Almost a third of omnichannel beauty and fashion retailer Nykaa’s gross merchandise value (GMV) in the year ended March 2023 came from its newer businesses, its chairperson, managing director and CEO Falguni Nayar said on Monday at the annual general meeting of parent company FSN E-commerce Ventures.

“Almost one-third of our GMV contribution in FY23 has come from our newer businesses, with all of them being built from scratch over the last four to five years. Our success here comes from diligently finding product-market fit, executing well with speed, and driving only sustainable growth,” Nayar said.

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