FSN E-Commerce Ventures Limited

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mited Corporate Relationship Department, 2nd Floor, New Trading Wing, Rotunda Building, P.J. Towers, Dalal Street, Mumbai – 400 001 Symbol: NYKAA Dear Sirs, Sub: Investor Presentation Scrip Cod

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raphic and economic shifts India’s fast-growing GDP per capita Consumption differences across tiers 15% CAGR $5500 $2000 $2500 2020 2022 2030 $2,400 Tier 1 Annual consumption $1,200 Tier 2+ A

54%

$2500 2020 2022 2030 $2,400 Tier 1 Annual consumption $1,200 Tier 2+ Annual consumption 54% discretionary 36% discretionary Sources: Bain & Company, Google 5 With GDP per capita growing

36%

2030 $2,400 Tier 1 Annual consumption $1,200 Tier 2+ Annual consumption 54% discretionary 36% discretionary Sources: Bain & Company, Google 5 With GDP per capita growing, consumption is exp

25%

ources: Bain & Company, Google 5 With GDP per capita growing, consumption is expected to grow at 25% CAGR for next 8 Years hence share of discretionary spends expected to increase BPC: India Per Cap

INR 32

s in High Income By 2030, 1 in 2 Households with High Purchasing Power Households High Income (> INR 32 L) Upper-Mid (INR 8L-32 L) Lower-Mid (INR 3L-8L) Lower (< INR 3L) 293M 8M (3%) 339M 18M (5

INR 8

0, 1 in 2 Households with High Purchasing Power Households High Income (> INR 32 L) Upper-Mid (INR 8L-32 L) Lower-Mid (INR 3L-8L) Lower (< INR 3L) 293M 8M (3%) 339M 18M (5%) 386M 29M (7%)

INR 3

High Purchasing Power Households High Income (> INR 32 L) Upper-Mid (INR 8L-32 L) Lower-Mid (INR 3L-8L) Lower (< INR 3L) 293M 8M (3%) 339M 18M (5%) 386M 29M (7%) 61M (21%) 115M (34%) 168

3%

ncome (> INR 32 L) Upper-Mid (INR 8L-32 L) Lower-Mid (INR 3L-8L) Lower (< INR 3L) 293M 8M (3%) 339M 18M (5%) 386M 29M (7%) 61M (21%) 115M (34%) 168M (44%) 97M (33%) 114M (34%) 132M (

5%

L) Upper-Mid (INR 8L-32 L) Lower-Mid (INR 3L-8L) Lower (< INR 3L) 293M 8M (3%) 339M 18M (5%) 386M 29M (7%) 61M (21%) 115M (34%) 168M (44%) 97M (33%) 114M (34%) 132M (34%) 127M (43%)

7%

INR 8L-32 L) Lower-Mid (INR 3L-8L) Lower (< INR 3L) 293M 8M (3%) 339M 18M (5%) 386M 29M (7%) 61M (21%) 115M (34%) 168M (44%) 97M (33%) 114M (34%) 132M (34%) 127M (43%) 2018 92M (27%)

21%

L) Lower-Mid (INR 3L-8L) Lower (< INR 3L) 293M 8M (3%) 339M 18M (5%) 386M 29M (7%) 61M (21%) 115M (34%) 168M (44%) 97M (33%) 114M (34%) 132M (34%) 127M (43%) 2018 92M (27%) 2022 57M

“> $10k per capita income ~$5-7.5k per capita income ~$1.25-1.75k per capita income < $500 per capita income Note: Projections basis income per household in real terms; Source: World Economic Forum / Bain Analysis 8 Per Capita BPC Consumption will be a mix of varying income groups BPC Per Capita”

“$2500 $5500 2022 to 2030 India Lower mid income $12 India High income India Upper mid income >$150 $50 Nykaa target customer base Nykaa is currently at $80 spend of Beauty per customer with a 10 Mn TTM Base.”

