“We don’t track Nykaa Fashion, just its beauty vertical,” said an executive at the e-commerce major Myntra.

On his screen was an excel sheet detailing the gross merchandise value (GMV) of competitors that Myntra actively keeps an eye on, including Flipkart Fashion, Amazon Fashion, Reliance Retail’s Ajio, and Meesho. Former Myntra CEO Nandita Sinha would also refer to this list during business meetings. 

Nykaa Fashion’s name, though, was conspicuously absent. To find it, you’d have to use the drop-down menu, select “others”, and then tap on Nykaa to see its numbers. This tells you all........

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