The latest transaction gives FSN E-Commerce Ventures a larger holding in the clean beauty brand as it continues to expand its beauty and personal care portfolio.
FSN E-Commerce Ventures, the parent company of Nykaa, has completed the acquisition of an additional 24.2% stake in Earth Rhythm, strengthening its ownership of the beauty and personal care company. According to a recent regulatory filing, the transaction was valued at up to ₹9.4 crore. The required transaction documents have been completed, and the additional shares have been credited to Nykaa’s demat account.
The move follows a decision by Nykaa’s board in May 2026 to approve the acquisition of up to 24.2% additional equity in Earth Rhythm.
From minority investment to full ownership.
Nykaa’s association with Earth Rhythm dates back to 2022, when it acquired an initial stake of about 18.5% in the company. The investment was part of Earth Rhythm’s Series A funding round.
Nykaa subsequently increased its holding through additional primary and secondary transactions. By 2025, its stake had risen to more than 75%, making Earth Rhythm a subsidiary of the company. The latest transaction represents the final step in Nykaa’s planned increase in ownership. The development also highlights the broader trend of established consumer businesses taking larger positions in digitally native beauty brands as India’s beauty and personal care market continues to evolve.
Focus on clean beauty and personal care.
Founded by Harini Sivakumar, Earth Rhythm operates in the clean beauty segment, with products spanning skincare, haircare, makeup and bath and body care. The brand has built its business around sustainable, non-toxic formulations, selling through its own online platform, marketplaces, and newer retail channels. Its product portfolio includes newer formats such as shampoo bars and sunscreen sprays.
For Nykaa, greater ownership provides more control over the brand’s future direction while bringing Earth Rhythm further into its wider portfolio of beauty businesses. Nykaa’s investor presentation has described Earth Rhythm as a multi-category clean beauty business, with the company seeking to develop its presence across skincare, makeup, haircare and other personal care categories.
The latest acquisition therefore goes beyond a simple change in shareholding. It reflects Nykaa’s continuing strategy of bringing promising beauty brands further into its own ecosystem while participating in the growing Indian market for specialised and conscious personal care products.
