Nykaa raises Rs 82 crore for expansion
Hyderabad, Oct 6 (IANS) Beauty e-commerce player Nykaa.com said on Thursday that it has raised Rs 82 crore in series C funding for its expansion.
The company said that it has plans to open 30 new physical stores by 2020 in addition to four existing stores here.
According to Falguni Nayar, founder and CEO, Nykaa.com. the company has built a loyal base of “beauty savvy customers through its inventory-led model with genuine product assortment”.
Founded in 2012, by FSN E-Commerce Ventures Pvt. Ltd., the company has a robust content offering with its blog and social media platforms a wide menu of over 450 international and Indian brands. The multi-brand portal has seen four-fold growth over the past year, and is currently on a net revenue run rate in excess of Rs 250 crore.
Nykaa recently executed the exclusive online launch of L’Oreal Group NYX Cosmetics in India, the most successful e-commerce launch for the brand globally.
The company is also exploring options to launch its own private label and working on the business plans.
“The focus for Nykaa has always been to offer our customers the best beauty shopping experience. This has been achieved today through a wide assortment of innovative and performance driven brands, strong technology platforms, efficient logistics and customer engagement through our content offerings,” said Nayar, a former Managing Director of Kotak Investment Banking.