If India’s women already swore by Nykaa, would the markets too?

Nykaa had already reshaped how India’s urban women discovered and discussed beauty. It gave them access, choice, and a language to express themselves;  something the category had long lacked.

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But as the IPO neared, a new kind of scrutiny began. Investors admired the brand’s success but questioned its headroom. Was this as big as it gets? A platform loved by a few million women in metros, or a business with room to grow across India?

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That scepticism came from culture. Beauty still carried hesitation in many homes. To prove growth potential, Nykaa had to show that every woman, not just the “beauty enthusiast,” had a place in its world.

To answer these questions, our team of behaviour researchers, storytellers, and brand strategists engaged in deep ethnography study (in person, and via digital listening tools) to understand how Indian women actually live with beauty, not just buy it.

There wasn’t one Indian woman to build for. Our study revealed at least six distinct segments, each with their own idea of beauty: for some it was about expression, for some it was polish and confidence, for others, care and ritual. Their kits reflected this too; some were deep and deliberate, others minimal and functional.

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But beneath this diversity lay a common thread: restraint. Across cities and ages, beauty was still a private act, often shaped by guilt or fear of judgment. Women loved looking good, but hesitated to own it. Which in turn impacted how much they tried, and how often. 

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This gap between self-expression and social permission didn’t just limit individual behaviour; it capped how large the market appeared. Until beauty could feel mainstream, India’s true consumption potential would stay hidden from both new users and investors.