crore, expand private label offerings|first=Shrutika|last=Verma|date=9 March 2016|website=Livemint.com|access-date=29 June 2018}} The Nykaa Naturals portfolio is a collection of skincare and personal care products.{{Cite web|url=https://www.indiaretailing.com/2021/02/03/beauty-and-wellness/nykaa-naturals-branches-out-into-a-new-category-launches-hair-care-range/|title=Nykaa Naturals branches out into a new category, launches hair care range|first=Indiaretailing|last=Bureau|date=3 February 2021}} In early 2019, the brand launched its Wanderlust Bath & Body collection, and later in the year introduced a beauty line with designer Masaba Gupta, Masaba by Nykaa.{{Cite web|url=https://www.newindianexpress.com/cities/delhi/2020/jul/07/nykaa-beauty-enters-the-essentials-category-2166464.html|title=Nykaa Beauty enters the essentials category|website=The New Indian Express|date=7 July 2020 }}{{Cite web|url=https://www.newindianexpress.com/magazine/2020/jun/21/scent-and-sensibility-2158336.html|title=Masaba Gupta collaborates with Nykaa to launch fragrance collection|website=The New Indian Express|date=20 June 2020 }} The same year, it launched its first celebrity partnership brand, Kay Beauty, with actress Katrina Kaif.{{Cite web|url=https://qz.com/india/1733852/nykaas-falguni-nayar-on-katrina-kaif-partnership-and-more/|title=Nykaa was an obvious choice for Katrina Kaif over Amazon and Flipkart|first=Ananya|last=Bhattacharya|website=Quartz India|date=24 October 2019 }}{{Cite web|url=https://www.vogue.in/beauty/content/katrina-kaif-launches-new-makeup-line-kay-beauty-on-nykaa|title=Katrina Kaif finally reveals her much-awaited makeup line on Instagram|website=Vogue India|date=16 October 2019}}

In May 2019, Nykaa acquired 20Dresses.com, a private women's styling platform.{{Cite web|url=https://www.techcircle.in/2019/03/22/exclusive-beauty-e-tailer-nykaa-acquires-women-styling-platform-20dresses-com|title=Exclusive: Beauty e-tailer Nykaa acquires women styling platform 20Dresses.com|date=22 March 2019|website=Techcircle}}

In 2021, Nykaa Fashion acquired the India fashion jewellery brand, Pipa Bella,{{Cite web|title=Nykaa Fashion acquires jewellery brand Pipa Bella|url=https://www.cnbctv18.com/retail/nykaa-fashion-acquires-jewellery-brand-pipa-bella-8900511.htm|access-date=2021-05-24|website=cnbctv18.com|date=12 April 2021|language=en-US}} and the Indian skincare brand, Dot & Key.{{Cite web |agency=TNN|date=Oct 23, 2021 |title=nykaa: Nykaa buys skincare co Dot & Key {{!}} Bengaluru News - Times of India |url=https://timesofindia.indiatimes.com/city/bengaluru/nykaa-buys-skincare-co-dot-key/articleshow/87215397.cms |access-date=2022-05-23 |website=The Times of India |language=en}}

In 2022, Nykaa acquired an 18.51% stake in Indian skincare brand Earth Rhythm.{{Cite web |title=Nykaa acquires 18.51% stake in beauty brand Earth Rhythm for Rs 41.65 crore |url=https://www.moneycontrol.com/news/business/mergers-acquisitions/nykaa-buys-stake-in-homegrown-d2c-brand-earth-rhythm-8395781.html |access-date=2022-04-22 |website=Moneycontrol |date=22 April 2022 |language=en}} It then completed the 100% acquisition of lifestyle content platform Little Black Book (LBB).{{cite news |last1=Thathoo |first1=Chetan |title=Nykaa Completes 100% Acquisition Of Digital Content Platform Little Black Book |url=https://inc42.com/buzz/nykaa-completes-100-acquisition-of-digital-content-platform-little-black-book/ |access-date=19 December 2022 |work=Inc42 Media |date=10 September 2022 |language=en}}

