This project analyzes Nykaa and its parent company, FSN E-Commerce Ventures Limited, examining how the brand has built a multi-engine, omnichannel commerce ecosystem across beauty, fashion, owned brands, B2B distribution, and physical retail. The company was founded by Falguni Nayar in 2012 and was listed on the stock market in November 2021.

The study focuses on Nykaa’s business model, customer segments, buyer personas, online behavior, customer needs, and the strategic role of its different business verticals. The analysis identifies how Nykaa combines curated product discovery, authenticity, content, technology, owned brands, and physical retail to create a differentiated shopping ecosystem.