Nykaa plans continued retail expansion as valuation nears $1 billion

By

Isabelle Crossley

Published
Apr 1, 2019

Nykaa’s valuation has edged significantly nearer to the $1 billion (Rs 6,652.75 crore) mark following a recent investment from TPG Growth. The beauty retailer plans to reach a total of 90 brick-and-mortar stores in 2020 and just opened one in Mumbai.

Nykaa recently finalised a $15 million investment from the private equity firm TPG Growth and this has brought its valuation up to $724 million, TNN reported after sourcing regulatory documents from Paper.vc. This investment is part of an ongoing funding round which could end with a total investment of between $30 million and $40 million and may also include a share sale. 

The business plans to reach a total of 90 offline stores for its Nykaa Luxe and Nykaa On Trend stores by 2020. The recent investments will be used towards this end as the business continues its omni-channel expansion strategy.

Nykaa opened its most recent store on March 29 inside Mumbai’s Inorbit Mall. The Nykaa On Trend store features brands including Huda Beauty, Maybelline, and Milani Cosmetics as well as Nykaa’s own private label offerings. The bright-white store has dedicated sections for each brand as well as a K-Beauty for Korean products.