[Funding alert] Nykaa raises Rs 67 Cr from Steadview Capital
Online beauty turned omni-channel lifestyle retailer Nykaa has raised Rs 66.64 crore from its existing primary investor Steadview Capital. According to the filings with the Registrar of Companies, as accessed by YourStory, Steadview invested in an equity round, and has been allotted 1,09,986 Rs 10 shares, at a premium of Rs 6,049.
Reportedly, with this round of investment, Nykaa is valued at $1.2 billion, thus, entering the startup unicorn club (companies that are valued at $1 billion or above). YourStory approached Nykaa for a statement, but was yet to hear back from the company at the time of publication.
Earlier, on March 31, Nykaa had announced that it raised Rs 100 crore form Steadview. This came after it had raised an additional Rs 100 crore from Singapore-based TPG Growth IV SF. Prior to that, Nykaa had acquired fashion styling and ecommerce platform 20Dresses, and raised Rs 113 crore from Lighthouse India Fund III, and another Rs 160 crore through primary and secondary share sales.
Since its launch in 2012 by Falguni Nayar (former Managing Director at 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. In December last year, Nykaa reported that it had recovered from its losses, making a profit of Rs 2.32 crore. Nykaa has also grown its physical store presence in the country, with around 55 stores that house luxury brands like Tom Ford, Dior, Jo Malone London, and Givenchy.
Earlier this month, Nykaa issued a statement announcing that it has pivoted its product offering to focus on essential personal care and hygiene products during the lockdown. Following the implementation of the lockdown towards the end of March, Nykaa started delivering essentials to over 14,000 pin-codes across the country.
Edited by Megha Reddy