Ravi Mehta, Founder and CIO of Steadview Capital, said:
“We are excited to deepen our partnership with Nykaa. Nykaa has transformed the beauty industry in India and has established a very strong brand. We believe the company is poised for a strong growth trajectory in the years to come. The company’s focus on customer service and capital efficiency stands out in the Indian ecommerce space.”
Last year, Nykaa had raised Rs 100 crore from Singapore-based TPG Growth IV SF. This was soon after it had acquired fashion styling and ecommerce platform 20Dresses. Prior to that, in September 2018, Nykaa had raised Rs 113 crore from Lighthouse India Fund III, an affiliate of Lighthouse Advisors, and another Rs 160 crore through primary and secondary shares sale.
Falguni Nayar, Founder & CEO of Nykaa said in a release:
“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.”
Since its launch by Falguni (former Managing Director at Kotak Mahindra Capital) in 2012, 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. In December last year, Nykaa reported that it had recovered from its losses, making a profit of Rs 2.32 crore.
According to reports, Nykaa has currently suspended all operations and has temporarily shut down its retail stores, corporate offices and warehouses to prevent the spread of coronavirus.