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

0.5%

ndia (USD Bn) 2010 $8-10B $50-60B 2022 $155-175B $320-350B Internet economy’s share of GDP 0.5% 4-5% 2030 $900-1000B $1450-1550B 12-13% 5-6x 350-380 $900- 1000B Ecommerce (B2B & B2C) wi

5%

D Bn) 2010 $8-10B $50-60B 2022 $155-175B $320-350B Internet economy’s share of GDP 0.5% 4-5% 2030 $900-1000B $1450-1550B 12-13% 5-6x 350-380 $900- 1000B Ecommerce (B2B & B2C) will acc

13%

55-175B $320-350B Internet economy’s share of GDP 0.5% 4-5% 2030 $900-1000B $1450-1550B 12-13% 5-6x 350-380 $900- 1000B Ecommerce (B2B & B2C) will account for 50% of Internet economy 13-1

6x

$320-350B Internet economy’s share of GDP 0.5% 4-5% 2030 $900-1000B $1450-1550B 12-13% 5-6x 350-380 $900- 1000B Ecommerce (B2B & B2C) will account for 50% of Internet economy 13-14x 10

50%

900-1000B $1450-1550B 12-13% 5-6x 350-380 $900- 1000B Ecommerce (B2B & B2C) will account for 50% of Internet economy 13-14x 105-120 Internet economy Technology sector 60-65 B2C e-commerce

14x

% 5-6x 350-380 $900- 1000B Ecommerce (B2B & B2C) will account for 50% of Internet economy 13-14x 105-120 Internet economy Technology sector 60-65 B2C e-commerce 8-9 B2B e-commerce Internet

29%

rnet economy Market Size (USD Bn) 2022 2030 BPC Online USD 3 Bn (expected to grow at a CAGR of 29%) Fashion Online USD 15 Bn (expected to grow at a CAGR of 27%) 350 - 380 60 - 65 105 - 120 8 -

27%

3 Bn (expected to grow at a CAGR of 29%) Fashion Online USD 15 Bn (expected to grow at a CAGR of 27%) 350 - 380 60 - 65 105 - 120 8 -9 65 - 75 12 - 13 55 - 60 13 - 15 40 - 50 8 -9 35 - 40

rs 15

aphic 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 With GDP per capita growing, c

36%

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

“> $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 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 Per Capita Fashion Consumption will be a mix of varying income groups Fashion Per Capita”

“Our Journey Nykd: A National Brand CAGR: 250% 85 Highlights 32 FY22 FY23 4 FY21 6 months only MRP sales in INR Cr • 85 Cr in year 2 of operations • EBITDA positive at an SBU level in March’23 Key highlights in 2.5 years of launch ~5% Discounting ~20% Repeat rate #1 In innerwear category On Nykaa platforms ~1Mn Unique customers Customer Touchpoints Nykaa Platforms All major marketplaces D2C website 4 EBOs ~1000 MBOs 80% share of sales of Bras Top 3 Brand On Amazon across Bras 02.”

“Conversion rate: 1 USD = INR 80 Per Capita Fashion Consumption will be a mix of varying income groups 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 Fashion Per Capita”

India

12

Notes

2

This translates to

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. Fashion: India Per Capita spend is under-indexed; large headroom for growth 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 Fashion Per Capita

India

$2500 $5500 2022 to 2030 United States Germany Denmark United Arab Emirates Canada Australia Sweden Qatar Portugal Kuwait Spain Greece Poland 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 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 Sources: Statista, World Bank 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 (< INR 3L) 293M 8M (3%) 339M 18M (5%) 386M

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 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 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 India Upper mid income India Lower mid income India High income >$250 Russia United States Germany Denmark United Arab Emirates Canada Australia Sweden Qatar Portugal Kuwait Spain Greece Poland $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 Ecommerce habits and category composition shift as incomes rise 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-income India As incomes i

Notes

1. Events refer to calendar year events FY20-FY23: Robust growth in GMV and Revenue % FY20 – 23 CAGR GMV (Rs Mn) Revenue (Rs Mn) 54% 97,433 43% 69,332 40,460 26,849 51,438 37,739 24,409 17,675 FY2020 FY2021 FY2022 FY2023 FY2020 FY2021 FY2022 FY2023 Improvements in vertical level unit economics reflecting in consolidated margin structures % as % of revenue % FY20 – 23 CAGR Gross Profit (Rs Mn) EBITDA (Rs Mn) 44% 22,781 45% 16,439 2,560 9,483 7,581 1,567 1,633 838 FY2020 42.9% FY2021 38.9% FY2022 43.6% FY2023 44.3% FY2020 4.7% FY2021 6.4% FY2022 4.3% FY2023 5.0% GMV growth momentum across our verticals All Values in Rs million V M G d e t a d i l o s n o C 54% 26,849 69,332 40,460 97,433 39% V M G C P B 24,899 33,542 66,491 50,089 FY2020 FY2021 FY2022 FY2023 FY2020 FY2021 FY2022 FY2023 V M G n o h s a F i 140% 6,530 1,868 25,696 17,516 V M G ) 1 ( s r e h t O 299% 5,245 83 389 1,727 FY2020 FY2021 FY2022 FY2023 FY2020 FY2021 FY2022 FY2023 1. Others includes our new businesses NykaaMan, eB