Nykaa to raise Rs 125 Cr in debentures from foreign portfolio investor

Beauty and personal care marketplace Nykaa is set to raise Rs 125 crore via non-convertible debentures with a foreign portfolio investor, it said in a regulatory filing. 

Nykaa Board approved and authorised the issue of up to 12,500 redeemable, non-convertible debentures with a face value of Rs 1 lakh each to raise Rs 125 crore in dematerialised form on a private placement basis to a certain foreign portfolio investor, the company said in a notice filed with the Bombay Stock Exchange. 

However, FSN E-commerce Ventures, the parent company behind Nykaa, did not disclose the name and details of the foreign portfolio investor. 

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In its annual results, Nykaa outlined its GCC expansion plans through an investment of Rs 20 crore in FSN International. It further unveiled its plans to make additional investments of $1.9 million through its international arm in Nyssa International. 

The company also recently set up another subsidiary in Qatar, Nysaa Qatar, to bring in revenues from international markets. This unit, incorporated under Nessa International, looks to trade women’s cosmetics, toiletry and beauty and hair care products, along with perfumes and beauty soaps. 

Nykaa projected a revenue growth of around 22-23% year-on-year for the first quarter of FY25. The company also noted that its gross merchandise value growth for the period was in the mid-twenties on a YoY basis.