Buy one kurta on nykaafashion.com and three companies have their name on the trip. The site’s terms of use name Nykaa Fashion Limited. The product page names whichever seller sits behind that listing, which on a third-party brand’s page is not a Nykaa company at all. And the advertiser named on every row the advertising council’s registers hold for this platform is a third name again — Nykaa E-Retail Limited, the group’s beauty entity. All three are published.
The platform launched in 2018 and sits inside FSN E-Commerce Ventures Limited, the listed filer carrying the symbol “NYKAA” on the National Stock Exchange and scrip code “543384” on BSE. The website is run by a separate company, Nykaa Fashion Limited, CIN U18102MH2019PLC320627, which the group’s business-responsibility report for FY2025-26 lists as a “Direct Subsidiary” at “100.00%”.
The paperwork stops short in two places: the seller of record, and the refund clock.
Nykaa Fashion is a marketplace, not a maker, and says so itself: the terms of use state that it “does not own any Products or discharge services listed on its Site”. The website is operated by Nykaa Fashion Limited, register status “Active” on two mirrors read 24 September 2026 and a wholly owned subsidiary of the listed FSN E-Commerce Ventures Limited. The Fashion segment booked ₹832.16 crore of revenue for the year ended 31 March 2026 at a segment result of ₹(75.37) crore — a segment wider than this one website. Returns run “within 7 days of delivery”, and the refund carries a timeline on a cancellation but none on a return.
Snapshot
- Who runs the site
- Nykaa Fashion Limited, CIN U18102MH2019PLC320627, named in the site’s own terms of use and privacy policy; neither page prints the CIN
- Who owns that company
- FSN E-Commerce Ventures Limited, CIN L52600MH2012PLC230136, NSE symbol “NYKAA”, BSE scrip code “543384” — holding “100.00%” per its BRSR for FY2025-26
- Register status
- “Active” on two mirrors; “Active Public Limited Company” on a third, all read 24 September 2026
- Seller of record
- Changes by listing: “Sold By: Aditya Birla Fash N R-tcnsy053” on one third-party listing, “Sold By: Nykaa Fashion Ltd” on an own-label listing, both read 24 September 2026
- Price level
- None set here. A marketplace sells other companies’ goods, so no tier is calculated from a shelf it does not own
- Fashion segment revenue
- ₹832.16 crore for the year ended 31 March 2026, against ₹674.69 crore; segment result ₹(75.37) crore — the segment, not the website
- Returns window
- “within 7 days of delivery”, goods “unused, unworn, unwashed, undamaged, with all its labels and tags completely intact, in original packaging”
- Refunds
- “within 3 business days” on a cancellation; on a return, “after the product has been picked up by our courier partner” — no number of days stated
- Fees stated
- A flat ₹29 platform fee, with delivery free on orders of ₹1,000 and above and up to ₹70 on orders under ₹500; stated delivery “5-7 days” in India
- Advertising record
- Six rows naming a Nykaa Fashion product string, two “Upheld” and four “Informal Resolution”, all about disclosure labels on influencer posts, all naming Nykaa E-Retail Limited as advertiser
Who actually sells you the dress
The terms of use answer this in the abstract. Nykaa Fashion, they say, “provides an online platform (“Site”) for connecting Users and it does not own any Products or discharge services listed on its Site”, and “all commercial/contractual terms are offered by and agreed to between Buyers and Sellers independently”. The counterparty on a purchase is therefore the seller named on the listing, not the operator of the website. Two listings read on 24 September 2026 do not give the same answer.
| As printed on the page | A third-party brand’s listing | An own-label listing |
|---|---|---|
| Product | “Aurelia Blue Embroidered Seer Sucker Kurta” | “Gajra Gang Pink Poly Silk Embroidered Kaftan Kurta With Bead Tassels La Dolce Vita” |
| MRP and price shown | “₹ 1,599”, shown at “₹661” | “₹ 2,999”, shown at “₹1,470” |
| Tax wording | “Inclusive of all taxes” | “Inclusive of all taxes” |
| Seller | “Sold By: Aditya Birla Fash N R-tcnsy053” | “Sold By: Nykaa Fashion Ltd” |
| Manufacturer | “Daruna Exports”, Tronica City, Loni, Ghaziabad 201102 | “Name of Manufacturer/ Packer/ Importer: Nykaa Fashion Pvt Ltd.”, Lower Parel, Mumbai 400013 |
| Country of origin | “India” | “India” |
| Importer | None named; goods declared made in India | Only inside the combined manufacturer/packer/importer label |
Two product detail pages on nykaafashion.com, read 24 September 2026. The prices are dated readings of two listings, not a price level for the platform. Net quantity was not shown on either page.
