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Hero MotoCorp MD Sunil Munjal And Others Invest $12 Mn In Online Beauty Store Nykaa

Hero MotoCorp MD Sunil Munjal And Others Invest $12 Mn In Online Beauty Store Nykaa

Online cosmetic and wellness retailer Nykaa has raised about $12 Mn (INR 82 Cr) in a fresh round of fundraising led by Hero MotoCorp MD Sunil Munjal and the Mariwala family (Marico).

A few existing investors also participated in this fourth round of fundraising, sources with direct knowledge of the matter told ET. The funding will be announced later this week.

Nykaa was started in 2012 by Falguni Nayar, former MD at Kotak Mahindra Capital investment banking, with her husband Sanjay Nayar, CEO at KKR India. It has over 400 curated brands and 35,000 products. It offers a comprehensive selection of makeup, skincare, hair care, fragrances, bath and body, luxury and wellness products for women and men.

As per sources close to the development, the funds will be utilised for expansion on operations and to add more brands under the label. Nykaa is also planning to open more retail stores apart from its core online market strategy.

Prior to this in October 2015, it raised around $9.5 Mn funding from various investors that included the family offices of Marico Industries Chairman, Harsh Mariwala, Atul Nishar (Hexaware Technologies founder and Chairman), Dalip Pathak (former India and Europe head of Warburg Pincus), and Michael Carlos (ex- president of Swiss fragrance maker Givaudan).

Earlier in June 2016, Nykaa tied up with spa and salon services in Mumbai, Pune and Bangalore, and plans to feature cosmetology and wellness packages, along with launching costume jewellery and fitness wear.

In India, Nykaa competes directly with and larger ecommerce players like Amazon, Flipkart, Snapdeal, Grofers etc.