Kolkata-based skincare brand Dot & Key clocked ₹423 Cr in operating revenue, up 113% from last year, with ₹56 Cr profit in FY25

Founded in 2018 by Anisha Agarwal Saraf and Suyash Saraf, Dot & Key started as a small, self-funded skincare brand based in Kolkata. 

The company focused on problem-based skincare rather than wide product ranges. That approach has paid off.

In FY25, Dot & Key reported ₹423.37 crore in operating revenue and ₹56.09 crore in net profit, placing it among the strongest performers in India’s beauty D2C space.

Dot & Key Founders: Anisha Agarwal Saraf & Suyash Saraf

Anisha Agarwal Saraf’s interest in beauty products began early. Her family runs Joy Cosmetics, giving her first-hand exposure to how skincare brands are built and scaled. She studied chemistry and later completed a master’s degree in food technology, which helped her understand ingredients, safety standards, and formulation basics.

Suyash Saraf brought in business and financial experience. He studied real estate finance at Indiana University and in London. At Dot & Key, he focused on operations, digital sales, and cost control. 

His thinking has always been direct. As he once said, “If you don’t make money every day, you don’t sleep at night.”

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The Dot & Key Story

Dot & Key was launched with ₹1 crore from the founders’ personal savings. The goal was to create skincare products that solved specific problems, such as acne, dryness, and sun damage, using active ingredients that were still rare in India at the time.

The early phase came with risks. Some products failed. Some users did not connect with the formulas. Packaging issues also surfaced. 

Anisha later spoke openly about those days, saying, “We had to prepare ourselves for the possibility of our products not landing, formulations failing, packages leaking.”

There was criticism from customers as well. Still, the founders kept improving products based on feedback. Anisha often referred back to advice she grew up with: “Fail fast to learn fast.”

In September 2021, Nykaa acquired a 51% stake in Dot & Key for about ₹97 crore. In September 2024, Nykaa raised its holding to nearly 90% after investing an additional ₹256–265 crore.

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Dot & Key FY25 Operating Revenue, Profit, and Cash Position

FY25 was Dot & Key’s strongest year so far. As per MCA filings, the company reported ₹423.37 crore in operating revenue, a 113% increase over FY24. 

Net profit after tax rose to ₹56.09 crore, up from ₹15.48 crore the previous year, taking the PAT margin from 7.7% to 13.3%.

Recent reports estimate FY25 EBITDA margins at around 14%, up from 8% in FY24. This implies an EBITDA of roughly ₹59–60 crore based on the revenue scale. The small difference between EBITDA and PAT reflects low interest costs and limited depreciation in Dot & Key’s largely asset-light business model.

Dot & Key Cost Structure and Unit Economics

Dot & Key has not disclosed a detailed cost breakup for FY25. However, industry patterns suggest that large skincare brands spend heavily on raw materials, marketing, logistics, and employee costs.

The sharp rise in profit points to tighter cost control and better pricing. Higher repeat purchases, improved average order value, and strong sales through Nykaa and quick commerce platforms have helped the company grow without excessive spending.

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Dot & Key Financial Comparison: FY23 vs FY24 vs FY25

In FY23, Dot & Key reported revenue of ₹57.7 crore, reflecting its early growth phase.

FY24 saw a major jump, with revenue between ₹198.82 crore and ₹200.82 crore. Net profit for the year was ₹15.48 crore, and net worth stood at ₹58.42 crore.

Dot & Key's operating revenue doubled to ₹423.37 crore in FY25 while net profit rose to ₹56.09 crore. The numbers show steady scale with improving margins.

The Road Ahead for Dot & Key

Dot & Key plans to grow 2–3 times by FY27. The company is focusing on offline retail, new product launches, and deeper reach across skincare, haircare, body care, and nutraceuticals such as IKWI.

There is no confirmed IPO timeline yet. Still, with Nykaa holding close to 90%, a public listing in the next few years remains a likely option.

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