So the answer to “who sold me this” is a reading, not a rule. On the third-party listing the money goes to a seller entity belonging to another group entirely, with a named manufacturer in Ghaziabad behind it, and Nykaa Fashion Limited is not in the sale as seller. On the own-label listing it is — and there it is also the manufacturer, packer and importer of record, so the marketplace disclaimer is being made by the company taking the money.
One detail there looks like two companies and is not: the seller reads “Nykaa Fashion Ltd” while the manufacturer block on the same screen reads “Nykaa Fashion Pvt Ltd.”, the name the company carried before converting to a public limited company.
- Nykaa Fashion LimitedThe company the site’s terms of use and privacy policy name — and the seller only on own-label listings
- The seller on the listingA different entity on a third-party brand’s page; the commercial terms are agreed with it, not with the site
- Nykaa E-Retail LimitedThe advertiser named on every advertising-council row this platform appears in
The seven-day window, and the refund with no clock
The shipping and return policy, read on 24 September 2026, gives the buyer seven days: “you can raise the return/ replacement request from My Order section in App within 7 days of delivery”. The goods must come back “unused, unworn, unwashed, undamaged, with all its labels and tags completely intact, in original packaging”. Made-to-order items are out, and “international orders are not eligible for returns or exchanges”. Cancellation is allowed “within 24 hours of order”.
Then the money. For a prepaid order, “money will be returned to the bank account/ credit/ debit card where the payment was made from”. For a cancellation, the policy commits to a number: “We will process your refund within 3 business days in case of cancellation of an order.” For a return, it commits to an event instead: “In case of returns, we will refund the money after the product has been picked up by our courier partner.”
Both sentences sit in the same policy, and only one carries a deadline. A buyer who cancels knows the outer limit in days; a buyer who returns knows only that the clock starts at pickup. On a cash-on-delivery order the policy asks for bank details or a UPI ID before money can move at all. Nothing here says refunds are slow; the published commitment simply exists on one route and not the other.
Charges sit on the same page: the ₹29 platform fee, the delivery bands and a stated “5-7 days” in India. The privacy policy publishes a grievance officer by designation — “Assistant Vice President – Customer Service” — at the Lower Parel address.
What the platform publishes about what it is selling
On the question every marketplace buyer in India eventually asks, Nykaa Fashion publishes exactly one sentence, on a page headed “Quality Checking Products” read on 24 September 2026: “With Nykaa Fashion, you can be assured that the product you get is genuine.” The page sets out a five-step flow and describes a check its own team performs, with defective pieces “sent back to the brand”. It says “our brand partners ship it to Nykaa Fashion Quality Center”, and does not say whether every seller ships through that centre.
Nykaa Fashion does not make any representation or warranty as to specifics, such as quality, value, saleability, quantity, completeness, accuracy, legal title etc. of the products or services proposed to be sold
That is from the same site’s terms of use, read the same day, which also state that “Nykaa Fashion is in no manner responsible for any manufactural defects” and that it “does not warrant that the product description, colour, information or other content of the Site is accurate, complete, reliable, current or error-free”. Both are the platform’s own wording, on one domain on one date, printed side by side and not ranked.
One thing often attached to this platform belongs elsewhere. The “100% Authentic” seal-of-authenticity wording, with its brand certificates, is published on nykaa.com — the group’s beauty site — and covers the goods sold there. It is not a Nykaa Fashion statement and is not quoted here as one, and nothing further about counterfeits is claimed in either direction.
The money, and the number that gets misquoted
The Fashion business is separately disclosed: FSN reports three segments and Fashion is one. In the audited consolidated segment table annexed to the outcome of the board meeting of 21 May 2026, Fashion segment revenue for the year ended 31 March 2026 is ₹832.16 crore against ₹674.69 crore, and the segment result before exceptional items ₹(75.37) crore against ₹(124.54) crore. Group revenue from operations is ₹10,022.35 crore, with Beauty at ₹9,139.49 crore.
