The company will soon have its own product lines for groceries, general merchandise, and electronics.

The ten-year-old startup has become the 20th firm to turn into a unicorn this year, and the eighth Indian B2B SaaS platform to enter the billion-dollar club.

With a record number of Indian startups becoming unicorns this year and around a dozen preparing to go public, the availability of venture capital in the market has shot through the roof.

Until now, Indian startups have not been able to make their mark in the UAE. With Gulf-based investors betting on Indian startups, that is slowly changing.

New York-headquartered Tiger Global has invested in over a dozen Indian startups and has poured in around USD 300 million in the last seven months.

With the listing, nine-year-old Nykaa—one of the very few profitable e-commerce companies—is reportedly eying a valuation of USD 4 billion.

Mobile platform also covers public services in bid to target spending.

The company plans to utilize the proceeds from the IPO to enhance awareness of its brands, expand its international businesses, and establish an offline presence.