Nykaa raises Rs 100 crore from Steadview Capital

By

Maverick Martins

Published
Apr 2, 2020

Beauty and fashion retailer Nykaa has raised Rs 100 crore ($14.4 million) from existing investor Steadview Capital, a UK-based hedge fund. Avendus Capital was the financial adviser to the deal.
 

The latest fundraiser has increased Nykaa’s valuation to around $1.2 billion. It was valued at $750 million last year.
 
Commenting on the funding, Falguni Nayar, founder and CEO of Nykaa in a statement said: “We deeply value the trust and support of our investors, customers and brand partners who have been instrumental to our success. In the midst of this unprecedented global crisis we are working to ensure all our stakeholders are well served and that Nykaa emerges as a leading retail player in the industry.”

Ravi Mehta, founder of Steadview Capital added: “Nykaa has transformed the beauty industry in India and has established a very strong brand. We believe the company is poised for a strong growth trajectory in the years to come.”
 
Nykaa was founded by Falguni Nayar in 2012 and has become one of India’s largest beauty retailers and the business also runs a dedicated fashion e-commerce site.
 
Nykaa has currently suspended its e-commerce operations and shut down its retail stores, offices, and warehouses amid the coronavirus pandemic.