Nayar is a former investment banker and used to specialise in IPOs.
The company, which at present has 22 outlets across the country, is looking at opening 180-200 Nykaa stores in the next 4-5 years.
"We have a want and dominant footprint to be relevant in the beauty and makeup space. We have set a target of growing by 100 per cent our revenue to about Rs 11 billion in the current financial year," she said.
Nykaa reported a revenue of Rs 5.7 billion in 2017-18.
At present, physical stores contribute under 10 per cent to the online beauty retailer's revenue.
When asked if the company is looking raising funds to support its expansion plans, Nayar said, "We may look at raising funds. But it will not be a lot."
Nykaa said the company is looking at bringing in about 20 brands this year. The company at present sells over 850 brands across makeup, skincare, hair care and wellness categories.