Nykaa raises Rs 165 cr in fresh funds

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New Delhi | Published: May 15, 2018 3:02:40 AM

Beauty retailer Nykaa on Monday raised fresh funds of Rs 165 crore ($24.45 million) as part of series D round. The investment includes both primary funding and secondary exit of some early-stage investors.

nykaa, online shopping, beauty products, fragnances,The e-commerce company said that the investment will help to further grow the business, including expansion of retail outlets.

Beauty retailer Nykaa on Monday raised fresh funds of Rs 165 crore ($24.45 million) as part of series D round. The investment includes both primary funding and secondary exit of some early-stage investors.

The early-stage investors, including Sunil Kant Munjal, chairman, Hero Corporate Service, Family offices of Harsh Mariwala and Dalip Pathak, are some of the investors who have put in funds in this round.

“We have recently launched Nykaa Network to further build a consumer-centric business. We offer the best assortment and information needed to make the right choice. Through efficient technology and logistics, along with our omni-channel model we make sure we deliver the best shopping experience to every customer,” Falguni Nayar, founder and CEO, Nykaa.comm, said.

In April, the online beauty retailer had raised Rs 75 crore (above $11 million). With the current round, the total capital raised by the firm stands at about Rs 250 crore.

The e-commerce company said that the investment will help to further grow the business, including expansion of retail outlets. Nykaa forayed into offline retail in 2015 and currently operates 17 stores under two separate formats — Nykaa Luxe and Nykaa On Trend. The On Trend stores offers bestselling products while the Luxe format focuses on premium beauty brands.

The e-tailer recently opened its flagship Nykaa Luxe store of 2,500 sq ft at DLF Chanakyapuri, New Delhi, featuring over 50 luxury beauty brands. It aims to opens 55 stores by March 2019. It also sells beauty products under its own label — Nykaa. It at present has over 400 stock-keeping-units (SKUs) across cosmetics, naturals, bath and body and fragrances.

According to Nykaa, it posted a 166% growth in net revenue to Rs 570 crore in FY18 from Rs 214 crore for FY17. The e-tailer said it expects to turn profitable in FY19.

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