Nykaa, India's largest cosmetics etailer, has acquired Dot & Key, a homegrown skincare brand, just days before its initial public offering.
This is the startup's first acquisition in the direct-to-consumer space, led by Falguni Nayar. The transaction, however, is indicative of the broader churn in the industry. Dot & Key, founded by Suyash and Anisha Saraf, creates skincare products such as serums, face masks, toners, and cleansers. The company has recently expanded into nutraceuticals under the brand 'IKWI,' with products that are dermatologically tested and cruelty-free.