BENGALURU: Nykaa, the Falguni Nayar-founded online cosmetics and fashion retailer which is going public, said it has seen a gradual improvement in its gross merchandise value (GMV) since the pandemic began last year as more people shifted online to buy its products. The company, backed by investors such as TPG Growth Lighthouse Ventures and JM Financial, reported a GMV of $199 million in the first quarter of this fiscal, more than triple the $59 million recorded in the same period last year. GMV in e-commerce means the value of total goods sold on a platform, including discounts but excluding returns. The consolidated GMV covers the company’s beauty, personal care business and fashion vertical. “We quickly pivoted during the pandemic with the help of smart and agile tech and AI-led curated content and filtered as per customer needs and which zone they were coming from,” CEO Nayar said. A significant portion of the company’s sales are from tier-2 and -3 towns. While 95% of the total sales are online, the rest is from the 80 stores across the country. That is expected to go up to 15% as its stores and footfalls go up along with the pandemic receding. It had 7.1 million transacting customers till August this fiscal, up from 5.6 million in the whole of last year. Nykaa, one of the few profitable new age companies to get listed, is looking to raise about Rs 630 crore by issuing fresh shares and the rest through an offer for sale.