Nykaa’s record December quarter may have grabbed investor attention, but the numbers are less a one-off spike and more the culmination of a decade-long transformation — from a niche online beauty retailer into a capital-efficient, brand-led platform spanning digital commerce, offline retail and owned labels. In a sector defined by heavy fund-raising, discount-led customer acquisition and rapid delivery wars, Nykaa has quietly charted a different course. “With only approximately $140 million raised to date, we have built a roughly $2.6 billion GMV business,” Chief Financial Officer Ganesh P told FE.