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Jayant Mundhra

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Dexter Capital Advisors • 3m

Imagine this: 2018: Your husband and you bootstrap a beauty & personal care biz with Rs 3cr investment. 2021: You sell 51% majority to Nykaa for Rs 97cr .. You leverage Nykaa’s distribution power in the next three years and grow the brand 9x in revenue. This draws Nykaa in for a bigger piece of the pie. So, what do you do? 2024: You sell another 39% to Nykaa for Rs 265cr! .. What does this mean? -> Kolkata-based founders Anisha and Suyash have already netted 120x returns on the Rs 3cr they had invested to build Dot & Key Skincare -> And they still own 10% of the company, which is valued at Rs 68cr .. Now consider at this: -> The company closed FY24 with Rs 198cr in revenue, up 243% YoY -> And it closed the June quarter with a Rs 750cr GMV run rate! Means, a GMV of almost Rs 190cr in the first quarter alone! Assuming that just 70% of the GMV translates into revenue, and the rest is about discounts, returns and replacements etc, the company probably still did about Rs 133cr of revenue. Thus, it’s very well on track to way more than double the topline in FY25 as well! .. So, keeping that in context, imagine what that 10% stake worth Rs 68cr would be worth when the power founder couple decides to sell that eventually! It will be a way larger sum on top of the 120x return already netted by the couple. Such a beautiful wealth creation story by this amazing founder duo! So so inspiring, Suyash & Anisha! Thanks and congrats much!

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