Beauty startup Nykaa seeks $4 billion valuation in IPO, says report

India’s Nykaa is preparing to file for an initial public offering that could value the startup at more than $4 billion, according to people familiar with the matter, another sign of the growing interest in India’s technology sector.

The country’s top e-commerce company for beauty, founded by Falguni Nayar, is aiming to file its draft red herring prospectus, or DRHP, within the next few days, said the people, asking not to be named because the matter is private. It plans to sell just more than 10% of the equity, one of the people said, which could raise $400 million or more.

India’s technology industry has turned white hot this year, with startups raising record amounts of venture capital and a flurry of initial public offerings.