Nykaa raises Rs165 crore in Series D funding
15 May 2018
Indian multi-brand beauty retailer selling cosmetic and wellness products founded by Falguni Nayar, Nykaa has raised Rs165 crore in a Series D round from existing investors, with many of the early stage investors pumping in money again, and the beauty retailer will use the proceeds to expand its retail footprint. Nykaa expects to be profitable in FY’19.
This round includes both primary investment and secondary exit of some early stage investors. Many of the early stage investors including Sunil Kant Munjal, chairman, Hero Corporate Service P Ltd, Family Offices of Harsh Mariwala and Dalip Pathak, private equity veterans have reinvested in this round, among others.
For the financial year 2017-18, Nykaa reported a net revenue of Rs570 crore as compared to Rs214 crore for FY 2016-17. Nykaa is continuing to see strong year on year growth and is expected to be profitable in FY’19, the company said in a release.
“The focus of Nykaa has always been customer centricity resting on curation, content and convenience. Advice, education and conversations with our customers are key elements of Nykaa’s philosophy and we have recently launched Nykaa Network to build on our consumer centricity. We offer the best assortment and information needed to make the right choice. Through efficient technology and logistics, along with our omni-channel model we make sure we deliver the best shopping experience to every customer,” said Falguni Nayar, Founder & CEO of Nykaa.
Launched in 2012, Nykaa now offers over 850 brands and 100,000 products.