Nykaa.com raises $3.4 million for expansion, to open first store at T3 New Delhi Airport
Mumbai based Nykaa.com is the brainchild of investment banker turned entrepreneur, Falguni Nayar (Ex-Kotak Mahindra MD). The company has raised $3.4 million (INR 20 crores) through private investors including HNIs and NRIs to boost the expansion plans of the brand in the omni-channel retail space, including mobile. Nykaa.com is an e-commerce store that is focused on beauty and wellness products. The Mumbai-based venture has an expansive catalog for customers to select from a wide range of products to suit each and every concern.
With this capital, Nykaa.com aims to grow 4x this year and another 3.5x by 2016. The capital raised is primarily to support Nykaa’s approach to straddle the online and offline space in beauty and ecommerce industry. Nykaa plans to use these funds to enhance the brand’s marketing initiatives, introduce new technology and manage their extensive inventory which includes over 300 brands and 10,000 SKUs. From Dove to L'Occitane, Nykaa is a one-stop shop for beauty online. Nykaa has also tried to create an engagement platform for beauty lovers though offerings like BeautyBook-an online magazine, DIY videos on YouTube and a wide fan base on social media platforms.
Nykaa.com is also venturing into offline retailing space with their first store set to launch at the Terminal 3 – New Delhi Airport in mid-July. This store will give consumers access to the top luxury cosmetic brands along with the option of placing orders online through interactive screens and make-over tools. Falguni Nayar, CEO, Nykaa.com said, “It is very encouraging to see the belief our investors have shown in Nykaa’s business model, and have solidly supported our growth plans.. While our focus is online, Nykaa will soon be embracing multiple channels in our approach; such as desktop, mobile and brick-and-mortar. We aim to have seamless integration between these channels to cater to the young and savvy customers who demand unparalleled brand accessibility and availability." The company has an aim of becoming the number 1 e-retailer for multi-brand cosmetics.
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