Nykaa, India’s largest cosmetics etailer, has acquired a domestic skincare company Dot & Key only days before its initial public offering (IPO) on October 28.
This is the startup’s first acquisition in the direct-to-consumer space. The deal, though, is reflective of the bigger turnover in the industry. According to a statement made on Friday, “Following this investment by Nykaa, Dot & Key will join Nykaa’s range of owned brands.”
Dot & Key, founded by Suyash and Anisha Saraf, develops skincare products such as serums, face masks, toners, and cleansers. The company has lately expanded into nutraceuticals under the name ‘IKWI,’ with products that are dermatologically tested and cruelty-free.
“We are excited to bring Dot & Key into the Nykaa family in time to serve the demand in high quality skincare by Indian consumers,” Nayar said. “Its product range presents an exciting opportunity for Nykaa as it allows us to extend the brand’s reach to a larger landscape of consumers and enter the nutraceutical space as well.”