Nykaa, a Mumbai-based Online beauty retailer platform has raised $11 million (Rs 75 Crore) fresh funding which was led by their existing group of investors that includes family offices of Hero Group’s Sunil Munjal and consumer goods maker Marico’s Harsh Mariwala, and Dalip Pathak, a special limited partner at private equity firm Warburg Pincus.
The fresh funding round was a continuation of their $25.67 Mn (INR 170 Cr) funding round. The fresh funding takes to the valuation of the company to a soaring amount of $453 Mn (INR 3,000 Cr). The total raised money by the firm now stands at about Rs 255 crore.
Falguni Nayar had founded the firm in 2012 and she now expects the company to turn profitable in the financial year 2019. Nayar while speaking to Economic Times said that the firm will continue to raise a small amount of funding going forward. The firm also has been expanding their offline market aggressively.
“We are already Ebitda-breakeven and we intend to be profitable by FY19 at a company level,” Falguni Nayar told ET. “If all goes well for Nykaa, we may need to raise only a small amount of capital in future because from here on, we only need money to fund our working capital growth,” said Nayar.
“We first started working on distribution for our private labels last year and this year we are investing to build that out. We are selling our private labels through physical retail distribution and it is present across 800 stores,” said Nayar while telling where they will use the fresh capital.
As per the reports, TVS Capital Funds, which invested in Nykaa in 2015 sold their stakes in the company post the fresh funding round.
Image Courtesy : Nykaa,Iamwire