Nykaa also hosts beauty and fashion content via Nykaa TV, its YouTube channel. It contains informational videos about beauty, cosmetics, and styling.{{Cite web|url=https://www.moneycontrol.com/news/business/why-nykaa-has-chosen-to-largely-market-products-via-influencers-6191331.html|title=Nykaa Adopts 360-degree Marketing Strategy To Promote Products; But Influencers Play A Vital Role|website=Moneycontrol|date=4 December 2020 }} Some of its notable campaigns include #BreakTheHashtag (with Tapsee Pannu), #WhatMakesYourBeautiful (with acid attack survivor and activist Laxmi Agarwal), Beauty in Her Story (in collaboration with Netflix), web series Tinderella, Khoj (a Mother's Day film), and Rakshak (a Raksha Bandhan special film).{{Cite web|url=https://www.indiaretailing.com/2018/05/14/beauty-and-wellness/nykaa-com-closes-its-series-d-investment-round-of-rs-165-crore/|title=Nykaa.com closes its series D investment round of Rs 165 crore|first=Indiaretailing|last=Bureau|date=14 May 2018}}{{Cite web|url=https://www.exchange4media.com/advertising-news/nykaa-and-acid-attack-survivor-laxmi-agarwal-join-hands-for-whatmakesyoubeautiful-101987.html|title=Nykaa and acid-attack survivor Laxmi Agarwal join hands for #WhatMakesYouBeautiful – Exchange4media|website=Indian Advertising Media & Marketing News – exchange4media|date=13 January 2020 }}

Since 2018, it has been hosting an online community of beauty and fashion enthusiasts via its Nykaa Network. In 2020, it launched a web miniseries called The Beauty Bar. Nykaa also hosts Beauty Book, a beauty and fashion magazine.

Since 2015, Nykaa has hosted the ‘Nykaa Femina Beauty Awards’ in partnership with women's lifestyle magazine Femina (India).{{cite news|title= Nykaa and Femina host the Nykaa Femina Beauty Awards in Mumbai |url= http://timesofindia.indiatimes.com/entertainment/events/mumbai/Nykaa-com-and-Femina-host-the-Nykaa-Femina-Beauty-Awards-in-Mumbai/articleshow/50889774.cms|website=Timesofindia.indiatimes.com}}

In 2019, Nykaa Fashion launched ‘The Power List’ in partnership with Vogue India.

Nykaa extends social and financial help to causes such as education, health, women's rights and empowerment, rural development, and disaster management. Some of its notable CSR partnerships are with SPARSH India, CARE International Confederation, PRIDE, Milaap, Nanhi Kali, Make a Wish Foundation, Benefactory, Sneha, GiveIndia, and PM CARES Fund.{{Cite web|url=https://www.nykaa.com/nykaa-csr|title=Nykaa CSR | Nykaa|website=www.nykaa.com}}{{Cite news|url=https://economictimes.indiatimes.com/magazines/panache/nykaa-employees-turn-covid-warriors-raise-rs-1-cr-towards-pm-cares-fund-fortis-healthcare-amazon-follow-suit/articleshow/75825030.cms|title=Nykaa employees turn Covid warriors, raise Rs 1 cr towards PM CARES fund; Fortis Healthcare, Amazon follow suit|first=Glynda|last=Alves|newspaper=The Economic Times}}{{Cite web|title=GiveIndia Fundraisers: India's most trusted crowdfunding website|url=https://fundraisers.giveindia.org/fundraisers/support-indias-healthcare-heroes-as-they-fight-covid-19|access-date=2021-05-24|website=fundraisers.giveindia.org|language=en}}

