Nykaa acquired the skincare brand Dot & Key just before launching its Initial Public Offering (IPO) on October 28. This is the first purchase by the startup in the direct-to-consumer space. “After this investment by Nykaa, Dot & Key will join Nykaa’s table of owned brands,” according to a statement.

Suyash Saraf and Anisha Saraf, Dot & Key makes skincare products like serums, face masks, toners and cleansers. “We are excited to bring Dot & Key in our family to serve the demand in high-quality skincare. Its product gives an exciting opportunity to Nykaa as it allows us to increase the brand’s reach to a larger landscape of consumers and enter the nutraceutical sector as well,” Falguni Nayar, Founder of Nykaa, said.

“We created a niche brand with Dot & Key, focused on making products based on consumer needs. Nykaa’s position in the beauty sector in India and its resources will allow Dot & Key to grow as a brand,” said Suyash Saraf.