#### **Overview** Kaya Limited is India’s leading dermatology-led aesthetic healthcare provider, with a strong two-decade legacy since its founding in 2003 by Harsh Mariwala. Operating under a unique model that blends **medical expertise, retail innovation, and hospitality-driven customer experience**, Kaya has established itself as a category-defining brand in the organized aesthetic dermatology sector. The company serves **over 3 million clients** across India through a nationwide network of **82 clinics**, staffed by **over 100 dermatologists** and supported by a team of trained beauty professionals. Kaya offers **600+ clinical service lines** and markets **75+ dermatologist-developed skincare, haircare, body care, and nutraceutical products** under the “Dermat Curated” philosophy. Following a strategic refocus in 2024, Kaya has exited its Middle East operations (GCC entities), divesting Kaya DMCC and FZE to **Humania GCC Holding Limited**, to concentrate exclusively on accelerating growth in the high-potential Indian market. --- #### **Core Business Segments** Kaya’s business model is built around three integrated pillars: 1. **Clinical Services (86% of revenue in FY25):** Delivering science-backed, dermatologist-guided treatments for skin, hair, and body concerns. 2. **Retail Products (14% of revenue in FY25):** Featuring in-house R&D-developed formulations sold via clinics, e-commerce, and FMCG partnerships. 3. **Digital & Technology Platforms:** Driving personalization, access, and engagement through AI, automation, and omnichannel integration. --- #### **Key Service Offerings** Kaya’s clinical portfolio targets high-demand aesthetic segments with medical precision: - **Laser Hair Reduction (LHR):** A **key customer acquisition driver**, especially among men and women seeking long-term, non-invasive solutions. Uses FDA-approved **Alma Soprano Titanium** technology. - **Anti-Ageing:** Comprehensive treatments including **Botox, fillers, HIFU, Profhilo, Dermafrac, Thermage FLX**, and chemical peels. - **Pigmentation & Brightening:** Advanced, low-downtime therapies using **Q-Switch lasers, tailored chemical peels**, and post-care regimens. - **Hair Regeneration:** Root-cause focused solutions like **PRP, GFC-PRP, Derma Roller, Nutri Infusions, and Regenera**, supported by scalp diagnostics. - **Body Contouring & Sculpting:** In-demand services using **CoolSculpting, CM Slim, Venus Legacy, cryolipolysis, radiofrequency lipolysis**, and muscle stimulation technologies. Projected to grow at **14.9% CAGR (FY25–FY29)**. - **Wellness & Inner Beauty:** **IV drip infusions (glutathione, vitamins), nutraceuticals (collagen peptides, hair & skin supplements)**. --- #### **Product Portfolio and Innovation** - **75+ dermatologist-developed SKUs** across skin, hair, and body care, including shampoos, serums, masques, oils, and lotions. - **Nutraceuticals launched in FY25**, contributing **~5% of clinic collections**. Glutathione-based products account for **46% of the nutraceutical line**. - Strategic **collaboration with Marico Limited** to expand retail footprint: Marico handles **marketing and distribution** of Kaya products across omni-channel platforms (Nykaa, Amazon, Flipkart, Blinkit, etc.), creating a **royalty-based income stream**. - Product revenue from clinics stood at **₹2,887 lakh in FY25**, up from ₹2,746 lakh in FY24. --- #### **Geographic Presence & Expansion Strategy** - **82 clinics across India (as of Nov 2025)**, with recent launches in **Chennai, Pune, Ludhiana**, expanding to five clinics each in major metros. - New clinic openings in **high-potential Tier 2 and Tier 3 cities** to capture underserved markets. - All new and upgraded clinics feature **modern luxury designs**, **"body boutiques"**, and **immersive treatment suites** to reinforce **premium positioning**. - **Exited Middle East market** (UAE, Oman, KSA) due to **persistent losses and geopolitical volatility**, allowing capital reallocation to India. --- #### **Technology and Digital Transformation** Kaya is a pioneer in leveraging technology to enhance clinical outcomes and customer experience: - **Klear AI:** Proprietary AI-powered app trained on **thousands of Indian skin images** for faster, accurate diagnostics (ageing, acne, scars, pigmentation). Used for self-assessment and dermatologist support. - **Kaya Doctor AI App:** Enables **predictive outcome modeling, personalized treatment planning**, and enhances consultation efficiency. - **Omnichannel Platform:** - D2C site **shop.kaya.in** with AI-driven recommendations. - Clinic-facilitated fulfillment for same-day delivery. - Integration with e-commerce (Amazon, Nykaa, Blinkit, Myntra). - **Marketing Automation:** - **24/7 WhatsApp and web chatbots** for appointment booking, reminders, and queries. - Automated nudges and CRM systems boosted **conversion, retention, and customer satisfaction**. - **Internal Systems:** Powered by **Microsoft Dynamics 365 and Power BI** for data-driven decision-making and operational efficiency. --- #### **Marketing & Customer Engagement** - **Kaya Smiles Loyalty Program:** Drives **over 90% of Indian clinic collections**, with **tiered benefits** and **experiential rewards**. Evolving from transactional to **relationship-led engagement**. - **Digital-First Strategy:** - Leverages **influencer marketing, educational content, skinfluencer dermatologists**, and **Gen Z-focused campaigns**. - Focus on **outcome-based storytelling** and social media engagement (Instagram, Facebook, YouTube). - **7% of revenue** allocated to marketing, emphasizing **digital, hyperlocal activations, and brand storytelling**. - **AI and automation** contributed to incremental revenue, especially in **Acne and Brightening segments** (up to **26% increase**). --- #### **Market Position & Competitive Landscape** **Strengths:** - Market leader in **LHR, anti-ageing, and pigmentation**. - Nation’s **largest chain** of dermatologist-led aesthetic clinics. - Strong **brand trust, scientific rigor, and medical integrity**. - Early mover in **AI-enabled dermatology** and **digital diagnostics**. **Challenges:** - **High fixed costs** from physical clinic infrastructure. - **Intense competition** from digital-first D2C brands and freelance dermatologists. - **Scalability limitations** in a teledermatology-growing market. - **Talent scarcity** in qualified dermatologists. **Competitive Threats:** - **At-home laser devices**, virtual consultations, and subscription-based models. - Private equity-backed skincare startups with aggressive digital go-to-market. --- #### **Strategic Priorities (FY26 and Beyond)** 1. **Accelerate India-Focused Growth:** Expand clinic network into **Tier 2/3 cities**. 2. **Enhance Body & Hair Verticals:** Position Kaya as a **360° skin, hair, and body leader**. 3. **Deepen Digital Integration:** Scale **AI tools**, upgrade D2C capabilities, and strengthen **data-led operations**. 4. **Optimize Clinics:** Renovate, relocate underperforming units, and deploy **next-generation tech**. 5. **Return to Profitability:** Achieve **operating leverage** through **scale, technology, and efficient operations**. --- #### **Financial Highlights** - **FY24 Collections:** INR **250.2 crore** (up 7% YoY from ₹234.6 crore). - **Product Contribution:** 14% of total clinic collections. - **LHR Services:** Account for **~29.9% of Indian clinic revenue**. - **Body Contouring Segment:** Growing at **77% YoY (Q4 FY23)**.