Nykaa has entered the unicorn club with its fresh Rs 100 crore ($13 million) funding from existing backer Steadview Capital. The latest investment values the Mumbai-based beauty retailer at an estimated $1.2 billion. The recent investment takes Nykaa’s total fund tally to over $100 million.
Nykaa’s revenue from operations increased to Rs 1,159.32 crore in the year to March 2019 from Rs 555.10 crore in FY18. The company turned profitable in FY19, posting net profits of Rs 2.3 crore. In FY18, the firm had recorded net losses of Rs 17.70 crore, according to the company’s RoC filings sourced from business intelligence platform Tofler.
“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 Nykaa founder & CEO Falguni Nayar in a statement. The company did not elaborate on the areas where it plans to allocate the funds.
Nykaa had last raised about Rs 100 crore from Singapore-based TPG Growth in April 2019 at a valuation of $724 million. Launched in 2012, the omni-channel retailer has a portfolio of over 3 lakh products and partnership with more than 1,500 brands. Nykaa, which also has a sizeable inventory of its in-house brands, currently has 68 stores across the country. In 2018, Nykaa forayed into the fashion segment with Nykaa Fashion, an online platform of over 450 local and international brands across high street, designer labels and accessories.
Nykaa’s earlier backers include Sunil Kant Munjal, TVS Shriram Growth Fund and a host of small angel investors such as corporate lawyer Zia Mody.