The caveat travels with the number. By the group’s own definition in that table, the Fashion segment “comprises of Nykaa Fashion, Fashion retail, fashion owned brands, content platform and Nykaa Man lifestyle business” — wider than the website, and no filing read on 24 September 2026 gives a revenue line for nykaafashion.com alone.
The figure that circulates most is a different measure. The press release of 21 May 2026 records Fashion gross merchandise value of ₹4,954 crore for FY2026, up 30% year on year, with net sales value of ₹1,447 crore in the Q4 FY2026 investor presentation. GMV is the value of goods transacted; segment revenue is what the group books. A marketplace records commission and services, not the ticket price of somebody else’s dress, and anyone writing that Nykaa Fashion earns around ₹5,000 crore has collapsed the two.
Scale is reported twice, differently, by the same company on one day. The About Us page says “1,500+ brands and over 1.8 million products across five consumer segments: women, men, kids, tech and home”. The Integrated Annual Report for FY2025-26 says “~5,700 Fashion brands across lifestyle categories” and 250K+ styles. Both were read on 24 September 2026, and the company publishes nothing that reconciles them.
What the register holds
The CIN U18102MH2019PLC320627 appears in the company’s own notice of a meeting of secured creditors dated 5 February 2025, which names the entity “Nykaa Fashion Limited (formerly ‘Nykaa Fashion Private Limited’)”. It does not appear on the website: neither the terms of use nor the privacy policy printed a CIN when both were read on 24 September 2026, so a buyer who wants the registered identity of their counterparty has to leave the site to find it.
Three register mirrors read the same day agree on the name, the CIN, the 4 February 2019 incorporation date, the ₹203.03 crore authorised and ₹175.01 crore paid-up capital, and the address. They part on three fields, and both readings are printed here. Status: two print “Active”, the third “Active Public Limited Company”. Activity: two carry the manufacture-of-wearing-apparel class — NIC 1810 and NIC 18102 — the third “G2 (Retail Trading)”. Filing history: one records a last AGM of 30 September 2023, another a latest balance sheet filed 31 March 2025, the third a last AGM of 24 August 2026 with a year ending 31 March 2026. Mirrors lag the register by different amounts and none is an audited account.
The apparel-manufacture classification is an administrative label on a register, not a statement that the company makes clothes.
The court record
One decided company-law outcome touches this entity. The National Company Law Tribunal, Court-IV, Mumbai Bench, by order dated 27 May 2025 in C.P.(CAA)/60(MB)2025, sanctioned the amalgamation of Iluminar Media Limited into Nykaa Fashion Limited, with an appointed date at “the opening business hours of 01.04.2024” or as the boards decided, the petition “allowed and disposed of”. That is where the “content platform” limb of the segment definition comes from.
Beyond it, nothing decided. Searches of an Indian case-law service on 24 September 2026 under “Nykaa Fashion”, “Nykaa Fashion Limited” and “FSN E-Commerce Ventures” turned up no decided consumer, advertising, counterfeit or product matter against the company. A search run the same day for a comparable Indian e-commerce company brought back 50 rows, so that nil is a reading of the service rather than a query that did nothing. Two Bombay High Court matters are indexed under the company’s name; neither is a decided outcome, and each is between the company and a private individual, so nothing from either is printed here.
The advertising record
A search of the advertising council’s complaint-outcome, non-contested and direct-violation registers on 24 September 2026 ran three terms. “FSN E-Commerce” brought back nothing on any of the three registers. “Nykaa Fashion” and the bare word “Nykaa” returned rows, and six of those name a Nykaa Fashion product string; they are printed below. Every one is an Instagram post by an influencer, and every one turns on whether the post carried a disclosure label. No row is about a product claim, a price, a fabric or a country of origin.
| Case | Brand string as the register names it | Outcome, in the register’s word | Updated |
|---|---|---|---|
| 2022-12-22-7-C.4847 | “Pipa Bella By Nykaa Fashion” | “Upheld” — in contravention of Chapter I of the code and the influencer guidelines; considered ex-parte | 20 July 2023 |
| 2022-12-23-7-C.4913 | “Pipa Bella By Nykaa Fashion” | “Upheld”, same grounds | 20 July 2023 |
| 2022-6-1-5-C.224 | Nykaa Fashion — product “Nykaa Fashion TGIS” | “Informal Resolution”; the influencer undertook that future posts would carry a disclosure label where a material connection exists | 10 April 2023 |
| 2023-5-31-7-C.11704 | Nykaa Fashion | “Informal Resolution”; advertisement withdrawn and the disclosure label added at the recommended place | 12 October 2023 |
| 2023-7-18-7-C.14571 | Nykaa Fashion | “Informal Resolution”; advertisement modified by adding the disclosure label | 17 January 2024 |
| 2025-11-27-6-C.50604 | Nykaa Fashion | “Informal Resolution”; advertisement modified | 4 March 2026 |
The council’s three registers, read 24 September 2026. A search run the same day for a company with a known record did bring back rows, so these are readings rather than an artefact of the query. No influencer is named here.
