Nykaa E-Retail Pvt is planning an initial public offering as soon as this year that could value the Indian online cosmetic retailer at a minimum $3 billion, according to people familiar with the matter.

The startup founded by Falguni Nayar, a former investment banker, is working with advisers to prepare for the share sale in Mumbai, the people said. Nykaa is leaning toward a domestic listing, though an overseas share sale is also under consideration, said the people, who asked not to be named as the information is private.

Deliberations are ongoing and details of the offering including the size and timeline could change, the people said. A representative for Nykaa declined to comment.

Founded in 2012, Nykaa’s platform lists more than 1,200 brands ranging from makeup, skincare to health supplements and hair dryers, according to its website, which logs 55 million monthly visits. It has six warehouses across India and receives over 13 million orders each month.

The company was preparing for an IPO in two years, its founder and Chief Executive Officer Nayar told local news agency PTI in an interview in 2018.

Nykaa counts TPG and Indian tycoon Sunil Munjal’s family office Hero Enterprise among its backers. In November, Fidelity Management and Research Co. invested an undisclosed amount in Nykaa’s latest funding round. The startup is among companies that have benefited as Indian consumers increasingly shop online — a trend bolstered by the pandemic-led lockdown last year.

By Anto Antony and Baiju Kalesh.