FSN E-Commerce Ventures Limited
4 Aug 2026
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This is Videesha from Ambit Capital. My first question was on Nykaa Now. So with this Nykaa Now aspiration to reach 25- odd cities, how do you expect the EBITDA drag from this Nykaa proposition to trend going forward? It might be early days, but at what point does Nykaa Now's overall contribution turn margin accretive?
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Sure. Just a small follow-up to this. In terms of the category mix in Nykaa Now versus Nykaa, if you could call out some trends that you're seeing over there?
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And my second question was on Superstore. So when does the GMV growth normalize here towards the 40%, 45% CAGR ambition called out during the analyst meet? Because even when we compare it to the GST-led shift, the gap in growth seems to be a little higher.
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