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.
According to an organization statement, 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.
The company recently launched Nykaa Man, its men’s grooming enterprise, and Nykaa Pro, a portal for professional beauty purchasers. It is likewise expanding into the business and has installed a new website and app providing over 150 manufacturers.
“As we look for new methods to serve our clients through initiatives like physical retail, Nykaa Man, and Nykaa Fashion, our increased 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 was based in 2012 by investment-banker-became entrepreneur Nayar, who became a former coping 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 female.
“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 Nykaa’s adviser during the transaction.
Nykaa
For the economic year 2017-18, the Splendor e-tailer suggested a net revenue of Rs 570 crore, compared to Rs 214 crore in the preceding financial year. It no longer discloses income and loss figures but claims it’ll turn profitable in the current financial year.
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 offers its own beauty products.
Nykaa has been increasing its offline presence in the United States. Its goal is to open 55 stores by March next year. It claims to offer over 850 brands and 100,000 merchandise.