“With currently 18 Mn High Income & 115 Mn Upper-Mid Households and further shifts till 2030, large room for BPC consumption growth 9 Per Capita Fashion Consumption will be a mix of varying income groups Fashion Per Capita”

India

8

Notes

3

This translates to

1

Built capabilities to pick up from

1

India

$2500 $5500 2022 to 2030 *per customer Evidence from other markets suggests that this category is linked to income growth and follows a S-curve trajectory of consumption. India is at the lower end of S-curve and per capital consumption is the lowest in the peer group, with the major growth period still ahead of it As per Google India 2023 report, GDP per capita is set to increase to $5,500 by 2030. Keeping the S curve trajectory, the BPC per capita spend will increase to $45-50 by 2030. 6 Fashion: India Per Capita spend is under-indexed; large headroom for growth Fashion Per Capita

India

$2500 $5500 1200 1000 800 600 400 200 ) D S U ( a t i p a C r e P n o h s a F i India’s position on the curve by 2030; GDP per capita $5,500; Fashion per capita: $160 Nykaa Fashion is currently at $130 Russia Brazil Turkey China Oman Argentina United States Germany Denmark United Arab Emirates Canada Australia Sweden Qatar Portugal Kuwait Spain Greece Poland 2022 to 2030 Egypt Colombia Mexico 0 1500 Bangladesh India 3000 6000 12000 24000 48000 96000 GDP Per Capita (USD) – Log Scale India is at the lower end of fashion consumption and per capital consumption is the lowest in the peer group, with the major growth period still ahead of it. As per Google India 2023 report, GDP per capita is set to increase to $5,500 by 2030. Keeping the evidence-based trajectory, fashion per capita spend should reach $160 by 2030 7 29 MN Households in High Income By 2030, 1 in 2 Households with High Purchasing Power Households High Income (> INR 32 L) Upper-Mid (INR 8L-32 L) Lower-Mid (INR 3L-8L) Lower (<

This translates to

> $10k per capita income ~$5-7.5k per capita income ~$1.25-1.75k per capita income < $500 per capita income Note: Projections basis income per household in real terms; Source: World Economic Forum / Bain Analysis 8 Per Capita BPC Consumption will be a mix of varying income groups BPC Per Capita

India

$2500 $5500 2022 to 2030 India Lower mid income $12 India High income India Upper mid income >$150 $50 Nykaa target customer base Nykaa is currently at $80 spend of Beauty per customer with a 10 Mn TTM Base. With currently 18 Mn High Income & 115 Mn Upper-Mid Households and further shifts till 2030, large room for BPC consumption growth 9 Per Capita Fashion Consumption will be a mix of varying income groups Fashion Per Capita

India

$2500 $5500 2022 to 2030 1200 1000 800 600 400 200 ) D S U ( a t i p a C r e P n o h s a F i United States Germany Denmark United Arab Emirates Canada Australia Sweden Qatar Portugal Kuwait Spain Greece Poland India High income >$250 Russia India Upper mid income India Lower mid income $40 India Bangladesh Brazil Turkey China Oman Egypt Colombia $200 Argentina Mexico 0 1500 3000 6000 12000 24000 48000 96000 GDP Per Capita (USD) – Log Scale Nykaa is currently at $130 spend of Fashion per customer Sources: Statista, World Bank Nykaa target customer base With currently 18 Mn High Income & 115 Mn Upper-Mid Households and further shifts till 2030, large room for Fashion consumption growth 10 Discretionary Spends: To witness strong growth given demographic and economic shifts Share of ecommerce in retail spend Value share of ecommerce by category 45% India overall at 19% 30% 37% Growth-mature stage 27% 5-10% <2% 19% Early stage 9-10% Growth stage 14% China USA Low-income Middle-income High-i

Notes

1. Events refer to calendar year events 14 Nykaa Playbook – Art of Retailing Curation Content Convenience Authenticity Content Led Marketing using social media Omni channel experience Style driven, Aspirational and Newness Influencer Marketing Seamless discovery to delivery Personalized Discovery Education & Awareness Beauty Advisory and Interactive Customer service 1. As on March 31, 2023 ~15 million Social Media followers as on March 31, 2023 154 Stores(1) across 60 cities(1) BPC + Fashion Diversification of our business GMV (Rs Mn) Annual Unique Transacting Customers (Mn) FY20 0.3% 7.0% FY23 5.2% Rs 26,849 Mn Rs 97,433 Mn 26.4% 92.7% 68.4% FY20 0.1 5.4 Mn 5.2 FY23 0.5 2.5 13.0 Mn 10.0 3-year CAGR% 39% 140% 299% 3 Year CAGR% 24% 177% 121% Cumulative Customer base of 24 Mn+ in FY23 BPC Fashion Others(1) A total addressable market of ~$100 Bn, reaching over $180 Bn by 2027 1 Others includes our new businesses NykaaMan, eB2B platform “SuperStore by Nykaa”, International, LBB and Nudge.