With a diverse assortment of beauty, personal care and fashion products, Nykaa’s supremacy lies in its ability to retain and attract customers. Nykaa has witnessed sustained growth in GMV over the years and has the highest AOV. It’s robust technology and content engine, focus on capital efficiency and positive unit economics coupled with immense headroom for penetration, provide the company a long runway for growth. The dearth of PAT positive new age companies in India and it’s first mover advantage augurs well enabling Nykaa to command higher premium. We believe the company is capable of improving its financial metrics and cementing its position going forward and hence recommend investors to Subscribe to the issue.