Nykaa to buy 82% of Simply Nam for up to Rs 33 crore cash

FSN E-Commerce Ventures Limited has approved a cash acquisition of an 82% fully diluted stake in Simply Nam for up to Rs 33 crore, with closing expected by December 31, 2026. Nykaa disclosed that Simply Nam’s turnover rose to Rs 16.99 crore in FY 2025-26, from Rs 3.70 crore in FY 2023-24.

What is Nykaa buying in Simply Nam?

Nykaa is buying an 82% shareholding on a fully diluted basis in Simply Nam Beauty Private Limited for cash consideration of up to Rs 33 crore. The board approved the proposed transaction on November 4, 2026, under transaction documents executed with Simply Nam and its shareholders. The filing describes Simply Nam as a company that markets and sells cosmetics products in the makeup category.

Simply Nam was incorporated on July 7, 2022, under the Companies Act, 2013. It operates in the Beauty and Personal Care, or BPC, industry, with a makeup product focus. Nykaa did not disclose the number of shares to be acquired, the identity of sellers, a payment schedule, or a valuation multiple in its November 4 announcement.

The proposed transaction is not a related-party transaction under the Securities and Exchange Board of India listing regulations, Nykaa said. It also said that neither its promoter, promoter group nor group companies hold an interest in Simply Nam, and described the proposed transaction as being on an arm’s-length basis. The company stated that no government or regulatory approvals are required.

How fast has Simply Nam’s turnover grown?

Simply Nam’s turnover increased to Rs 16.99 crore in FY 2025-26 from Rs 9.61 crore in FY 2024-25 and Rs 3.70 crore in FY 2023-24. The FY 2025-26 figure was Rs 7.38 crore above the preceding year, following a Rs 5.91 crore increase between FY 2023-24 and FY 2024-25.

The three-year disclosure covers turnover rather than profit, cash flow, assets or liabilities. It therefore shows that sales rose by Rs 13.29 crore between FY 2023-24 and FY 2025-26, but does not disclose Simply Nam’s operating profit, net profit or debt over that period. The filing also does not specify the brand’s distribution channels, product count or customer base.

Nykaa describes Simply Nam as a premium makeup brand led by Indian celebrity makeup artist Namrata Soni. The company cited customer insights, formulations built for Indian skin, and brand recall developed through education-led content as attributes supporting the deal. Nykaa did not quantify the contribution of those attributes to the Rs 16.99 crore FY 2025-26 turnover.

Why is Nykaa acquiring a premium makeup brand?

Nykaa said the deal targets what it calls a significant white space in premium professional makeup as BPC and makeup spending in India undergo premiumisation. Management also said makeup artist-led brands have been successful globally and that Simply Nam fits this opportunity because it is led by Namrata Soni. This is the stated strategic rationale for the proposed up-to-Rs-33-crore acquisition.

Nykaa’s consolidated Beauty segment, which includes its online beauty platform, owned beauty brands, physical retail stores, eB2B distribution business and Nykaa Man BPC business, reported revenue of Rs 2,699.74 crore in the quarter ended September 30, 2026. That was up from Rs 2,131.88 crore in the quarter ended September 30, 2025, and exceeded Fashion revenue of Rs 287.24 crore and Others revenue of Rs 19.06 crore.

Beauty reported segment result before exceptional items of Rs 180.19 crore for the September 2026 quarter, compared with Rs 105.39 crore a year earlier. Fashion recorded a segment loss before exceptional items of Rs 7.65 crore, while Others reported a Rs 10.70 crore loss. The reported segment figures show Beauty was Nykaa’s largest revenue segment in that quarter, although the filing does not quantify the future effect of Simply Nam on any segment.

What other beauty acquisitions has Nykaa disclosed?

Nykaa completed the acquisition of a 51% stake in Aminu Wellness Private Limited during the quarter ended September 30, 2026. The board had approved that deal on August 4, 2026 for consideration of up to Rs 32 crore, and Nykaa reported that Rs 21.70 crore was paid during the September quarter. The remaining consideration is payable under the agreed schedule in the share subscription-cum-purchase agreement.

For the Aminu Wellness transaction, Nykaa recognised provisional goodwill of Rs 26.02 crore, representing the difference between purchase consideration and net assets including non-controlling interest. Nykaa said it was completing the purchase price allocation under Indian Accounting Standard 103, Business Combinations. That accounting disclosure relates to Aminu Wellness and does not state a goodwill amount or accounting treatment for the proposed Simply Nam transaction.

Nykaa also exercised a contractual call option to acquire 20,864 equity shares in Earth Rhythm Limited for Rs 9.43 crore during the quarter ended September 30, 2026. In the consolidated cash-flow statement for the half year ended September 30, 2026, the company reported Rs 9.43 crore for acquisition of non-controlling interest and Rs 11.50 crore for purchase of investments including a call option, net of cash and cash equivalents.

What financial context did Nykaa report with the deal?

Nykaa reported consolidated revenue from operations of Rs 3,006.04 crore for the quarter ended September 30, 2026, compared with Rs 2,345.98 crore a year earlier. Consolidated profit for the period was Rs 101.19 crore, up from Rs 32.98 crore in the September 2025 quarter. These results were approved by the board on November 4, 2026 alongside the Simply Nam proposal.

For the half year ended September 30, 2026, Nykaa reported net cash used in operating activities of Rs 28.56 crore, compared with net cash generated from operating activities of Rs 129.29 crore in the prior-year half. The cash-flow statement recorded an inventory increase of Rs 564.74 crore in the latest half year, against an increase of Rs 155.38 crore in the corresponding 2025 period.

Nykaa’s consolidated cash and cash equivalents were Rs 179.70 crore at September 30, 2026, compared with Rs 177.20 crore at March 31, 2026. Current borrowings were Rs 972.50 crore at September 30, 2026, versus Rs 728.88 crore at March 31, 2026. The acquisition announcement does not specify whether the Simply Nam consideration will be paid in one or more instalments within the up-to-Rs-33-crore amount.

Conclusion

The proposed acquisition would give Nykaa an 82% fully diluted holding in Simply Nam, a makeup company whose turnover increased from Rs 3.70 crore in FY 2023-24 to Rs 16.99 crore in FY 2025-26. Nykaa has linked the cash deal, capped at Rs 33 crore, to its stated premium professional makeup opportunity while its Beauty segment generated Rs 2,699.74 crore of revenue in the September 2026 quarter.

The next disclosed milestone is closing by December 31, 2026, subject to completion of closing conditions. Investors can watch for Nykaa’s confirmation that the transaction has closed, the final cash consideration within the Rs 33 crore cap, and any later financial disclosure concerning Simply Nam.