Nykaa, the skincare, haircare, and cosmetics retailer, which never fails to give glowing skin to you, comes around the time where the brand has almost ground to a halt, because of the spread of the COVID-19 pandemic across the globe.
Nykaa is one of a kind beauty and cosmetic chain that sells various products through the Nykaa online shopping platform and the offline retail stores.
Nykaa one of the most celebrated online shopping websites where people shop for skincare and hair care products has raised INR 100 Crore in the latest funding from existing investor Steadview Capital. Because of the spread of the pandemic COVID-19 across the globe, the latest round comes at a moment when risk capital investment activity has ground to a halt. This factor has further turned e-commerce companies like Nykaa to conserve cash. This is great news for the skincare, hair care and beauty product lovers who look for glowing skin!
Before this round, Nykaa had raised a shade over INR 352 crore from a group of investors, an investor list that includes, Lighthouse Funds, KKR India, JM Financial and Max Ventures and Industries and others.
Nykaa online shopping website and offline retail shops for skincare, haircare, and cosmetics was founded in 2012 by a former merchant banker Falguni Nayar. Over the last twelve to eighteen months the brand Nykaa has gained a huge audience and is being referred to as the Sephora of India. Nykaa online and offline shopping has been expanding into various new categories, such as the men’s grooming segment, as well as launching Nykaa Pro, along with online business it is expanding its offline retail presence as well.
According to a speculated data, for the financial year ended March 31, 2019, the company’s total revenue accounted INR 1,228.8 crore. The post-tax loss of the brand accounted for INR 21.08 crore by the end of March 31, 2019.
Ravi Mehta, the founder of Steadview Capital, stated,” Nykaa has transformed the beauty industry in India and has established a very strong brand. We believe Nykaa is poised for a strong growth trajectory in the years to come. The company’s values about customer service and capital efficiency stand out in the Indian e-commerce space.”
Falguni Nayar, Founder, and CEO of Nykaa skincare, hair care, and cosmetic retailer, about the infusion and investment, stated, "We deeply value the trust and support of our investors, customers and brand partners who have been instrumental to our success. In the middle of this pandemic COVID-19, we are working to ensure all our stakeholders are well served and that Nykaa emerges as a leading retail player in the industry.”