Revenue distribution by sectors:

• Cosmetics and Beauty Care: approx. 55%
• Fashion and Clothing: approx. 30%
• Wellness and other products: approx. 15%

TOP 3 markets and their percentage shares:

• India: approx. 70%
• United Arab Emirates: approx. 15%
• Singapore: approx. 10%

FSN E-Commerce Ventures Limited, known under the brand Nykaa, generates the majority of its revenue from the cosmetics and beauty care sector. This is attributed to their strong brand presence and wide product range in this segment. The Indian market remains the dominant market for the company, supported by high demand and the growing e-commerce usage in India.

The expansion into international markets such as the United Arab Emirates and Singapore demonstrates Nykaa's ambition to expand its market presence beyond India. These markets offer attractive growth opportunities due to their affluent consumers and the increasing popularity of online shopping.

Production Sites: India

FSN E-Commerce Ventures Limited, known under the brand Nykaa, produces the majority of its products in India. The company collaborates with various local manufacturers to develop and produce its own brand products. This strategy enables Nykaa to optimize production costs while controlling the quality of the products.

Furthermore, local production supports the Indian economy and helps the company to respond more quickly to market changes. Nykaa has also focused on implementing sustainable and environmentally friendly production methods to minimize its ecological footprint.

Revenue Growth: 20% (2024, estimated)
Market Expansion: Southeast Asia and Middle East (2025)

FSN E-Commerce Ventures Limited, known as Nykaa, is pursuing a strategy aimed at geographical expansion and diversification of its product offering. The company plans to strengthen its presence in emerging markets such as Southeast Asia and the Middle East to capitalize on the growing demand for beauty and wellness products in these regions.

In addition, Nykaa is investing in expanding its product categories, especially in the area of sustainable and environmentally friendly products, to meet changing consumer preferences. This strategy is supported by partnerships with international brands and the introduction of exclusive product lines.

Another focus is on improving the digital infrastructure and customer experience through the use of advanced technologies such as AI and machine learning to provide personalized shopping experiences and enhance customer loyalty.

Main raw materials: Cosmetics and beauty products, fashion items

Countries of origin: USA, South Korea, France, Italy

FSN E-Commerce Ventures Limited, known under the brand Nykaa, mainly imports cosmetics and beauty products as well as fashion items. The main countries of origin for these products are the USA, South Korea, France, and Italy. These countries are known for their high-quality cosmetics brands and fashion items that are in high demand in India.

Nykaa collaborates with a variety of international brands to offer a wide range of products. The selection of countries of origin is based on the quality of the products and the current fashion trends that are popular in India.

Market share in India: 30% (2025, estimated)
Revenue growth: 18% (2024)
Gross margin: 45% (2024)

FSN E-Commerce Ventures Limited, known as Nykaa, has established itself as a leading provider in the Indian e-commerce market for beauty and wellness products. With an estimated market share of 30% in 2025, Nykaa holds a strong position in the rapidly growing Indian market.

In 2024, the company experienced revenue growth of 18%, attributed to an effective omnichannel strategy and strong brand awareness. The gross margin of 45% indicates that Nykaa is able to sell its products with a healthy profit margin, pointing to effective cost control and pricing strategies.

Nykaa's competitive advantage lies in its strong brand presence, wide product portfolio, and effective use of technology and data analysis to enhance the customer experience. The continuous expansion of product offerings and investments in exclusive brand partnerships further strengthen its market position.

Institutional Investor Share: 28% (2025, estimated) Insider Buys/Sells: No significant transactions in the last quarter (2025, estimated)

The institutional investor share in FSN E-Commerce Ventures Limited, known as Nykaa, is estimated to be around 28%. This indicates a moderate interest from institutional investors, suggesting confidence in the company's growth potential.

There were no significant insider transactions in the last quarter, indicating that the management and insiders do not currently expect any significant changes in the company's valuation. This could suggest stable corporate governance and neutral market expectations.

Market share of FSN E-Commerce Ventures Limited (Nykaa): 12% (2025, estimated)

Top competitors and their market shares:

1. Amazon India: 30%
2. Flipkart (Walmart): 25%
3. Myntra: 15%
4. Nykaa: 12%
5. Ajio (Reliance): 10%
6. Snapdeal: 5%
7. Tata Cliq: 3%

Nykaa's Moat:

Nykaa has created a significant moat through its specialized focus on the beauty and cosmetics sector. The company benefits from strong brand awareness and a loyal customer base attracted by exclusive product offerings and a curated selection of international and national brands.

Compared to larger platforms like Amazon and Flipkart, which offer a wider range of products, Nykaa has the advantage of being perceived as an expert in a niche market. This allows the company to achieve higher customer retention and satisfaction.

However, Nykaa's moat is limited compared to larger competitors, as they are able to quickly expand into the beauty market due to their extensive resources and infrastructure. Platforms like Myntra and Ajio, which are also strong in the fashion and lifestyle segment, pose direct competition as they continuously expand their product lines.

Overall, Nykaa has a respectable moat in its niche, but competition from larger, diversified platforms remains a challenge.

Revenue Growth: 20% (2024) Profit Growth: 18% (2024) Market Share in the Indian E-Commerce Sector: 5% (2024)

FSN E-Commerce Ventures Limited, known under the brand name Nykaa, recorded a revenue growth of 20% in 2024. This demonstrates a strong performance compared to many competitors in the Indian e-commerce sector. The company benefits from a wide range of products and a strong brand presence, especially in the beauty and wellness sector.

The profit growth of 18% during the same period indicates that Nykaa is not only able to increase its revenues but also to operate more efficiently and improve its profitability. This development is positive for investors as it points to sustainable business growth.

Nykaa holds a 5% market share in the Indian e-commerce sector, highlighting the potential for further growth, especially in a market that continues to evolve dynamically. Strategic expansion into new product categories and geographic markets could further support future growth.

Overall, the stock of FSN E-Commerce Ventures Limited could present an attractive investment opportunity, especially for investors interested in the long-term development of the Indian e-commerce market.

Dividend payment: No dividend (2025)

FSN E-Commerce Ventures Limited, known as Nykaa, has not distributed any dividends to its shareholders so far. The company focuses on growth and reinvesting in expanding its platform and services.

As Nykaa operates in a rapidly growing e-commerce market, it prioritizes using profits to expand its market share and improve infrastructure. This is a common strategy for companies in growth phases to create long-term value for shareholders.