• IPO valuation rationale: The company justified its premium pricing by highlighting a five-year CAGR exceeding 60% and rapid execution since acquiring the platform in February 2018.
• Omnichannel store economics: Around ₹360 crore of IPO proceeds is allocated to experience centre leases and marketing, leveraging retail store formats where average order value in India reached ₹90,000 compared to ₹38,000 online.
• Portfolio consolidation strategy: Management eliminated long-tail supply and demand by reducing listed brands from 1,900 to 1,100 and cutting marketing spend from 54 to 30, which helped lift overall average order value from ₹40,000 in FY23 to over ₹75,000 in FY26.
• Store expansion performance: Four major experience centres in locations including Mumbai, South Extension, and New York are entering their first full year of operations, with Mumbai revenue already expanding from approximately ₹120 crore in FY25 to ₹205 crore following the Kala Ghoda opening.