Nykaa is set to acquire a 51% stake in Mumbai-based skincare brand Aminu for Rs 32 crore in an all-cash deal, according to a stock exchange filing. The first phase of the transaction is expected to close by mid-September, with Nykaa likely to acquire the remaining 49% stake over the next few years, according to media reports.
Aminu was founded in 2019 by Prachi Bhandari, a clinical cosmetologist and aesthetician, and Aman Mohunta, who oversees business operations. The company has remained bootstrapped and has grown eightfold over the past three years. It reported revenue of Rs 19.4 crore in FY26, up approximately 50% from about Rs 13 crore in the previous year.
In its filing, Nykaa highlighted Aminu’s research and development capabilities, noting that the brand’s in-house team has developed more than 30 formulations using over 150 ingredients sourced from more than ten countries. Aminu’s website states a broader sourcing base of over 40 countries and 250-plus ingredients, and says it excludes nearly 3,000 ingredients commonly used elsewhere in the skincare industry.
The brand is known for products including its copper peptide serum and Rejuvenate Eye Serum, which Nykaa describes as one of the best-selling eye serums on its platform. Beyond direct-to-consumer sales, Aminu supplies professional skincare products and treatments to salon and spa chains including Bodycraft, Jean Claude Biguine, Truefitt & Hill and Kaya Clinic, and says it has trained thousands of therapists. The brand currently sells through its own website, marketplaces such as Nykaa and Clinikally, platforms including Amazon and Zepto, and around 180 salons nationwide.
The acquisition adds to Nykaa’s House of Brands portfolio, which already includes Dot & Key and Earth Rhythm. With this deal, Nykaa’s beauty and personal care segment will comprise seven brands, alongside five fashion labels, including its own Nykaa Cosmetics line. The company has said it intends to expand further into categories such as premium fragrances, mid-premium nutraceuticals, derma-led skincare and professional makeup.
Bhandari and Mohunta will continue to lead Aminu following the transaction.
The announcement follows a strong quarterly performance by Nykaa’s parent company, FSN E-Commerce, which reported Q1 FY27 net profit more than tripling to Rs 79.8 crore from Rs 24.8 crore a year earlier, on revenue that rose 29% to Rs 2,782 crore.
The deal is part of a broader trend in India’s beauty market, where larger platforms have increasingly acquired stakes in smaller, niche premium brands to strengthen customer engagement, with premium skincare emerging as one of the sector’s fastest-growing segments.
