Nykaa

Aminu was founded in 2019, has been bootstrapped since inception, scaled roughly eight times over three years and is already profitable, so Nykaa is buying a working business rather than funding one. The founders stay on to run it and the remaining stake transfers over the next few years on pre-agreed terms. The operating picture underneath is the more durable point: revenue grew 29 percent to 2,782 crore rupees while EBITDA margin widened to 8.5 percent from 6.5 percent, which is the operating leverage the platform model was supposed to produce.

It called this one of its strongest quarters in recent memory, led by an excellent Fashion vertical alongside steady Beauty growth in the late twenties. These are provisional figures ahead of audited results.