TPG-backed cosmetics startup Nykaa plans IPO, eyes $3 bln in valuation

BENGALURU, Jan 6 (Reuters) - App-primarily based entirely mostly Indian cosmetics retailing startup Nykaa plans to head public by early 2022 at a valuation of more than $3 billion, Mint reported here on Wednesday, citing an particular person responsive to the topic.

Interior most equity firm TPG-backed Nykaa’s plans for an preliminary public offering comes after Burger King India, Mrs. Bectors Meals and Mindspace Commerce Parks REIT saw true subscriptions and worthwhile listings.

Launched in 2012, Mumbai-primarily based entirely mostly Nykaa grew popular by selling cosmetics and grooming products on its web order and apps, earlier than expanding into style, pet care and family offers.

The startup is working with advisers to manage for a fraction sale in Mumbai, Bloomberg reported here on Tuesday evening.

Nykaa furthermore counts India’s Hero Challenge and Fidelity Management and Study Co amongst its backers, in line with media reviews.

Nykaa and TPG did no longer straight acknowledge to emails seeking comment. (Reporting by Chandini Monnappa in Bengaluru; Editing by Subhranshu Sahu)

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