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Online beauty turned omni-channel lifestyle retailer Nykaa has raised Rs 100 crore from its existing primary investor Steadview Capital. With this fund raise, Nykaa’s valuation is pegged at around $1.2 billion.
Last year, Nykaa raised ₹100 crore from Singapore-based investment firm TPG Growth at a valuation of $724 million in March 2019 which set it on track to join the Unicorn club of private companies that are valued at over $1 billion. Later that year, Nykaa raised another $30 million from Steadview Capital through a secondary share sale.
“We are very grateful to achieve this significant milestone. We deeply value the trust and support of our investors, customers and brand partners who have been instrumental to our success. In the midst of this unprecedented global crisis we are working to ensure all our stakeholders are well served and that Nykaa emerges as a leading retail player in the industry.” said Falguni Nayar, founder and CEO of Nykaa.
Since its launch as an online beauty store in 2012 by Falguni Nayar, former MD of Kotak Mahindra Capital, Nykaa has been instrumental in shaping the beauty and lifestyle industry in India through its omni-channel reach and curated product offering. The platform follows an inventory-led model, and has its own private label in cosmetics and personal care segment.
The brand has served millions of customers across India, both online and via its 65 stores across the country. Nykaa took the omnichannel route in 2015 with the opening of offline stores.
This comes when the Mumbai-based cosmetic retailer scaled down operations, focussing only on daily essentials, amid countrywide lockdown on account of the Covid-19 outbreak.
In the financial year ending on March 31, 2019, Nykaa reported a profit of Rs 2.31 crore and registered a 108% growth in operating revenue to Rs 1,159.32 crore. The startup also reported a significant growth in expenses to Rs 1,157.85 crore in FY19 from Rs 579.39 crore in FY18.
As per Owler, Top competitor of Nykaa Includes :