Now the detail that matters on a page about who is answerable. The advertiser of record on all six rows is Nykaa E-Retail Limited — the group’s beauty entity — and not Nykaa Fashion Limited, the company the fashion site’s own terms name. The products are fashion products; the company answering for them on the register runs the beauty business. A reader searching the register for the bare word “Nykaa” meets 51 rows on one register and 62 on another, naming twenty-three different companies whose advertisements merely mention the retailer, and those rows belong to those advertisers.
The limits need stating plainly. Each ruling was about one advertisement as it stood on the day it was examined, and several rows record that advertisement being modified or withdrawn then. None is a standing bar on any form of words, and nobody has ruled on how this platform advertises today. The council is a self-regulatory industry body set up by the advertising trade rather than a statutory regulator.
The own labels, and where else they turn up
Nykaa Fashion does not only host other people’s brands. Its parent’s Integrated Annual Report 2024-25 names house labels — Nykd, RSVP, Gajra Gang and KICA among them — and two others, Twenty Dresses and Pipa Bella, arrived by business transfer agreements recorded in the IPO prospectus, dated 28 February 2019 and 3 March 2021. On an own-label listing the platform is the seller, the manufacturer of record and the party making the marketplace disclaimer at once.
A reading of a competing Indian marketplace on 24 September 2026 shows how far those labels travel. The lingerie label Nykd holds 112 listings in that marketplace’s brand filter, and on all eight whose declarations were opened the seller of record is printed as “NYKAA FASHION LIMITED” — the company named in the fashion site’s terms — with country of origin “India” and a Bengaluru manufacturer address on all eight. No price level for Nykaa Fashion is taken from those listings.
The useful comparison is with retailers that own what they sell. Westside, Reliance Trends and Urbanic are audited separately here: a house-brand retailer answers for the garment, a marketplace answers for the platform and points at the seller.
Common questions
Who is the seller when I buy on Nykaa Fashion?
It changes from listing to listing, and the page tells you. On a third-party brand’s listing read on 24 September 2026 the seller was printed as “Sold By: Aditya Birla Fash N R-tcnsy053”, with “Daruna Exports” named as the manufacturer. On an own-label listing read the same day it was “Sold By: Nykaa Fashion Ltd”. The terms of use say the platform “does not own any Products” and that commercial terms are agreed between buyers and sellers, so the seller named on the page is the counterparty. Check that line before you pay.
Is Nykaa Fashion the same company as Nykaa?
They are separate companies inside one listed group. The website is run by Nykaa Fashion Limited, CIN U18102MH2019PLC320627, which the group’s FY2025-26 business-responsibility report records as a 100% direct subsidiary of FSN E-Commerce Ventures Limited. Beauty and Fashion are also separate reportable segments in the audited accounts, reviewed separately by the chief operating decision maker. A third entity, Nykaa E-Retail Limited, is the advertiser named on the council’s register rows discussed above.
How long do I have to return something, and when do I get the money?
Seven days. The policy read on 24 September 2026 says the request goes in “within 7 days of delivery”, with the goods “unused, unworn, unwashed, undamaged” and tags intact. On a cancellation the refund is processed “within 3 business days”. On a return the policy says only that the money comes back “after the product has been picked up by our courier partner” — no number of days is given. Made-to-order items and international orders are excluded from returns entirely.
Does Nykaa Fashion guarantee the products are authentic?
On its own site, one sentence says so — and the terms of use disclaim it. The sentence is on the Quality Checking Products page: “With Nykaa Fashion, you can be assured that the product you get is genuine.” The same site’s terms of use state that it makes no representation or warranty as to quality, saleability or legal title, and that it is “in no manner responsible for any manufactural defects”. The separate “100% Authentic” seal with brand certificates is published on nykaa.com, the group’s beauty site, and covers what is sold there.
