Steadview Capital invests Rs 67 crore in Nykaa

By

Maverick Martins

Published
May 12, 2020

India’s leading beauty retailer Nykaa has raised an additional amount of Rs 67 crore ($8.8 million) from Steadview Capital amid on the ongoing lockdown in the country. The latest investment takes Steadview Capital’s stake in the beauty retailer to three percent.
 

The latest capital infusion follows the Rs 100 crore Steadview Capital invested in the Mumbai-headquartered Nykaa in April. The latest funding round has increased Nykaa’s valuation to around $1.2 billion. It was valued at $750 million last year.
 
Nykaa is expected to utilise the funds to revive its business once the lockdown is lifted. The company has currently suspended its e-commerce operations and shut down its retail stores, offices, and warehouses amid the coronavirus pandemic.

“We deeply value the trust and support of our investors, customers, and brand partners who have been instrumental to our success. During 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,” Falguni Nayar, founder and CEO of Nykaa, had said in a statement in April.
 
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.