• In 2022, Falguni Nayar awarded with CEO of the Year by Economic Times Startup Awards.{{Cite news |date=2022-10-31 |title=ET Startup Awards 2022: Nykaa's Falguni Nayar is the CEO of the Year |url=https://economictimes.indiatimes.com/tech/startups/et-startup-awards-2022-nykaas-falguni-nayar-is-the-ceo-of-the-year/articleshow/95186449.cms?from=mdr |access-date=2024-04-27 |work=The Economic Times |issn=0013-0389}}
• In June 2022, Falguni Nayar, founder and CEO of Nykaa, awarded with EY World Entrepreneur of the Year Award (WEOY).{{Cite news |last=Dave |first=Sachin |date=2022-04-12 |title=Nykaa CEO Falguni Nayar wins EY Entrepreneur of the Year award |url=https://economictimes.indiatimes.com/news/company/corporate-trends/nykaa-ceo-falguni-nayar-wins-ey-entrepreneur-of-the-year-award/articleshow/90806161.cms?from=mdr |access-date=2024-04-27 |work=The Economic Times |issn=0013-0389}}
• In 2023, Falguni Nayar, founder and CEO of Nykaa Cosmetics, awarded with DNA Women Achievers Awards in the FMCG category.{{Cite web |title=DNA Women Achievers Awards 2023: Nykaa founder Falguni Nayar wins in FMCG category |url=https://www.dnaindia.com/business/report-dna-women-achievers-awards-2023-nykaa-founder-falguni-nayar-wins-in-fmcg-category-3027520 |access-date=2024-04-27 |website=DNA India |language=en}}
• In 2024, the World Economic Forum has awarded Adwaita Nayar, the co-founder of Nykaa and CEO of Nykaa Fashion, as a '2024 Young Global Leader'.{{Cite web |last=Arora |first=Sumit |date=2024-04-17 |title=World Economic Forum names Nykaa's Adwaita Nayar as a 2024 Young Global Leader |url=https://currentaffairs.adda247.com/world-economic-forum-names-nykaas-adwaita-nayar-as-a-2024-young-global-leader/ |access-date=2024-04-27 |website=adda247 |language=en-IN}}

On 18 November 2019, an API flaw was detected in Nykaa Fashion's internal systems that allowed a potential attacker to log in to any user account if the attacker had access to the user's email ID.{{cite news |title=Nykaa fixes a data security bug |url=https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/nykaa-fixes-a-data-security-bug/articleshow/72101784.cms |website=Economic Times |access-date=3 December 2019|last1=Kar |first1=Sanghamitra }}{{cite web | url=https://www.livemint.com/companies/start-ups/security-expert-pokes-holes-in-consumer-internet-platforms-11573963913626.html |title=Flaws in code put customer data of four consumer internet platforms at risk |website=Live Mint |date=17 November 2019 |access-date=3 December 2019}} Consequently, the company fixed the security vulnerability.

In November 2022, Nykaa issued 5:1 bonus shares to coincide with the expiry date of pre-IPO shareholders' lock-in period. The bonus issue resulted in the company's corporate governance practices receiving heavy criticism, with questions raised over the timing and motive of the issuance along with concerns of market manipulation and tax avoidance.{{cite news |title=Nykaa's bonus issue {{!}} What does it mean for the company's corporate governance record? |url=https://www.moneycontrol.com/news/business/markets/nykaas-bonus-issue-what-does-it-mean-for-the-companys-corporate-governance-record-9499681.html |access-date=23 January 2023 |work=Moneycontrol |language=en}}{{cite news |title=Nykaa's bonus issue {{!}} Independent directors' failure is galling: Fraud-investigation expert |url=https://www.moneycontrol.com/news/business/markets/nykaas-bonus-issue-independent-directors-failure-is-galling-fraud-investigation-expert-9561221.html |access-date=23 January 2023 |work=Moneycontrol |language=en}} Later that month, CFO Arvind Agarwal resigned from the company,{{cite news |last1=Rudra |first1=Tapanjana |title=Nykaa's Chief Financial Officer Arvind Agarwal Resigns |url=https://inc42.com/buzz/nykaas-chief-financial-officer-arvind-agarwal-resigns/ |access-date=23 January 2023 |work=Inc42 Media |date=22 November 2022 |language=en}} even as the Securities and Exchange Board of India began scrutinizing the allotment of bonus shares.{{cite news |title=Nykaa, Easemytrip bonus shares' issue under Sebi scanner: Report |url=https://www.businesstoday.in/markets/stocks/story/nykaa-easemytrip-bonus-shares-issue-under-sebi-scanner-report-354125-2022-11-24 |access-date=23 January 2023 |work=Business Today |date=24 November 2022 |language=en}}

In February 2023, defending the bonus share issuance, CEO Falguni Nayar, a former investment banker, claimed that the company had "assumed shareholders would be able to start trading the bonus shares within 4-5 days of the shareholder voting on the issue."{{cite news |title=Nykaa chief Falguni Nayar stands by bonus issue, but admits error in trading strategy |url=https://www.moneycontrol.com/news/business/startup/nykaa-chief-falguni-nayar-stands-by-bonus-issue-but-concedes-one-point-where-company-erred-10071401.html |access-date=14 February 2023 |work=Moneycontrol |language=en}}

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