How big is the fashion business?
The Fashion segment reported revenue of ₹832.16 crore for the year ended 31 March 2026, up from ₹674.69 crore, with a segment result of ₹(75.37) crore, in the audited consolidated segment table from the board meeting of 21 May 2026. That segment also contains fashion retail, the fashion owned brands, the content platform and the Nykaa Man lifestyle business, so it is wider than the website. Gross merchandise value for Fashion was ₹4,954 crore for FY2026 — a measure of goods transacted, not of what the group books as revenue.
References
- Nykaa Fashion’s Terms & Conditions and its Privacy Policy — the entity name and registered office, the “does not own any Products” wording, the buyer-and-seller clause, the quality and defects disclaimers, the grievance officer block by designation, and the absence of a CIN on either page, all read 24 September 2026
- The Shipping & Return Policy — the seven-day window, the condition of goods, the made-to-order and international exclusions, the 24-hour cancellation rule, the three-business-day cancellation refund, the pickup-linked returns refund, the ₹29 platform fee and the delivery charges, read 24 September 2026
- The “Quality Checking Products” page — the single published assurance sentence and the five-step flow including the quality centre, read 24 September 2026
- The third-party product listing and the own-label listing — every field in the seller table, both read 24 September 2026
- Outcome of the board meeting of 21 May 2026, with the audited consolidated segment table — the segment definition quoted, the Fashion revenue of ₹832.16 crore against ₹674.69 crore and the segment result of ₹(75.37) crore
- The press release on the results for the year ended 31 March 2026 and the Q4 FY2026 investor presentation — the Fashion GMV of ₹4,954 crore and the net sales value of ₹1,447 crore, both labelled as what they are
- Integrated Annual Report FY2025-26 and the platform’s own About Us page — the “~5,700 Fashion brands” and 250K+ styles figures against the site’s own “1,500+ brands and over 1.8 million products”, both read 24 September 2026
- BRSR FY2025-26 — Nykaa Fashion Limited recorded as “Direct Subsidiary” at “100.00%” — and the quarterly revenue update filed on NSE on 6 April 2026 carrying the parent’s CIN, registered office, symbol and scrip code
- The notice of the secured creditors’ meeting dated 5 February 2025 — the CIN U18102MH2019PLC320627 and the former name, printed by the company itself
- The NCLT Mumbai order of 27 May 2025 sanctioning the amalgamation of Iluminar Media Limited into Nykaa Fashion Limited, with the scheme annexed to it
- A companies-register mirror, a second and a third — the status wordings, the two activity codes against the third mirror’s retail-trading code, the capital, the incorporation date and the three different filing histories, all read 24 September 2026
- Integrated Annual Report 2024-25 and the FSN E-Commerce Ventures prospectus — the house labels and the dated business transfer agreements behind two of them, with the Integrated Report 2022-23 for the 2018 launch
- The advertising council’s complaint-outcome, non-contested and direct-violation registers, read 24 September 2026 — the six rows in the table, their case references, outcomes and update dates, the advertiser of record on each, and the search run the same day for a company with a known record
- The case-law search on “Nykaa Fashion”, with the search on the full entity name, the search on the parent and the search run the same day on a comparable Indian e-commerce company, which brought back 50 rows, all 24 September 2026
- A reading of a competing Indian marketplace on 24 September 2026 — the 112 Nykd listings in its brand filter, and the eight whose declarations name “NYKAA FASHION LIMITED” as seller of record with an India origin and a Bengaluru manufacturer address
Nykaa Fashion publishes a good deal. The seller is named on the listing, the manufacturer and country of origin are printed, the tax wording is there, a segment number sits in audited accounts anyone can download, and the company behind the site is a wholly owned subsidiary of a listed filer with an address you can write to. A shopper who reads the page before paying can tell who is on the other side of the deal.
What it does not do is make this easy. Three company names attach to one purchase, and the one answering for the fashion advertisements on the council’s register is not on the website at all. The registered identity of the company you contract with is absent from the terms of use and the privacy policy. The refund promise carries a number on a cancellation and none on a return. And the line saying a product is genuine sits on one page while the terms disclaim any warranty of quality, saleability or legal title on another.
Shop it like the marketplace it says it is: read the “Sold By” line, keep the tags on, raise anything wrong inside seven days, and remember that on a third-party listing your seller is not the name on the door.
