TPG Growth invests in beauty merchandise e-tailer Nykaa
Beauty e-tailer Nykaa has raised Rs one hundred crores ($14.Four million) in a clean round of funding from US-based private equity firm TPG Growth.
Nykaa will use the money mainly to introduce more celebrated splendor manufacturers, enlarge its physical retail shops across the united states and build its e-commerce enterprise on the website and app, an organization statement said.
The company lately launched Nykaa Man, its men’s grooming enterprise, and Nykaa Pro, a portal for professional beauty purchasers. It is likewise increasing into the style of business and has installed with a new internet site and app providing over 150 manufacturers.
“As we look for new methods to serve our clients thru initiatives like physical retail, Nykaa Man and Nykaa Fashion, our increase momentum will hold to stay sturdy in the coming years,” stated Falguni Nayar, founder and leader of government at Nykaa.Com.
Run via FSN E-Commerce Ventures Pvt. Ltd, Nykaa became based in 2012 by way of investment-banker-became entrepreneur Nayar, who changed into a former coping with a director at Kotak Mahindra Capital. The online marketplace sells products across categories ranging from skincare, hair care, fragrances, bath and frame, and comfort products for each male and females.
“With its omnichannel presence, one of a kind brand partnerships, high consumer engagement, and nicely-curated product strains, Nykaa has emerged as a disruptive force within the Indian splendor landscape in India,” said Akshay Tanna on behalf of TPG Growth.
Financial services company Avendus Capital became the adviser to Nykaa at the transaction.
For the economic 12 months 2017-18, the splendor e-tailer suggested net revenue of Rs 570 crore compared to Rs 214 crore inside the preceding financial. It did no longer disclose income and loss figures however claims that it’ll turn worthwhile in the current monetary 12 months.
Since 2015, the company has been operating on an omnichannel version and presently has 17 stores across the united states of America in two formats — Nykaa Luxe and Nykaa On Trend. The organization also gives its in-house beauty products.
Nykaa has been increasing its offline presence within the united states, and its goals are to open 55 stores by March next yr. It claims to offer over 850 brands and 100,000 merchandise.