Mumbai-based FSN Ecommerce Ventures Pvt Ltd that runs beauty ecommerce portal Nykaa.com, has raised undisclosed amount of funding. Keeping the investors undisclosed, the company has stated the new funding round will be used by it to expand its online business and set up offline retail stores.
Launched two years back by investment-banker-turned entrepreneur Falguni Nayar and her banker husband Sanjay Nayar, Nykaa is a beauty and wellness ecommerce platform, selling branded products across wide categories including makeup, skincare, hair care, fragrances, bath and body and luxury products for both women and men. A few of the brands available on the platform include Calvin Klein, Nautica, Espirit and Jaguar etc.
Related Article: Nykaa Raises $14 Mn In Series E Funding Round Led By TPG Growth
The startup is targeting a turnover in excess of Rs 100-120 Cr over the next two years.
The duo owns 95% stake Nykaa, while employees held the remaining 5 stake. With the new round of funding, their stake will come down to 75% with 20% going to the new investors.
Nykaa competes with Purplle.com which has also raised funding round led by Blume Ventures, Mumbai Angels and Chennai Angels last year. Various others operating the same space include ThebodyShop, LadyBlush, VoiletBag etc.