India, June 29 -- Five years ago, Nykaa was seen as India's premium beauty retailer. Today, it wants investors to believe it's building something much bigger.

At its recent Investor Day, founder Falguni Nayar looked back at Nykaa's journey from an online beauty retailer to a broader beauty and lifestyle platform. However, her focus was firmly on the future. By FY30, Nykaa wants to cross $5 Bn in gross merchandise value (GMV), grow revenue by 2.5-3X, expand EBITDA by 4-5X, and deliver a return on capital employed (ROCE) of over 40%.

While the last decade was about building the platform, the next five years will be about extracting operating leverage. To achieve this, management believes multiple growth engines will work in tandem.

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