Mumbai based online beauty and fashion retailer Nykaa has bagged Rs 100 crore in a fresh round of funding. The investment comes on the back of another Rs 100 crore investment which the firm had raised last year from TPG Growth. The current financing is coming from existing investor Steadview Capital. Notably, the firm has suspended operations across the country amid the COVID-19 pandemic which is spreading its legs in the country rapidly.
The other backers of the firm include names like Sharp Ventures, Lighthouse Funds, TVS Capital Funds, Harsh Mariwala, Sunil Kant Munjal, Dalip Pathak, Sunil Munjal, and others. Falguni Nayar had founded the firm in 2012 as an eCommerce platform for different beauty and wellness products for men and women.
Nayar talking about the financing said that “We are very grateful to achieve this significant milestone. We deeply value the trust and support of our investors, customers and brand partners who have been instrumental to our success. In the midst of this unprecedented global crisis we are working to ensure all our stakeholders are well served and that Nykaa emerges as a leading retail player in the industry.”
Steadview Capital founder and CIO Ravi Mehta commenting on the funding said, “We are excited to deepen our partnership with Nykaa. Nykaa has transformed the beauty industry in India and has established a very strong brand. We believe the company is poised for a strong growth trajectory in the years to come. The company’s focus on customer service and capital efficiency stands out in the Indian eCommerce space."
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