Cosmetics e-tailer Nykaa has its eye on getting listed at a valuation of over $3 billion (Rs 21,932 crore) latest by early 2022, a Mint report said citing a person aware of the plans.
Nykaa would be joining other e-commerce leaders such as Flipkart, Zomato and Pepperfry who are preparing for the public markets.
The Mumbai-based firm last raised an undisclosed amount in a bridge round of funding from Boston-based asset management firm Fidelity Investments Inc. in November at a valuation of little over $1.8 billion, the person cited above said.
“Nykaa will most likely look at achieving overall profitability this year before going public,” he added.
The company became a unicorn in March 2019 when it raised Rs 166 crore in a primary transaction from Steadview Capital.
Meanwhile, Home First Finance Co, backed by Warburg Pincus, True North and GIC, is in the final stage of an initial public offering (IPO) that seeks to raise up to Rs 1,200 crore ($164 million), CEO Manoj Viswanathan told The Economic Times.
The IPO will allow existing investors, along with founder PS Jayakumar, to partially exit their investments.
In fact, the existing investors partially exited in early October when Warburg Pincus invested Rs 700 crore in the company.