Dot Key, which will launch its initial public offering on 28 October, announced on Friday that it has acquired homegrown skincare brand 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 expand the brand s reach to a larger landscape of consumers and enter the nutraceutical space as well. 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. Dot Key was the exclusive advisor to Ernst Young LLP 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 in 2012 by Nayar, Nykaa is one of the leading 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.
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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