Nykaa, that will launch its initial public offering on October 28, announced on Friday that it has acquired homegrown skincare brand Dot & Key. This is the first direct to customer (D2C) beauty brand acquired by Nykaa. Following the deal, Dot & Key will be included in the beauty platform’s stable of owned brands.
The beauty giant, however, did not disclose the amount at which it acquired Dot & Key.
Falguni Nayar, founder and CEO of Nykaa, said, “Dot & Key’s product range presents an exciting opportunity for Nykaa as it allows us to extend the brand’s reach to a larger landscape of consumers and enter the nutraceutical space as well. Dot & Key is a consumer centric brand with a growing base of consumers and a range of skincare solutions.”
Dot & Key was founded by Suyash Saraf and Anisha Saraf. “Our passion to differentiate ourselves has inspired us to take an unconventional angle to skincare,” stated Suyash Saraf. Ernst & Young LLP was the exclusive advisor to Dot & Key on the deal.
The Kolkata-based company focuses on providing solutions to skincare concerns with its range of serums, face masks, toners and cleansers. The brand recently expanded into nutraceuticals under the brand ‘IKWI’.
Founded by Nayar in 2012, Nykaa is one of the country’s leading lifestyle focused consumer technologies platforms. Since its launch, Nykaa has also expanded into Nykaa Fashion and Nykaa Man. Nykaa offers 4,078 brands and over 3.1 million product stock keeping units.
The beauty platform will launch its three-day IPO on October 28. According to reports, the company aims to raise as much as Rs 5,200 crore. It is seeking a valuation of $7.4 billion.
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