Mumbai-based fashion and beauty ecommerce platform, Nykaa, has raised $14 Mn (INR 100 Cr.) funding from an American private equity firm TPG Growth. This new round brings the company’s total funding to $93.02 Mn till date.
Commenting on the fund, founder of Nykaa, Falguni Nayar said, “We believe TPG’s expertise will help us continue to strengthen the Nykaa playbook. As we look for new ways to serve our customers through initiatives like physical retail, Nykaa Man and Nykaa Fashion, our growth momentum will continue to remain strong in the coming years.”
Last month, there were reports that the company may raise $30 Mn (INR 213.5 Cr) from private equity firm TPG Capital.
According to a data intelligence platform paper.vc, this funding round will take Nykaa’s valuation to $724 Mn.
Earlier in September 2018, Nykaa had raised $15.72 Mn (INR 113 Cr) from consumer-focused private equity manager’s Lighthouse India Fund III.
Founded by Falguni Nayar in 2012, Nykaa is an online marketplace for beauty and wellness products. The seven year old company has grown to be EBITDA-positive in the last two quarters (Q2 and Q3). It also claims to be on track to grow 100% in revenue in FY19, potentially taking it beyond the $140 Mn (INR 1,000 Cr) revenue mark.
Another Mumbai-based online beauty products marketplace Purplle had raised $2.57 Mn(INR 17.5 Cr) from a group of investors in June 2018. While a grocery delivery startup BigBasket announced its official foray in online beauty market in January 2019.
According to RedSeer Consulting, Indian online beauty and personal care market is expected to cross $3.5 Bn by 2022 as the leading companies continue to attract major customer attention and celebrity touch to increase their offline appeal.